great aim—the moral and political significance of the act, and its probable and desired fruit in binding the two countries together by interest and affection. Neither you nor I attach for the moment any superlative value to this Treaty for the sake of the extension of British trade. ... What I look to is the social good, the benefit to the relations of the two countries, and the effect on the peace of Europe". Gladstone's budget of 1860 was introduced on 10 February along with the Cobden–Chevalier Treaty between Britain and France that would reduce tariffs between the two countries. This budget "marked the final adoption of the Free Trade principle, that taxation should be levied for Revenue purposes alone, and that every protective, differential, or discriminating duty ... should be dislodged". At the beginning of 1859, there were 419 duties in existence. The 1860 budget reduced the number of duties to 48, with 15 duties constituting the majority of the revenue. To finance these reductions in indirect taxation, the income tax, instead of being abolished, was raised to 10d. for incomes above £150 and at 7d. for incomes above £100. In 1860 Gladstone intended to abolish the duty on paper—a controversial policy—because the duty traditionally inflated the cost of publishing and hindered the dissemination of radical working-class ideas. Although Palmerston supported continuation of the duty, using it and income tax revenue to buy arms, a majority of his Cabinet supported Gladstone. The Bill to abolish duties on paper narrowly passed Commons but was rejected by the House of Lords. No money bill had been rejected by Lords for over 200 years, and a furore arose over this vote. The next year, Gladstone included the abolition of paper duty in a consolidated Finance Bill (the first ever) to force the Lords to accept it, and accept it they did. The proposal in the Commons of one bill only per session for the national finances was a precedent uniformly followed from that date until 1910, and it has been ever since the rule. Gladstone steadily reduced Income tax over the course of his tenure as Chancellor. In 1861 the tax was reduced to ninepence (£0–0s–9d), in 1863 to sevenpence, in 1864 to fivepence and in 1865 to fourpence. Gladstone believed that government was extravagant and wasteful with taxpayers' money and so sought to let money "fructify in the pockets of the