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Tariff Of 1842
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%. As the 20% level approached in 1842, industrial interests and members of the Whig Party began clamoring for protection by claiming that the reductions left them vulnerable to European competition. The bill restored protection and raised average tariff rates to almost 40% and stipulated sweeping changes to the tariff schedule and collection system, most of which were designed to augment its protective character. It also replaced most ad valorem rates with specific duties, assessed on a good-by-good basis, and replaced the credit system of tariff finance with a cash payment system, collected at portside ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Protectionism In The United States
Protectionism in the United States is protectionist economic policy that erects tariffs and other barriers on imported goods. In the US this policy was most prevalent in the 19th century. At that time it was mainly used to protect Northern industries and was opposed by Southern states that wanted free trade to expand cotton and other agricultural exports. Protectionist measures included tariffs and quotas on imported goods, along with subsidies and other means, to restrain the free movement of imported goods, thus encouraging local industry. There was a general lessening of protectionist measures from the 1930s onwards, culminating in the free trade period that followed the Second World War. After the war the U.S. promoted the General Agreement on Tariffs and Trade (GATT), to liberalize trade among all capitalist countries. In 1995 GATT became the World Trade Organization (WTO), and with the collapse of Communism its open markets/low tariff ideology became dominant worldwide. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tariff
A tariff is a tax imposed by the government of a country or by a supranational union on imports or exports of goods. Besides being a source of revenue for the government, import duties can also be a form of regulation of foreign trade and policy that taxes foreign products to encourage or safeguard domestic industry. ''Protective tariffs'' are among the most widely used instruments of protectionism, along with import quotas and export quotas and other non-tariff barriers to trade. Tariffs can be fixed (a constant sum per unit of imported goods or a percentage of the price) or variable (the amount varies according to the price). Taxing imports means people are less likely to buy them as they become more expensive. The intention is that they buy local products instead, boosting their country's economy. Tariffs therefore provide an incentive to develop production and replace imports with domestic products. Tariffs are meant to reduce pressure from foreign competition and reduce th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States
The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territories, nine Minor Outlying Islands, and 326 Indian reservations. The United States is also in free association with three Pacific Island sovereign states: the Federated States of Micronesia, the Marshall Islands, and the Republic of Palau. It is the world's third-largest country by both land and total area. It shares land borders with Canada to its north and with Mexico to its south and has maritime borders with the Bahamas, Cuba, Russia, and other nations. With a population of over 333 million, it is the most populous country in the Americas and the third most populous in the world. The national capital of the United States is Washington, D.C. and its most populous city and principal financial center is New York City. Paleo-Americ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Compromise Tariff
The Tariff of 1833 (also known as the Compromise Tariff of 1833, ch. 55, ), enacted on March 2, 1833, was proposed by Henry Clay and John C. Calhoun as a resolution to the Nullification Crisis. Enacted under Andrew Jackson's presidency, it was adopted to gradually reduce the rates following Southerners' objections to the protectionism found in the Tariff of 1832 and the 1828 Tariff of Abominations; the tariffs had prompted South Carolina to threaten secession from the Union. This Act stipulated that import taxes would gradually be cut over the next decade until, by 1842, they matched the levels set in the Tariff of 1816—an average of 20%. The compromise reductions lasted only two months into their final stage before protectionism was reinstated by the Black Tariff of 1842. Background The Tariff of 1828 The Tariff of 1828, enacted on May 19, 1828, was a protective tariff passed by the U.S. Congress. It was the highest tariff in U.S. peacetime history up to that point, enactin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tariff Of 1832
The Tariff of 1832 ( 22nd Congress, session 1, ch. 227, , enacted July 14, 1832) was a protectionist tariff in the United States. Enacted under Andrew Jackson's presidency, it was largely written by former President John Quincy Adams, who had been elected to the House of Representatives and appointed chairman of the Committee on Manufactures. It reduced the existing tariffs to remedy the conflict created by the Tariff of 1828, but it was still deemed unsatisfactory by some in the South, especially in South Carolina. South Carolinian opposition to this tariff and its predecessor, the Tariff of Abominations, caused the Nullification Crisis. As a result of this crisis, the 1832 Tariff was replaced by the Compromise Tariff The Tariff of 1833 (also known as the Compromise Tariff of 1833, ch. 55, ), enacted on March 2, 1833, was proposed by Henry Clay and John C. Calhoun as a resolution to the Nullification Crisis. Enacted under Andrew Jackson's presidency, it was ... of 1833. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States Whig Party
The Whig Party was a political party in the United States during the middle of the 19th century. Alongside the slightly larger Democratic Party, it was one of the two major parties in the United States between the late 1830s and the early 1850s as part of the Second Party System. Four presidents were affiliated with the Whig Party for at least part of their terms. Other prominent members of the Whig Party include Henry Clay, Daniel Webster, Rufus Choate, William Seward, John J. Crittenden, and John Quincy Adams. The Whig base of support was centered among entrepreneurs, professionals, planters, social reformers, devout Protestants, and the emerging urban middle class. It had much less backing from poor farmers and unskilled workers. The party was critical of Manifest Destiny, territorial expansion into Texas and the Southwest, and the Mexican-American War. It disliked strong presidential power as exhibited by Jackson and Polk, and preferred Congressional dominance in lawmaki ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ad Valorem
