"Ten years ago the incoming Conservative Government found the national finances in good order. .... What do we find to-day? Expenditure and indebtedness have been piled up, the income-tax stands at a shilling, war taxes are continued in peace time, the national credit is impaired, and a heavy depreciation has taken place in securities of every description. You only have to look around to see the result. Industry is burdened, enterprise is restricted, workmen are thrown out of employment, and the poorer classes are straitened still further in their circumstances."

“What do we mean by this Liberalism of which we talk? … I should say it means the acknowledgement in practical life of the truth that men are best governed who govern themselves; that the general sense of mankind, if left alone, will make for righteousness; that artificial privileges and restraints upon freedom, so far as they are not required in the interests of the community, are hurtful; and that the laws, while, of course, they cannot equalise conditions, can, at least, avoid aggravating inequalities, and ought to have for their object the securing to every man the best chance he can have of a good and useful life.”

“I hold that the growth of armaments is a great danger to the peace of the world. A policy of huge armaments keeps alive and stimulates and feeds the belief that force is the best, if not the only, solution of international differences. It is a policy that tends to inflame old sores and to create new sores. And I submit to you that as the principles of peaceful arbitration gains ground it becomes one of the highest tasks of a statesman to adjust those armaments to the newer and happier condition of things. What nobler role could this great country assume than at the fitting moment to place itself at the head of a league of peace, through whose instrumentality this great work could be effected?”

“We want two things. We want relief from the pressure of excessive taxation, and at the same time we want money to meet our own domestic needs at home, which have been too long starved and neglected owing to the demands on the taxpayer for military purposes abroad.”

“...with an increasing military expenditure, how can we do the work of reform that remains to be done at home and at the same time bring relief to the taxpayers? Do not let us mind if in their folly they call us “Little Englanders.” I at least am patriot enough not to desire to see the weakening of my country by such a waste of money as we have had for the last ten years. What has it brought us, this waste of money for ten years? Shall I recite some links in the dismal and ugly chain? Dear money. Lower credit. Less enterprise in business and manufactures. A reduced home demand. Therefore, reduced output to meet it. Therefore, reductions in wages, increase of pauperism, non-employment. The fact is, Sir, you cannot pile up debt and taxation as they have been piled up without feeling the strain in every fibre of society. We are going to have a good deal said for the next few weeks about free trade. Let me add another thing. Did you ever hear a fiscal reformer pleading for economy, or crying out for lighter taxes and fewer of them? No, Sir, if peace and retrenchment were the order of the day, Othello's occupation would be gone.”

“The bonds of mutual understanding and esteem are strengthening between the peoples, and the time is approaching when nothing can hold back from them the knowledge that it is they who are the victims of war and militarism; that war in its tawdry triumphs scatters the fruits of their labour, breaks down the paths of progress, and turns the fire of constructive energy into a destroying force.”

“Expenditure calls for taxes, and taxes are the plaything of the tariff reformer. Militarism, extravagance, protection are weeds which grow in the same field, and if you want to clear the field for honest cultivation you must root them all out. For my own part, I do not believe that we should have been confronted by the spectre of protection if it had not been for the South African war. ... Depend upon it that in fighting for our open ports and for the cheap food and material upon which the welfare of the people and the prosperity of our commerce depend we are fighting against those powers, privileges, injustices, and monopolies which are unalterably opposed to the triumph of democratic principles.”