Meanwhile the Liberal opposition was being reorganized. On the death of I. C. Bratianu, in 1891, and of his brother Dimitrie in June 1892, the veteran statesman Dimitrie Sturdza was rec ognized as the head of the Liberals, and in 1894 started a very violent agitation in favour of the Rumanians in Hungary. An other popular Opposition cry was "Rumania for the Rumanians," directed against the right granted to foreigners under the new mining law to lease lands for long periods for the working of petroleum. In 1895, although the government carried the mining bill, the Liberal Party was able by a policy of abstention to bring about the fall of the government. A new liberal government was formed by D. Sturdza.
The very excess of their victory, however, proved a source of weakness to the Liberals, whose party broke up into factions named after their respective leaders, Sturdzists, Aurelianists and Flavists. Sturdza himself was obliged to retire, as public opinion was incensed by his harsh treatment of the head of the Orthodox Church, the metropolitan Gennadius, who, after a quarrel over the management of some wealthy charity funds, had been found guilty by the Holy Synod of certain canonical offences, and deposed. Aurelian, in co-operation with the conservative leaders, calmed public opinion by a successful compromise, but then refused to retire from the office which he had taken over on Dec. 3, 1896. After a sharp struggle, Sturdza regained office and held it from April 1897 to April 1899, when he was forced to retire by a popular outcry against his excessive subservience to the Hungarian Government.
The Conservatives, under G. G. Cantacuzino, returned to power, but were at once faced by a very severe financial crisis, due to past overborrowing and extravagant expenditure, as a result of which the treasury found itself without resources to meet a pay ment of bonds for £2,500,000, which had fallen due in Berlin. The Government managed to extricate itself from its immediate difficulties in the autumn of 1899, by raising a loan in Berlin, on very stringent terms. The Conservatives were united in wishing to meet the financial crisis by a moderate reduction of expenditure and a large increase of taxation, while the Liberal Opposition ad vocated the permanent reduction of the annual expenditure of 1800,000, which would necessitate the raising of £200,000 only by fresh taxation. The Conservative programme was naturally unpopular ; Carp and the Junimists were unwilling to co-operate with the government, and, on Feb. 26, 1901, Sturdza again be came premier. His administration lasted until Dec. 31, 1904, and averted the impending bankruptcy of Rumania by a policy of strict retrenchment. On Jan. 4, 1905 the Conservatives returned to power, and in May succeeded in floating a conversion loan.
On March 24 the Cantacuzino Ministry resigned and was suc ceeded by a Liberal government under Sturdza, who completed the restoration of order by strong military measures and after wards initiated remedial legislation. General elections in June confirmed the Liberal majority, and Sturdza and his successor in the leadership, Bratianu, remained in office till the end of 1911, when they gave way to a Conservative Cabinet under J. J. Carp.
Violently attacked by the Liberals and new party of Conservative Democrats, under Take Jonescu, the Carp government was re constructed in April 1912 with Maiorescu as Premier and Take Jonescu as the most important figure in the Ministry.