The Fiscal Puzzle: Both Sides Explained by Leading Men

Dundee and London: John Long & Co, Ltd., 1903. 1st Edition. Paperback. We have never before seen or heard of a copy of this very early pamphlet, which is previously unknown to Churchill bibliographers Ronald Cohen and Fredrick Woods. The subject is the great policy debate of the time - free trade vs. protectionism. The pamphlet contains 25 items described in the preface as "principal arguments advanced by leading speakers in the Fiscal Controversy". Churchill's contribution is a condensation of his article in the November 1903 issue of Monthly Review (Cohen C224, Woods C32). It appears on pages 34 and 35 of the pamphlet under the title "Retaliation Examined" and is introduced with a brief summary of the subject and a small profile drawing of Churchill.

In the article, Churchill takes issue with Balfour's Sheffield speech of early October 1903 in which Balfour advocated a retaliatory tariff. This was a critical argument at a critical time for Churchill. Free Trade was the policy issue that precipitated Churchill's decision to leave the Tory Party of his father. By late October 1903, Churchill had already made the fateful decision and would formally become a Liberal in 1904.

Although the pamphlet is undated, indications are a printing date of late 1903. All items listed in the table of contents seem contemporary to Churchill's own November 1903 contribution. Moreover, the preface refers to articles printed in Monthly Review "since the July issue", the July in question being July 1903. The pamphlet is printed on cheap newsprint paper, wire-stitched, measuring 9.25 x 6 inches and 47 pages in length. Despite the age and fragility of the piece, the binding staples are intact and show no rust and the pamphlet is complete with only tiny chips along the fore edge of the covers. As might be expected, the paper has age-toned. There is also ancient cellotape reinforcement along the spine, as well as one spall piece at the upper edge of the rear cover. An extremely rare find, quite possibly unique. The pamphlet is protected in a removable, archival quality mylar sleeve.