History of the British peerage much more common. The peerage ceased to be associated with wealth or land ownership. At the beginning of the century, however, such associations remained for some time. In 1909, Chancellor of the Exchequer David Lloyd George proposed the introduction of a land tax, which the landowning peers opposed. The House of Lords rejected the budget. After the general election of January 1910, the returned government introduced the Parliament Bill, which sought to curtail the powers of the Lords. When the Lords attempted to block the bill, the prime minister, Herbert Henry Asquith, threatened to have the king create two hundred
John Smith (Chancellor of the Exchequer) election. He was then appointed to the lucrative post of Teller of the Exchequer. He refused to stand for Parliament at the 1713 general election, offended by suggestions that the ministry had him under control. His post of Teller of the Exchequer was renewed in 1714 and he held it for the rest of his life. Smith was returned as Member of Parliament for East Looe at the general elections in 1715 and 1722. Smith died on 2 October 1723 and was buried in the old church at South Tidworth. He and his second wife had four sons and three