Whatever expenditure is sanctioned—even when it is sanctioned against the ministry's wish—the ministry must find the money. Accordingly, they have th… - Walter Bagehot

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Whatever expenditure is sanctioned—even when it is sanctioned against the ministry's wish—the ministry must find the money. Accordingly, they have the strongest motive to oppose extra outlay.... The ministry is (so to speak) the breadwinner of the political family, and has to meet the cost of philanthropy and glory; just as the head of a family has to pay for the charities of his wife and the toilette of his daughters.

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About Walter Bagehot

Walter Bagehot (February 3 1826 – March 24 1877) was an English businessman, essayist and journalist who wrote about literature, government and economics.

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The owners of savings not finding, in adequate quantities, their usual kind of investments, rush into anything that promises speciously, and when they find that these specious investments can be disposed of at a high profit, they rush into them more and more. The first taste is for high interest, but that taste soon becomes secondary. There is a second appetite for large gains to be made by selling the principal which is to yield the interest. So long as such sales can be effected the mania continues; when it ceases to be possible to effect them, ruin begins.

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