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The Tariff Act of 1890, commonly called the McKinley Tariff, was an act of the United States Congress, framed by then Representative William McKinley, that became law on October 1, 1890. [1] The tariff raised the average duty on imports to almost 50%, an increase designed to protect domestic industries and workers from foreign competition, as ...
For well over a century the federal government was largely financed by tariffs averaging about 20% on foreign imports. At the end of the American Civil War in 1865 about 63% of Federal income was generated by the excise taxes, which exceeded the 25.4% generated by tariffs. In 1915 during World War I, tariffs generated 30.1% of revenues.
The term Gilded Age was applied to the era by 1920s historians who took the term from one of Mark Twain's lesser-known novels, The Gilded Age: A Tale of Today (1873). The book (co-written with Charles Dudley Warner ) satirized the promised " golden age " after the Civil War, portrayed as an era of serious social problems masked by a thin gold ...
Clay's 1833 compromise tariff specified that all duties more than 20% of the value of the goods imported were to be reduced by easy stages, so that by 1842, the duties on all articles would reach the level of the moderate tariff of 1816. The rest of the South declared South Carolina's course unwise and unconstitutional.
He implemented a 44-percent tariff during the Civil War—in part to pay for railroad subsidies and for the war effort, and to protect favored industries. [48] Tariffs remained at this level even after the war, so that the North's victory in the Civil War allowed the U.S. to remain one of the largest users of tariff protection for industry.
HBO’s new series “The Gilded Age” takes a deep dive into the era of 1882 New York City at a time of heightened prosperity, industrial growth and an internal clash amid society as “new ...
The Elms in Newport, Rhode Island, was the Berwind family's summer home. Edward Julius Berwind made his fortune as a coal tycoon who powered railroads during the Gilded Age.
In 1847, he declared: "Give us a protective tariff, and we will have the greatest nation on earth". Once elected, Lincoln implemented a 44-percent tariff during the Civil War—in part to pay for railroad subsidies and for the war effort, and to protect favored industries. After the war, tariffs remained at or above wartime levels.