672 



TARIFF. 



The following recapitulation shows the whole 

 revenue of each tariff: 



The highest amount of duties ever received 

 in any one year was in 1854, and the aggregate 

 revenue was 25 per cent, of the dutiable im- 

 ports. The highest average of duty was in 1830, 

 under the tariff of 1828, with the additional du- 

 ties of 1830. The aggregate revenue was then 

 over 48 per cent, of the dutiable imports, and the 

 free list was by no means large. In the following 

 year additions were made to the free list, and 

 under the compromise of 1833 biennial reduc- 

 tions in rates were made until the year 1842. In 

 that and the following year, owing to the collapse 

 in financial affairs, the revenue of the Govern- 

 ment was small, and higher duties were imposed 

 to improve the revenue. In 1846 the principle of 

 protection was repudiated, and a tariff so imposed 

 as to yield tlie largest revenue was enacted. For 

 this purpose the whole list was divided into a 



number of schedules, each of which bore a differ- 

 ent ad valorem duty. Simultaneously with this 

 change a warehouse system and the Independent 

 Treasury plan of finance were adopted. It hap- 

 pened also at the same time that, the harvests of 

 Europe being short, a large export of breadstuffs 

 took place, which necessarily enhanced the im- 

 ports and consequently the revenue. From that 

 time up to 1857 there was a regular increase in 

 the amount of dutiable goods imported, bring- 

 ing a larger revenue to the Government. The 

 surplus in the Treasury accumulated, and con- 

 siderable sums had been expended in the pur- 

 chase of the Government stock at high premi- 

 ums, in order to deplete the Treasury. Under 

 these circumstances the tariff of 1857 was 

 framed, lowering the rates of duties, and the 

 operation of that tariff was marked by a finan- 

 cial revolution which reduced the amount of 

 dutiable imports, notwithstanding the lower 

 duties, and the revenue fell off 22 millions. The 

 increase in the free list caused a decline in the 

 average rate of duty. The commercial disas- 

 ters of 1861 made it requisite again to raise the 

 duties, at the same time the withdrawal of the 

 Southern members from Congress left the pro- 

 tectionists in a majority, and the so-called Mpr- 

 rill Tariff, passed in March, came into operation 

 in April. The change produced by this tariff 

 was very great, not only in the rates levied, but 

 in the manner of levying. The ad valorem 

 principle of 1846 was set aside for specific du- 



