The Economics of a Tariff – (Hamiltonian Economics) revenue tariffs were enacted to help fund national debt, protective tariffs fueled sectional differences War of 1812 The need for national defense - industrialization/armaments British seek to strangle infant U.S. industry with below-cost dumping first protective tariff passed by national minded Democratic-Republicans (1816) constant increases (every four years) raises protection (1816-1832) Tariff of Outgoing Q. Adams administration (Federalists/National Abominations Republicans) highest tariff to date stifles most foreign trade (1828) southern Democrats (South Carolina/Calhoun) blame tariff for farm recession nullification crisis threatens Union Clay's The nullification crisis (civil war) avoided by compromise Compromise reductions tariff reduced (every four years) until reduction Tariffs reaches 1816 level by 1848 (1832-1848) Southern secession from Congress allows for northern wish-list Morrill legislation highest tariff to date offers war-time protection for Tariff Yankee industry. (1862) 30,000 acres of land for each Congressional representative granted to each state. Proceeds of land sales to be used to finance public colleges. Foreign Entanglements
The Economics of a Tariff – (Hamiltonian Economics) revenue tariffs were enacted to help fund national debt, protective tariffs fueled sectional differences War of 1812 The need for national defense - industrialization/armaments British seek to strangle infant U.S. industry with below-cost dumping first protective tariff passed by national minded Democratic-Republicans (1816) constant increases (every four years) raises protection (1816-1832) Tariff of Abominations (1828) Outgoing Q. Adams administration (Federalists/National Republicans) highest tariff to date stifles most foreign trade southern Democrats (South Carolina/Calhoun) blame tariff for farm recession nullification crisis threatens Union Clay's Compromise Tariffs (1832-1848) The nullification crisis (civil war) avoided by compromise reductions tariff reduced (every four years) until reduction reaches 1816 level by 1848 Morrill Tariff (1862) Southern secession from Congress allows for northern wish-list legislation highest tariff to date offers war-time protection for Yankee industry. 30,000 acres of land for each Congressional representative granted to each state. Proceeds of land sales to be used to finance public colleges. Foreign Entanglements
policies_of_the_civil_war_era.docx