SHEEP HUSBANDRY IN THE SOUTH. 



261 



per cent, (in 1831.) The duty on woolen cloths was also raised (after June, 

 1829) to 45 per cent., and that exceeding -$4 the squai-e yard to 50 per 

 cent. Under the decisive encouragement offered to both the wool- 

 grower and manufacturer by this Act, a great impetus was given to the 

 production of the finest wools, and the Saxons everywhere rapidly su- 

 perseded, or bred out by crossing, the Spanish Merinos. The latter dis- 

 appeared almost entirely from New-York and New-England. In the 

 line-wool mania which ensued, weight of ileece, constitution, and every- 

 thing else, were sacrificed to the quality of the wool. The T.arift' of 1832 

 imposed a 40 per cent, ad valorem and 4 cents per pound specific duty on 

 wools costing over 8 cents ; and it raised the duty on all broadcloths to 50 

 per cent. It made wools costing less than 8 cents per pound free of duty. 

 The "Compromise" Tariff^ of 1833 commenced a system of progressive 

 reductions until the maximum I'ate of duties should not exceed 20 per 

 cent. The following Table will give the duties of each year, on wool 

 and cloths, under this Act, estimating the ad valorem and specific duties 

 on wools exceeding 8 cents, together in an average per centage :* 



TABLE 14. 



The Tariff of 1841 struck out the 20 per cent, duty on the 8 cent wools. 

 The Tariff of 1842 again imposed an ad valorem duty of 5 per cent, on 

 wools costing seveji cents or undei", and raised it on the higher wools to 30 

 per cent, ad valorem and 3 cents per pound specific duty, and on cloths to 

 40 per cent, ad valorem. The Tariff of 1846 established an ad valorem 

 duty of 30 per cent, on all wools, and on cloths. By referring to Table 

 7, Letter v., it will be seen that the prices of wool have not been controlled 

 by the amount of the protection. They reached their maximum in 1836, 

 and then fell off, not again to rally, (except during the .single year 1839) — 

 not again to reach 40 cents — until 1844. Why was this 1 What pro- 

 duced the sudden depreciation of 1837 ? The Tariffs of 1828 and 1832 

 gave too much protection to both wool-grower and manufacturer. Their 

 pursuits became the El Dorado of agricultural and mercantile speculators. 

 Skill without capital, and capital without skill, and in some cases probably 

 thirst of gain wdthout either, rushed into these favored avocations. The 

 bank inflations of the period fanned the fires of speculation, and taught 

 some of the wisest commercial heads of the country to forget the provi- 

 dence that had hitherto distinguished them. The natural result followed. 

 In the financial crisis of 1837, manufacturing, and all other mcjnetary en- 

 terprises which had not been conducted with skill and providence, and 

 which were not based on adequate and real capital, were involved in a 

 common destruction, and even the solidest and best conducted institutions 

 of the country were shaken by the fury of the explosion. Wool suddenly 

 fell almost 50 per cent, (fi-om 54 to 30 cents per pound.) t In 1838 it ral- 

 lied a little, and in 1839 it again reached 50 cents, but it went down nearly 

 to the minimum point in 1840. The grower began to be discouraged. 

 He who bred the delicate Saxons, (and, as I have already said, they now 

 comprised the flocks of nearly all the large wool-growers in the country,) 



' The rerluction of one-tonth of the excess over 20 per cent, took ])lace Dec. .3l8t. each year, to 1841 ; then 

 one-half of the residue of the excess; and on the ;)Oth of June, 184-.2, the other half of said residue was de- 

 ducted. 



t The quality of the wools here alluded to will be found specified in a note on the second page of 

 Letter V. 



(549) 



