In face of the situation made clear by the Bermondsey
voting, it is difficult to resist casting one's mind back and thinking how very different would be the position of the Liberal Party had they remained true to the principles of free exchange, instead of plunging, contrary to the views of the best men in the Government, in the direction of Socialism. If last year, instead of incurring ten millions of permanent expenditure on non-contributory old-age pensions. and some three or four millions in other directions, they had adopted the true Liberal policy of reducing taxation, they might now, in spite of the trade depression of the last eighteen months, be in a position—the securest and proudest that any Government can be in—to tell the electors that they have lightened the burden of taxation by several millions a yea,r, while still continuing-to reduce the National Debt. This would not only-have been sound finance, but, we ventufe to think, also sound party tactics.
