58 FINE WOOL 8IIKEP HUSBANDRY. 



posed a duty on those exceeding that value, of four 

 cents per pound and 40 per centum ad valorem ; cloths 

 not exceeding 35 cents per square yard, were to pay 

 an ad valorem duty of five per centum, others 50 per 

 centum ; shawls and ready-made clothing 50 per cen- 

 tum ; carpeting 63 and 35 cents per square yard ; 

 flannels, baizes, &c., 16 cents per square yard; various 

 minor articles from 10 to 25 per centum. 



This was a period of great inflation in the currency, 

 and the proceeds of the immense sales of the public 

 lands, together with the revenue collected, were still 

 found greatly to exceed the wants of the government. 

 This and the " nullification" of South Carolina led 

 to the passage of what was termed the " compromise 

 tariif" of 1833. 



The tariff of 1833 commenced a system of progres- 

 sive reductions in duties exceeding 20 per centum ad 

 valorem, as follows : The reduction of one-tenth of 

 such excess was to take place December 31, 1833, and 

 a tenth of the residue of the excess at the same date 

 each second year until 1841, when half the residue 

 was to be deducted, and the other half on the 30th 

 day of June following. The free wools (costing less 

 than eight cents a pound) were to pay a duty of 20 

 per centum in 1842 and afterwards. The cloths which 

 had paid five per centum (those costing not to exceed 

 35 cents a square yard) were immediately to pay 50 

 per centum, and then suffer the same biennial reduc- 

 tion in duties with the others. 



From 1833 to 1837 the plethora in the money mar- 

 ket continued and increased. Imports became enor- 

 mous vastly exceeding those of any preceding period. 

 They culminated in 1836. The following figures in 



