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The 1846 Walker tariff was a United States Democratic Party-passed bill that reversed the high rates of tariffs imposed by the Whig-backed "Black Tariff" of 1842 under president John Tyler. 1846 was a common year starting on Thursday (see link for calendar). ...
The Democratic Party is one of the two major political parties in the United States. ...
A tariff (sometimes known as a customs duty) is a tax on imported or exported goods. ...
This article is about the British Whig party. ...
The Tariff of 1842, or Black Tariff as it became known, was a protectionist tariff schedule adopted in the United States to reverse the effects of the Compromise Tariff of 1833. ...
1842 was a common year starting on Saturday (see link for calendar). ...
John Tyler (March 29, 1790 – January 18, 1862) was the tenth (1841) Vice President of the United States, and the tenth (1841-1845) President of the United States. ...
The act is named after Robert J. Walker, who was formerly a Democratic Senator from Mississippi and served as Secretary of the Treasury under president James K. Polk. The tariff's reductions coincided with Britain's repeal of the Corn Laws earlier that year, leading to a decline in protection in both. Robert John Walker (July 23, 1801–November 11, 1869) was an American economist and statesman. ...
The United States Senate is the upper house of the U.S. Congress, smaller than the United States House of Representatives. ...
State nickname: Magnolia State Other U.S. States Capital Jackson Largest city Jackson Governor Haley Barbour (R) Senators Thad Cochran (R) Trent Lott (R) Official language(s) English Area 125,546 km² (32nd) - Land 121,606 km² - Water 3,940 km² (3%) Population (2000) - Population 2,697,243 (31st) - Density...
The United States Secretary of the Treasury is the finance minister of the Federal Government of the United States. ...
James Knox Polk (November 2, 1795–June 15, 1849) was the eleventh President of the United States, serving from March 4, 1845 to March 3, 1849. ...
The Corn Laws, in force between 1815 and 1846, were import tariffs ostensibly designed to protect British farmers and landowners, against competition from cheap foreign grain imports. ...
Adoption Shortly after his election President Polk asserted that the reduction of the "Black Tariff" of 1842 would constitute the first of the "four great measures" that would define his administration. This proposal was intended to be the fulfillment of his campaign pledge in the Kane Letter on tariff policy that contributed to his victory in 1844 over Henry Clay. In 1846 Polk delivered his tariff proposal, designed by Walker, to Congress. Walker urged its adoption in order to increase commerce between the United States and Britain. He also predicted that a reduction in overall tariff rates would stimulate overall trade, and with it imports. The result, asserted Walker, would be a net increase in tax revenue despite a reduction in the rates. The Tariff of 1842, or Black Tariff as it became known, was a protectionist tariff schedule adopted in the United States to reverse the effects of the Compromise Tariff of 1833. ...
The Kane Letter was a widely circulated letter written by James K. Polk to James Kane outlining his beliefs on tariffs, free trade, and protectionism during his 1844 campaign for President of the United States. ...
Henry Clay Henry Clay (April 12, 1777 in Hanover County, Virginia – June 29, 1852 in Washington, D.C.) was an American statesman and orator who served in both the House of Representatives and Senate. ...
The Democratic-controlled Congress quickly acted on Walker's recommendations. The Walker Tariff bill produced the nation's first standardized tariff by categorizing goods into distinct schedules at identified ad valorem rates rather than assigning individual taxes to imports on a case by case basis. The bill reduced rates across the board on most major import items save luxury goods such as tobacco and alcohol. An Ad valorem tax is a tax based on the assessed value of real estate or personal property. ...
Impact The bill resulted in a moderate reduction in many tariff rates and was considered a success in that it stimulated trade and brought needed revenue into the U.S. Treasury, as well as improved relations with Britain that had soured over the Oregon boundary dispute. As Walker predicted, the new tariff stimulated revenue intake from $30 million annually under the Black Tariff in 1845 to almost $45 million annually by 1850. Exports to and imports from Britain rose rapidly in 1847 as both countries lowered their tariff barriers against each other.
The 1846 tariff rates initiated a fourteen year period of relative free trade by nineteenth century standards lasting until 1860. It was passed along with a series of financial reforms proposed by Walker including the Warehousing Act of 1846. Free trade is an economic concept referring to the selling of products between countries without tariffs or other trade barriers. ...
The Warehousing Act of 1846 was a commercial law that allowed merchants to warehouse their imports into the United States and thus delay tariff payments on those goods until a buyer was found. ...
1846 was a common year starting on Thursday (see link for calendar). ...
The Walker Tariff remained in effect until the Tariff of 1857, which reduced rates further. Both were reversed in 1861 with the adoption of the Republican-backed Morrill Tariff and the return of protectionism. The Tariff of 1857 was a major tax reduction in the United States, creating a mid-century lowpoint for tariffs. ...
1861 is a common year starting on Tuesday. ...
The Republican Party, often called the GOP (for Grand Old Party), is a right-wing political party and is one of the two major political parties in the United States (the other being the Democratic Party). ...
The Morrill Tariff of 1861 was a major protectionist tariff bill instituted in the United States. ...
Protectionism is the economic policy of protecting a nations manufacturing base from the effects of foreign competition by means of very high tariffs on imported goods, restrictive quotas, or other means of reducing importation. ...
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