In the beginning: Disraeli, Gladstone and their first terms at the Exchequer

This is a study of Disraeli's and Gladstone's first terms as the Chancellor of the Exchequer. This period provided each man an opportunity to secure a place as a national leader as well as to prove his ability to govern. While the lives of both men have been studied in great detail this important period in the establishment of their national roles is understudied.; This study finds that the events of 1852 through 1853 are of great importance in setting up the long-term careers of both men. Disraeli used his time to help lead his party away from a protectionist commercial policy and toward free trade. Disraeli's spring 1852 budget proved an opportunity for him to show his ability to govern. While his December 1852 budget efforts show he was motivated by both immediate political concerns, as well as ideas that had been a part of his long held political philosophy. Disraeli's efforts helped secure his place as the number two man in the Conservative party and heir apparent to Lord Derby.; As for Gladstone, Disraeli's December 1852 budget provided an opportunity to become the nation's leading political expert on fiscal matters as he led the charge against the Disraeli's December 1852 budget. The success of his own 1853 budget then made him the nation's leading financial expert. His success was based as much on an understanding of politics and voting as on his financial and commercial philosophy. In the end both men were driven by political and philosophical concerns in the creation of the budgets that defined their first terms at the Exchequer and established them as national leaders.; Among the appendices in this work are a list of the Chancellors of the Exchequer and comparison of the budgets of December 1852 and 1853.