Sunday, October 24, 2010

Tariff of 1842

The whigs redrafted their tariff bill, but this time they cut out the offensive dollar-distribution scheme and pushed down the rates to about the moderately protective level of 1832, roughly 32% on dutiable goods. Tyler had no fondness for a protective tariff , but realizing the need for additional revenue, he signed the law of 1842. In the upcoming months the pressure for higher custom duties decreased as the country gradually came out of the depression. The tariff was made in response to the whig party who began clamoring for protection, they insisted that the reductions left them vulnerable to European competition.

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