on of that sentiment in our favour,
which carried us in a manner so remarkable through the election of
1868? I discuss the matter now in its aspect towards party: it is
not necessary to make an argument to show that our option can only
be among things all of which are sound in principle. First, then,
I do not believe that we can find this recovery of vital force in
our general administration of public business. As men,
notwithstanding the advantage drawn from Bright's return, the
nation appears to think that it has had enough of us, that our
lease is out. It is a question of measures then: can we by any
measures materially mend the position of the party for an
impending election?...

Looking to legislation, there are but three subjects which appear
to me to be even capable of discussion in the view I have
presented. They are local taxation, the county suffrage, and
finance. I am convinced it is not in our power to draw any great
advantage, as a party, from the subject of local taxation....
Equally strong is my opinion with respect to the party bearings of
the question of the county franchise. We have indeed already
determined not to propose it as a government. Had we done so, a
case would have opened at once, comfortably furnished not with men
opposing us on principle, like a part of those who opposed in
1866, but with the men of pretext and the men of disappointment,
with intriguers and with egotists. And I believe that in the
present state of opinion they would gain their end by something
like the old game of playing redistribution against the
franchise....

Can we then look to finance as supplying what we want? This is the
only remaining question. It does not admit, as yet, of a positive
answer, but it admits conditionally of a negative answer. It is
easy to show what will prevent our realising our design through
the finance of the year. We cannot do it, unless the circumstances
shall be such as to put it in our power, by the possession of a
very wide margin, to propose something large and strong and
telling upon both the popular mind and the leading elements of the
constituency.... We cannot do it, without running certain risks of
the kind that were run in the budget of 1853: I mean without some
impositions, as well as remissions, of taxes. We cannot do it,
withou