Walker Tariff - Impact

Impact

The bill made moderate reductions in many tariff rates. As Walker had predicted, trade increased substantially, and net revenue collected also increased, from $30 million annually under the Black Tariff in 1845 to almost $45 million annually by 1850. It also improved relations with Britain that had soured over the Oregon boundary dispute.

It was passed along with a series of financial reforms proposed by Walker including the Warehousing Act of 1846. The 1846 tariff rates initiated a fourteen-year period of relative free trade by nineteenth century standards lasting until the high Morrill Tariff of 1861.

The Walker Tariff remained in effect until the Tariff of 1857, which used it as a base and reduced rates further.

The 1861 Morril Tariff raised the effective rate collected on dutiable imports by approximately 70%. Customs revenue from tariffs totaled $345 million from 1861 through 1865.

Read more about this topic:  Walker Tariff

Famous quotes containing the word impact:

    One can describe a landscape in many different words and sentences, but one would not normally cut up a picture of a landscape and rearrange it in different patterns in order to describe it in different ways. Because a photograph is not composed of discrete units strung out in a linear row of meaningful pieces, we do not understand it by looking at one element after another in a set sequence. The photograph is understood in one act of seeing; it is perceived in a gestalt.
    Joshua Meyrowitz, U.S. educator, media critic. “The Blurring of Public and Private Behaviors,” No Sense of Place: The Impact of Electronic Media on Social Behavior, Oxford University Press (1985)

    If the federal government had been around when the Creator was putting His hand to this state, Indiana wouldn’t be here. It’d still be waiting for an environmental impact statement.
    Ronald Reagan (b. 1911)

    Too many existing classrooms for young children have this overriding goal: To get the children ready for first grade. This goal is unworthy. It is hurtful. This goal has had the most distorting impact on five-year-olds. It causes kindergartens to be merely the handmaidens of first grade.... Kindergarten teachers cannot look at their own children and plan for their present needs as five-year-olds.
    James L. Hymes, Jr. (20th century)