58 TINE WOOL SHEEP 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 
tariff” 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 
