I am for 'Peace, retrenchment, and reform', the watchword of the great Liberal party 30 years ago.

speech at Birmingham, 28 April 1859, in Times 29 April 1859; the phrase occurs earlier in Samuel Warren Ten Thousand a Year (1841) bk. 7, ch. 1 as 'An immense yellow banner… Peace! Retrenchment!! Reform!! '