William Ewart Gladstone

18681874

William Ewart Gladstone (29 December 1809 – 19 May 1898) was a British Liberal politician and Prime Minister (1868–1874, 1880–1885, 1886 and 1892–1894). He was a notable political reformer, known for his populist speeches, and was for many years the main political rival of Benjamin Disraeli.

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"Once Gladstone at luncheon was indulging in a scathing attack on the rising generation, pouring scorn on their lack of all knowledge of the classics; and in order to illustrate his point and show the lamentable ignorance that now prevailed, he suddenly turned on me. I was thirteen and at Eton, but my knowledge of the classics was nil. He asked me what the quantity was of some syllable in a quotation from Horace. I had never heard of the quotation and had no idea whether it was long or short, but as I was clearly expected to say something I said "long". He thumped the table and cried triumphantly, "That is what everyone says", and I felt like a man who has backed a winner by mistake. Then in his grand manner he continued, "But that is wrong, quite wrong; it is short, not long", and after giving very conclusive reasons for this he proceeded: "Next time you are doing Horace's Odes you will stand up and ask the master whether it is short or long, and when he replies, as he undoubtedly will, that it is long, you will say "No, sir, you are wrong", and you will repeat the reasons I have just given." I could see myself, a pallid youth of thirteen, standing up and laying a trap for the classical master, and then making a muck of the explanation. I could also foresee the quite inevitable result, which would be a sound flogging for impertinence; I never carried out the suggestion."

- William Ewart Gladstone

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"[T]here was one man who not only united high ability with unparalleled opportunity but also knew how to turn budgets into political triumphs and who stands in history as the greatest English financier of economic liberalism, Gladstone... Gladstonian finance was the finance of the system of 'natural liberty,' laissez-faire, and free trade... [T]he most important thing was to remove fiscal obstructions to private activity. And for this, in turn, it was necessary to keep public expenditure low. Retrenchment was the victorious slogan of the day... Equally important was...to raise the revenue that would still have to be raised in such a way as to deflect economic behaviour as little as possible from what it would have been in the absence of all taxation ('taxation for revenue only'). And since the profit motive and the propensity to save were considered of paramount importance for the economic progress of all classes, this meant in particular that taxation should as little as possible interfere with the net earnings of business... As regards indirect taxes, the principle of least interference was interpreted by Gladstone to mean that taxation should be concentrated on a few important articles, leaving the rest free... Last, but not least, we have the principle of the balanced budget."

- William Ewart Gladstone

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