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Democrat James Polk was elected President in 1844 over Henry Clay, a Whig who advocated a high tariff. President Polk declared that reduction of the "Black Tariff" would be the first of the "four great measures" that would define his administration. He directed Walker to work out the details. In 1846, Polk delivered Walker's tariff proposal to ...
The Walker Tariff of 1846, named after Polk's Treasury Secretary Robert J. Walker, significantly reduced import duties. This policy change aimed to lower prices paid by American consumers. The United States added more territory during the one term administration of President Polk than during any other president's administration.
President James K. Polk made the revival of the independent treasury and a reduction of the tariff the two pillars of his domestic economic program, and pushed both through Congress. He signed the Independent Treasury Act on August 6, 1846, one week after signing the Walker tariff. [15]
The Democrats won in 1845, electing James K. Polk as president. Polk succeeded in passing the Walker tariff of 1846 by uniting the rural and agricultural factions of the entire country for lower tariffs. They sought a level of a "tariff for revenue only" that would pay the cost of government but not show favoritism to one section or economic ...
James Knox Polk (/ p oʊ k /; [1] November 2, 1795 – June 15, 1849) was the 11th president of the United States, serving from 1845 to 1849.A protégé of Andrew Jackson and a member of the Democratic Party, he was an advocate of Jacksonian democracy and extending the territory of the United States.
The Tariff of 1842, or Black Tariff as it became known, was a protectionist tariff schedule adopted in the United States.It reversed the effects of the Compromise Tariff of 1833, which contained a provision that successively lowered the tariff rates from their level under the Tariff of 1832 over a period of ten years until the majority of dutiable goods were to be taxed at 20%.
Additionally, Polk highlighted domestic policy concerns, calling for adjustments to the Tariff of 1842 to reduce protective duties, thus aligning with his Democratic Party’s support for free trade. He suggested that revenue-based duties would better balance national interests and pointed out that tariffs should not impose undue burdens on ...
The 1844 presidential campaign of James K. Polk, then both the former speaker of the United States House of Representatives and governor of Tennessee, was announced on May 27, 1844 in Baltimore, Maryland, however Polk had originally sought the vice-presidential nomination. At the 1844 Democratic National Convention on May 27, seven ballots were ...