Budget which destroyed capital—the alternative of men who had watched the history of tariffs in Europe and America for 30 years, and learnt the great lesson upon which Bismarck taught his fellow-countrymen." - Meaning and context.">
QuotesCosmos
Speech in Limehouse (4 October 1909), quoted in The Times (5 October 1909), p. 4
“

Free trade had once and for all broken down. Even when combined with depredation it did not pay; it could not find them the money to pay this year's national bills. The Conservative party had one alternative to a Budget which destroyed capital—the alternative of men who had watched the history of tariffs in Europe and America for 30 years, and learnt the great lesson upon which Bismarck taught his fellow-countrymen.

— F. E. Smith, 1st Earl of Birkenhead

What It Means

This is a placeholder explanation generated by the low-overhead model. It interprets "Free trade had once and for all broken down. Even when combined with depredation it did not pay; it could not find them the money to pay this year's national bills. The Conservative party had one alternative to a Budget which destroyed capital—the alternative of men who had watched the history of tariffs in Europe and America for 30 years, and learnt the great lesson upon which Bismarck taught his fellow-countrymen." in the context of "Speech in Limehouse (4 October 1909), quoted in The Times (5 October 1909), p. 4" to mean that wisdom is timeless.

Source: Wikiquote: "F. E. Smith, 1st Earl of Birkenhead" (Quotes) The 'What it means' explanation text was generated by Google Gemini Flash (accessed January 18, 2026). https://gemini.google.com/app

Tags

#F. E. Smith, 1st Earl of Birkenhead#alternative#years#pay#fellowcountrymen#conservative#depredation#capitalthe#destroyed#combined#national#bismarck

About F. E. Smith, 1st Earl of Birkenhead

Frederick Edwin Smith, 1st Earl of Birkenhead, GCSI, PC (12 July 1872 – 30 September 1930) was a British Conservative statesman and lawyer of the early 20th century. He was a skilled orator, noted for his staunch opposition to Irish nationalism, his wit, pugnacious views, and hard living and drinking. He is perhaps best remembered today as Winston Churchill's greatest personal and political friend until Smith's untimely death at age 58.