Monday, Jan. 31, 1927

"Almightie Gold"*

The Golden Age is now, For now gold buyeth all. --OVID

While Mr. Lloyd George was Premier (1916-22), numerous nouveau-peers were reputedly grateful to him, in cash and in advance, for whatever influence he may have exercised toward their creations. A high-minded statesman, Mr. Lloyd George naturally did not touch a penny or pound of this grateful gold. It was all voluntarily contributed to a curious "war chest" (campaign fund)--curious because Mr. Lloyd George retains to this day absolute control of more than -L-1,000,000 in "almightie gold." Last week the little Welshman went shopping. None cried: Taffy was a Welshman Taffy was a thief.

Instead, the Administrative Committee party received him with respect. An hour later they voted 16 to 12 to accept terms from Mr. Lloyd George as follows: 1) resignation of all members of the Organizing Committee not favored by him; 2) a pledge by Mr. Lloyd George to contribute the income of his "war chest" to be used "free from any conditions" to finance the Liberal campaign at the next parliamentary elections. That meant Mr. Lloyd George had bought the Liberal party.

Liberal M.P.'s mostly seemed content. But the chief Liberal peers, headed by Viscount Grey of Fallodon, announced next day that they had formed "the Liberal Council," really a new party with a separate headquarters and pledged to support the policies of Lord Oxford and Asquith who resigned (TIME, Oct. 25) as Leader of the Liberal party on account of disagreements with Lloyd George.

*So-called by rare Ben Jonson two centuries before the historic morning of Dec. 2, 1836, when the Philadelphia Public Ledger first referred to "The Almighty Dollar."