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The Tariff of 1857 was a major tax reduction in the United States that amended the Walker Tariff of 1846 by lowering rates to between 15% and 24%. [1] [2]The Tariff of 1857 was developed in response to a federal budget surplus in the mid-1850s. [2]
The Tariff of 1842 returned the tariff to the level of 1832, with duties averaging between 23% and 35%. The Walker Tariff of 1846 essentially focused on revenue and reversed the trend of substituting specific for ad valorem duties. The Tariff of 1857 reduced the tariff to a general level of 20%, the lowest rate since 1830, and expanded the free ...
In 1860, American tariff rates were among the lowest in the world and also at historical lows by 19th-century standards, the average rate for 1857 to 1860 being around 17% overall (ad valorem), 21% on dutiable items only. The Morrill Tariff immediately raised those averages to about 26% overall, or 36% on dutiable items.
The high tariff advocates lost in 1857, but stepped up their campaign by blaming the economic recession of 1857 on the lower rates. Economist Henry Charles Carey of Philadelphia was the most outspoken advocate, along with Horace Greeley and his influential newspaper, the New-York Tribune .
The Panic of 1857 was a financial crisis in the United States caused by the declining international economy and over-expansion of the domestic economy. Because of the invention of the telegraph by Samuel F. Morse in 1844, the Panic of 1857 was the first financial crisis to spread rapidly throughout the United States. [ 1 ]
Tariff of Abominations. The Tariff of 1828 was a very high protective tariff that became law in the United States in May 1828. It was a bill designed to fail in Congress because it was seen by free trade supporters as hurting both industry and farming, but it passed anyway. The bill was vehemently denounced in the South and escalated to a ...
The Morrill Tariff of 1861 was a protective tariff law adopted on March 2, 1861. Passed after anti-tariff southerners had left Congress during the process of secession, Morrill designed it with the advice of Pennsylvania economist Henry C. Carey. [13] It was one of the last acts signed into law by James Buchanan, and replaced the Tariff of 1857 ...
In 1857 there was a further uniform reduction in tariff rates. Then the Panic of 1857 saw yet another reversal of course when federal revenues declined significantly. Work began on the Morrill Tariff in 1859.