It is a vile precedent to give away money by remission, and borrow to supply the void; and in the full and chief responsibility for having established this precedent I am involved, not by the budget of February but by the consent of July to the scheme which involved the borrowing.
Morley condemns the practice of borrowing to cover budget shortfalls, highlighting his responsibility in establishing this precedent.
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For this line of contention he was called an “unpatriotic trumpet of disaster,” and other names commonly bestowed on all men in all countries who venture to say that what chances for the hour to be a popular war is a blunder.
It is a case so to speak of “limited liability.” We are bound in honour—you cannot put a legal construction upon it—to see in concert with others that these arrangements are maintained.
Gladstone protested against the bill as “inequitable, unusual, and unwise,” and it was largely modified in committee.
People still believe that Russian diplomats are particularly crafty and clever, full of artifices and stratagems, but that is not the case.
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