An ''ad valorem'' tax (Latin for "according to value") is a tax whose amount is based on the value of a transaction or of property. It is typically imposed at the time of a transaction, as in the case of a sales tax or value-added tax (VAT). An ''ad valorem'' tax may also be imposed annually, as in the case of a real or personal property tax, or in connection with another significant event (e.g. inheritance tax, expatriation tax, or tariff). In some countries, a stamp duty is imposed as an ''ad valorem'' tax. Operation All ad valorem taxes are collected according to the determined value of the taxed item. In the most common application of ad valorem taxes, namely municipal property taxes, public tax assessors regularly assess the property owner's real estate in order to determine its current value. The determined value of the property is used to calculate the annual tax collected by the municipality or any other government entity upon the property owner. Ad valorem taxes are ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
John Tyler
John Tyler (March 29, 1790 – January 18, 1862) was the tenth president of the United States The president of the United States (POTUS) is the head of state and head of government of the United States of America. The president directs the executive branch of the federal government and is the commander-in-chief of the United Stat ..., serving from 1841 to 1845, after briefly holding office as the tenth vice president of the United States, vice president in 1841. He was elected vice president on the 1840 United States presidential election, 1840 Whig Party (United States), Whig ticket with President William Henry Harrison, succeeding to the presidency following Harrison's death 31 days after assuming office. Tyler was a stalwart supporter and advocate of states' rights, including regarding Slavery in the United States, slavery, and he adopted nationalistic policies as president only when they did not infringe on the states' powers. His unexpected rise to the preside ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Henry Clay
Henry Clay Sr. (April 12, 1777June 29, 1852) was an American attorney and statesman who represented Kentucky in both the U.S. Senate and House of Representatives. He was the seventh House speaker as well as the ninth secretary of state, also receiving electoral votes for president in the 1824, 1832, and 1844 presidential elections. He helped found both the National Republican Party and the Whig Party. For his role in defusing sectional crises, he earned the appellation of the "Great Compromiser" and was part of the "Great Triumvirate" of Congressmen, alongside fellow Whig Daniel Webster and John C. Calhoun. Clay was born in Hanover County, Virginia, in 1777, beginning his legal career in Lexington, Kentucky, in 1797. As a member of the Democratic-Republican Party, Clay won election to the Kentucky state legislature in 1803 and to the U.S. House of Representatives in 1810. He was chosen as Speaker of the House in early 1811 and, along with President James Madison, led ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Walker Tariff
The Walker Tariff was a set of tariff rates adopted by the United States in 1846. Enacted by the Democrats, it made substantial cuts in the high rates of the " Black Tariff" of 1842, enacted by the Whigs. It was based on a report by Secretary of the Treasury Robert J. Walker. The Walker Tariff reduced tariff rates from 32% to 25%. Coinciding with Britain's repeal of the Corn Laws, it led to an increase in trade and was one of the lowest tariffs in American history. Adoption 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 Congress. Walker urged its adoption to increase commerce between the US and Britain. He also predicted that a reduction in tariff rates would stimulate trade, inclu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bluffton Movement
The Bluffton Movement was spawned during a political rally held under the "Secession Oak" in the village of Bluffton, South Carolina, on July 31, 1844.Jeff Fulgham, ''The Bluffton Expedition: The Burning of Bluffton, South Carolina, During the Civil War'' (Bluffton, S.C.: Jeff Fulgham, 2012), 7. The movement was an attempt to invoke "separate state action" against the Tariff of 1842 after John Calhoun's failure to secure the presidential nomination and the Northern Democrats' abandonment of the South on the tariff had apparently destroyed hope for relief within the Democratic Party. Many of the "Blufftonites" undoubtedly contemplated disunion, but the object of their leader, Robert Barnwell Rhett, seems rather to have been a "reform" of the Union giving further safeguards to southern interests. The movement collapsed within a short time, largely through its repudiation by Calhoun. Background The impetus for the movement was the passing in Congress of the Tariff of 1842, a pr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1842 In Law
__NOTOC__ Year 184 ( CLXXXIV) was a leap year starting on Wednesday (link will display the full calendar) of the Julian calendar. At the time, it was known as the Year of the Consulship of Eggius and Aelianus (or, less frequently, year 937 ''Ab urbe condita''). The denomination 184 for this year has been used since the early medieval period, when the Anno Domini calendar era became the prevalent method in Europe for naming years. Events By place China * The Yellow Turban Rebellion and Liang Province Rebellion break out in China. * The Disasters of the Partisan Prohibitions ends. * Zhang Jue leads the peasant revolt against Emperor Ling of Han of the Eastern Han Dynasty. Heading for the capital of Luoyang, his massive and undisciplined army (360,000 men), burns and destroys government offices and outposts. * June – Ling of Han places his brother-in-law, He Jin, in command of the imperial army and sends them to attack the Yellow Turban rebels. * Winter – Zha ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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