TERMINABLE ANNUITIES
The change which occurred in the attitude of both Parliament and the nation to the debt after 1860 cannot be attributed to a single cause. The publication of Jevons’s Coal Question in 1865 admittedly exerted some influence; Gladstone devoted a large portion of his Budget speech of 1866 to an argument concerning the relation between the exhaustion of the mineral resources of the country and the necessity for the discharge of the debt. But this consideration was only one of those which led to a more vigorous treatment of the debt. In the first place, the aims of fiscal reform had been almost entirely achieved. The Budget of 1860 and the commercial treaty with France appeared to have brought to a conclusion the work ...
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