The budget of last year I cannot admit to have been an error. People say it should have been smaller. My belief is that if it had been a smaller boat it would not have lived in such a sea. I speak of the period of the session before the China war became certain. When it did so, we were in a great strait about the paper duty. We felt the obligation incurred by the vote on the second reading, and we construed it according to the established usage. We took the more arduous, but I think the more honourable course for a government to pursue. Had we abandoned the bill, I know not how we could have looked in the face those who had acted and invested on the faith of an unbroken practice. I admit that political motives greatly concurred to recommend the budget of last year. It was a budget of peace, and peace wanted it. The budget of this year followed from the budget of last, given the other circumstances. At the same time I can understand how the claim of tea could be set up, but not well after the occurrences of last year how it could be supported.
This is a long egotistical story. But when you consider that it contains my whole story (except pièces justificatives) in answer to so many speeches in both Houses and elsewhere, for never to this hour have I opened my lips in personal defence, you will understand why I might be garrulous....
Notwithstanding the mild doctrine I have held about expenditure I admit it may be said I ought not to have joined a government which had such extended views in that direction, even though they were the views of the nation. Much may be said on this. I may, however, remark that when the government was formed I did not fully conceive the extent to which we should proceed.
The Cabinet. 1860
Page [36]
Mr. Gladstone's memorandum on the currents of opinion in the cabinet of 1860 concludes as follows:—
1. The most Italian members of the cabinet have been: Lord Palmerston, Lord John Russell, W.E.G., Gibson, Argyll. The least Italian: Lewis, Wood, Grey, Herbert, Villiers (especially).
2. In foreign policy generally the most combative have been: Lord Palmerston, Lord John Russell, Duke of Newcastle, the chancellor. The least combative: Duke of Somerset, Duke of Argyll, Granville, Gibson, Herbert, Lewis, Grey, W.E.G., Wood, the same in feeling but not active.
3. In defences and expenditure, the most alarmed, or most martial (as the case may be), have been: Lord Palmerston, Lord John Russell, Duke of Newcastle, S. Herbert, followed by Duke of Somerset, the chancellor, Granville, Cardwell. Inclined the other way: Gibson, W.E.G., Lewis, Grey, Duke of Argyll (Elgin, I think).