What is this diplomacy? It is a costly engine for maintaining peace. It is a remarkable instrument used by civilised nations for the purpose of preventing war. Unless it be used for that purpose, unless it be used to appease the angry passions of individual men, and check the feelings which arise out of national resentment, unless it be used for that purpose, it is an instrument not only costly but mischievous. If then your application of diplomacy be to fester every wound, to provoke instead of soothing resentments, to place a minister in every court of Europe for the purpose, not of preventing quarrels, or of adjusting quarrels, but for the purpose of continuing an angry correspondence in this place, or of promoting what is supposed to be an English interest by keeping up conflicts with the representatives of other powers, then I say that not only is the expenditure upon this costly instrument thrown away, but this great engine, used by civilised society for the purpose of maintaining peace, is perverted into a cause of hostility and war.

My belief is, that a wiser decision than that to which you came—to subject property to direct taxation within certain limits—to remove the prohibition upon foreign cattle—to permit swine and sheep to be imported—to reduce the duty on corn, on sugar, on lard, on butter, and on cheese—you never made. My belief is that you have been amply repaid for any loss you may have sustained by that reduction; that you have gained the confidence and goodwill of the labouring classes in this country, by parting with that which was thought to be directly for the benefit of the landed interest. It was that confidence in the generosity and justice of Parliament which in no small degree enabled you to pass triumphantly through that storm which convulsed other nations during the year 1848.

Each town and each country will command the amount of currency which it requires for its own purposes, undisturbed in the slightest degree by consulting its manifest interest, namely, by purchasing that which it wants in the cheapest market. [Derisive cheers.] Yes, by purchasing that which it wants in the cheapest market. You consider this a very low and unworthy principle; that it is a doctrine of the Manchester school; that it is a novel doctrine of some speculative political philosophers, and that it may be safely rejected. But this doctrine of purchasing in the cheapest market is not a doctrine of speculative philosophers only. It is not a doctrine introduced by modern economists. It is, no doubt, a doctrine sanctioned expressly and directly by the authority of Adam Smith. It is the doctrine of Say and of Hume. It is opposed to a doctrine which was fashioned some eighty or ninety years since, of which such writers as Montesquieu and Voltaire were the patrons; but Smith, and Say, and Hume, demonstrated the true principles which ought to regulate the commercial policy of a nation.

I boldly maintain that the principle of protection to domestic industry, meaning thereby legislative encouragement for purpose of protection—duties on import imposed for that purpose, and not for revenue, is a vicious principle. I contest the hon. Gentleman's assumption, that you cannot fight hostile tariffs by free imports. I so totally dissent from that assumption, that I maintain that the best way to compete with hostile tariffs is to encourage free imports. So far from thinking the principle of protection a salutary principle, I maintain that the more widely you extend it, the greater the injury you will inflict on the national wealth, and the more you will cripple the national industry.

I believe as firmly as any of those who dissent from me with respect to the mode in which the object is to be attained, that it is a vital question for the country—that unless our domestic industry be encouraged, we cannot expect peace, contentment, or prosperity. ... It is a question which affects the happiness of the people, which affects their social progress, their progress in morals, in the enjoyment of life, in refinement of taste and civilisation of manners—it concerns these things at least as much as it concerns the accumulation of wealth.

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...if wheat were at this moment subject to a duty of twenty shillings the quarter, and if Indian corn were virtually excluded, next winter would not pass without a convulsion endangering the whole frame of society, without the humiliation of constituted authorities forced to yield after a disgraceful struggle...if their [the Protectionists'] advice had been taken, we should have had famine prices for many articles, and a state of exasperated public feeling and just agitation, which it would require wiser heads than theirs to allay. So far from regretting the expulsion from office, I rejoice in it as the greatest relief from an intolerable burden. To have your own way, and to be for five years the Minister of this country in the House of Commons, is quite enough for any man's strength. He is entitled to his discharge, from length of service. But to have to incur the deepest responsibility, to bear the heaviest toil, to reconcile colleagues with conflicting opinions to a common course of action, to keep together in harmony the Sovereign, the Lords and the Commons; to have to do these things, and to be at the same time the tool of a party—that is to say, to adopt the opinions of men who have not access to your knowledge, and could not profit by it if they had, who spend their time in eating and drinking, and hunting, shooting, gambling, horse-racing, and so forth—would be an odious servitude, to which I will never submit. I determine to keep aloof from party combinations.

