Adoption
Democrat James K. Polk was elected President in 1844 over Whig Party (United States) Henry Clay, a high tariff advocate.
President Polk declared that reduction of the "Black Tariff" would be the first of the "four great measures" that would define his administration. He directed Walker to work out the details. In 1846, Polk delivered Walker's tariff proposal to Congress. Walker urged its adoption in order to increase commerce between the U.S. and Britain. He also predicted that a reduction in tariff rates would stimulate trade, including imports. The result, asserted Walker, would be a net increase in customs revenue despite the reduced rates.
Congress, then controlled by Democrats, acted quickly on Walker's recommendations. Southern Democrats, who had little industry in their states, were especially supportive.
The Walker Tariff produced the nation's first standardized tariff: rather than setting fixed rates for specific items a on a case-by-case basis, it established general schedules into which all goods could be classified, subject to defined ad valorem rates. The bill reduced rates across the board on most major import items save luxury goods such as tobacco and alcoholic beverages.
Read more about this topic: Walker Tariff
Famous quotes containing the word adoption:
“Frankly, I adore your catchy slogan, Adoption, not Abortion, although no one has been able to figure out, even with expert counseling, how to use adoption as a method of birth control, or at what time of the month it is most effective.”
—Barbara Ehrenreich (b. 1941)