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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 ...
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 ...
There was a brief episode of free trade from 1846, coinciding with the zenith of classical liberalism in Europe, during which American tariffs were lowered. But this was followed by a series of recessions and the panic of 1857, which eventually led to higher tariff demands than President James Buchanan, signed in 1861m the Morrill Tariff. [1]
This is a list of United States tariff laws. 1789: Tariff of 1789 (Hamilton Tariff) 1790: Tariff of 1790; ... 1857: Tariff of 1857; 1861: Morrill Tariff; 1872: Tariff ...
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The Southerners in Congress set the federal tariffs on imported goods, especially the low tariff rates in 1857; this led to resentment by Northern industrialists. Controversy over whether slavery was at the root of the tariff issue dates back at least as far as the Lincoln-Douglas debates of 1858. [6]
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In its first year of operation, the Morrill Tariff increased the effective rate collected on dutiable imports by approximately 70%. 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 ...