ace of this election in our financial history. In
1874, the prosperity of the country and the movement of the revenue gave
an opportunity for repeal of the income-tax. That opportunity never
recurred. The election of 1874 was the fall of the curtain; the play that
had begun in 1842 came to its last scene. It marked the decision of the
electorate that the income-tax--introduced in time of peace by Peel and
continued by Mr. Gladstone, for the purpose of simplifying the tariff and
expanding trade--should be retained for general objects of government and
should be a permanent element of our finance. It marked at the same time
the prospect of a new era of indefinitely enlarged expenditure, with the
income-tax as a main engine for raising ways and means. Whether this
decision was wise or unwise, we need not here discuss.

BOOK VII. 1874-1880

Chapter I. Retirement From Leadership. (1874-1875)

"{~GREEK SMALL LETTER EPSILON WITH PSILI~}{~GREEK SMALL LETTER GAMMA~}{~GREEK SMALL LETTER OMEGA WITH VARIA~} {~GREEK SMALL LETTER MU~}{~GREEK SMALL LETTER EPSILON WITH VARIA~}{~GREEK SMALL LETTER NU~}, {~GREEK SMALL LETTER OMEGA WITH DASIA AND PERISPOMENI~}{~GREEK SMALL LETTER NU~}{~GREEK SMALL LETTER ALPHA~}{~GREEK SMALL LETTER XI~}, {~GREEK SMALL LETTER PI~}{~GREEK SMALL LETTER RHO~}{~GREEK SMALL LETTER EPSILON~}{~GREEK SMALL LETTER SIGMA~}{~GREEK SMALL LETTER BETA~}{~GREEK SMALL LETTER UPSILON WITH OXIA~}{~GREEK SMALL LETTER TAU~}{~GREEK SMALL LETTER EPSILON~}{~GREEK SMALL LETTER RHO~}{~GREEK SMALL LETTER OMICRON WITH OXIA~}{~GREEK SMALL LETTER FINAL SIGMA~} {~GREEK SMALL LETTER TAU~}{~GREEK SMALL LETTER EPSILON~} {~GREEK SMALL LETTER ETA WITH PSILI AND OXIA~}{~GREEK SMALL LETTER DELTA~}{~GREEK SMALL LETTER ETA~} {~GREEK SMALL LETTER EPSILON~}{~GREEK SMALL LETTER IOTA WITH PSILI~}{~GREEK SMALL LETTER MU~}{~GREEK SMALL LETTER IOTA WITH VARIA~} {~GREEK SMALL LETTER KAPPA~}{~GREEK SMALL LETTER ALPHA~}{~GREEK SMALL LETTER IOTA WITH VARIA~} {~GREEK SMALL LETTER BETA~}{~GREEK SMALL LETTER ALPHA~}{~GREEK SMALL LETTER RHO~}{~GREEK SMALL LETTER UPSILON WITH VARIA~}{~GREEK SMALL LETTER FINAL SIGMA~} {~GREEK SMALL LETTER ALPHA WITH PSILI~}{~GREEK SMALL LETTER EPSILON~}{~GREEK SMALL LETTER IOTA WITH OXIA~}{~GREEK SMALL LETTER RHO~}{~GREEK SMALL LETTER EPSILON~}{~GREEK SMALL LETTER SIGMA~}{~GREEK SMALL LETTER THETA~}{~GREEK SMALL LETTER ALPHA~}{~GREEK SMALL LETTER IOTA~}; {~GREEK SMALL LETTER SIGMA~}{~GREEK SMALL LETTER UPSILON WITH VARIA~} {~GR