*156. Party Regeneration.*--A fourth, and final, stage of the Liberal period covered the years 1859 to 1874. Its importance arises not merely from the fact that the culmination of the power of the Liberals during the nineteenth century was attained at this point, but from the further fact that it was during these years that the Liberal party was transformed and popularized so as to be made for the first time really worthy of the name which it bears. As long as Palmerston lived the Liberals of the old school, men who disliked radicalism and were content with the reform of 1832, were in the ascendancy, but after the premier's death, October 18, 1865, new ideas and influences asserted themselves and a new Liberal party came rapidly to the fore. This regenerated party, whose leader was Gladstone, rejected definitely the ideal of _laissez-faire_, took over numerous principles of the Radicals, and, with the watchwords of "peace, retrenchment, and reform," began to insist upon a broader parliamentary franchise and upon fresh legislation for the protection and general betterment of the masses. The new liberalism was paralleled, however, by a new conservatism, whose principal exponent was Disraeli. The new Conservatives likewise advocated franchise reform and legislation for the people, although they put more emphasis upon the latter than upon the former; and they especially favored a firm foreign policy, (p. 149) an extension of British interests in all parts of the world, and the adoption of a scheme of colonial federation. They appeared, at least, to have less regard for peace and for economy than had the Liberals.