Twenty Years in Parliament

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If the right hon, gentleman had propounded what he thought right, and adhered to any one of his Budgets, though I might not have been able to support him, he would have had my respect. But these three Budgets could not be all right, and there was not one of them that had not been con- demned by public opinion.
Mr. W. Fowler, a staunch Liberal, and regarded as an authority in banking circles, ridiculed Mr, Lowe's assertion that suspending the reduction of the long annuities for a year would be a
... breach of faith by the Treasury. The former long annuities were contracts to pay private indivi- duals, which if broken would amount to an act of public insolvency : the existing long annuities were simply conversions of Consols made liable for a term to so much higher interest, and were literally bargains made by the nation with itself. Everyone had heard with astonishment the astounding reference made by Mr. Gladstone to ii8 TWENTY YEARS IX PARLIAMENT Sir Robert Peel, because in 1842 he did not suspend the annuities he had to deal with, which, in point of fact, he had no power to touch.

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