Previous to presenting his first budget, in 1853, Mr. Gladstone
brought forward a scheme for the reduction of the national debt, which
was approved by Radicals as well as Conservatives, and adopted by the
House. The scheme worked most successfully until the breaking out of the
Crimean war. During this very short period of two years the public debt
was reduced by more than $57,500,000.
In consequence of his general reputation and also of this brilliant
financial scheme, the first budget of Mr. Gladstone was waited for with
intense interest. His first budget was introduced April 18, 1853. It was
one of his greatest budgets, and for statesmanlike breadth of conception
it has never been surpassed. In bringing it forward Mr. Gladstone spoke
five hours, and during that length of time held the House spellbound.
The speech was delivered with the greatest ease, and was perspicuity
itself throughout. Even when dealing with the most abstruse financial
detail his language flowed on without interruption, and he never paused
for a word. "Here was an orator who could apply all the resources of a
burnished rhetoric to the elucidation of figures; who could make pippins
and cheese interesting and tea serious; who could sweep the widest
horizon of the financial future and yet stoop to bestow the minutest
attention on the microcosm of penny stamps and post-horses.
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