In relinquishing power...I shall leave a name execrated by every monopolist who, from less honourable motives, clamours for protection because it conduces to his own individual benefit; but it may be that I shall leave a name sometimes remembered with expressions of good will in the abodes of those whose lot it is to labour, and to earn their daily bread by the sweat of their brow, when they shall recruit their exhausted strength with abundant and untaxed food, the sweeter because it is no longer leavened by a sense of injustice.

...in proposing our measures of commercial policy, I had no wish to rob others of the credit justly due to them. ... The name which ought to be, and will be, associated with the success of those measures, is the name of one who, acting, I believe, from pure and disinterested motives, has, with untiring energy, made appeals to our reason, and has enforced those appeals with an eloquence the more to be admired because it was unaffected and unadorned: the name which ought to be chiefly associated with the success of those measures, is the name of Richard Cobden.

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I can say with truth that Her Majesty's Government, in proposing those measures of commercial policy which have disentitled them to the confidence of many who heretofore gave them their support, were influenced by no other motive than the desire to consult the interests of this country. Our object was to avert dangers which we thought were imminent, and to terminate a conflict which, according to our belief, would soon place in hostile collision great and powerful classes in this country. The maintenance of power was not a motive for the proposal of these measures; for, as I said before, I had not a doubt, that whether these measures were accompanied by failure or success, the certain issue must be the termination of the existence of this Government.

Sir, if I look to the prerogative of the Crown—if I look to the position of the Church—if I look to the influence of the aristocracy—I cannot charge myself with having taken any course inconsistent with Conservative principles, calculated to endanger the privileges of any branch of the Legislature, or of any institutions of the country. My earnest wish has been, during my tenure of power, to impress the people of this country with a belief that the Legislature was animated by a sincere desire to frame its legislation upon the principles of equity and justice. I have a strong belief that the greatest object which we or any other Government can contemplate should be to elevate the social condition of that class of the people with whom we are brought into no direct relationship by the exercise of the elective franchise.

Do you not admit to me that in the social condition of the millions in the manufacturing districts, who earn their subsistence by the sweat of their brow, the price of wheat is of the first importance, and has become an object of the deepest interest? Have you read the Reports on the Health of Towns? Are you not deeply convinced that some effort ought to be made to improve the social condition of the masses of the population, who earn their subsistence in the manufacturing towns? It seems to me that the first foundation of any such improvement is, that there should be abundance of food. You may talk of improving the habits of the working classes, introducing education amongst them, purifying their dwellings, improving their cottages; but believe me the first step towards improvement of their social condition is an abundance of food. That lies at the bottom of all. It is in vain, if the people are suffering under scarcity, or if any apprehension of scarcity prevails; the suffering, or the apprehension of it, so depresses the spirits, that it is vain for you to inculcate lessons of cleanliness, or to improve dwellings, until the people are provided with abundance of food.

It is no easy task to ensure the united action of an ancient monarchy, a proud aristocracy, and a reformed constituency. I have done everything I could do, and have thought it consistent with true Conservative policy, to reconcile these three branches of the State. I have thought it consistent with true Conservative policy to promote so much of happiness and contentment among the people that the voice of disaffection should be no longer heard, and that thoughts of the dissolution of our institutions should be forgotten in the midst of physical enjoyment. These were my attempts, and I thought them not inconsistent with true and enlarged Conservative policy.