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The Compromise Tariff Act and the Tariff of 1857
Transcript of The Compromise Tariff Act and the Tariff of 1857
The South mainly produced cotton, rice, sugar and indigo. The North also produced stuff but it was mostly manufactured goods.
"The Panic of 1857"
The Panic of 1857 started when most banks relied on a shipment of gold from California. A hurricane destroyed the ship before the gold could be collected.
The Ohio Life Insurance and Trust Company started failing around America, because they couldn't keep up with free labor. As buisness's were collapsing people started taking loans from the bank, but they ran out of paper money. Soon after, banks across the nation were closing down. Making the United States citizens Panic.
James Buchanan was the president during the Panic of 1857.
Our country was well off from the products it produced like cotton and grain coming from the North. Everyone was living the good life buying nice things until the tariff happened. The prices for cotton were raised and the families couldn't afford the nice French cloth that everyone was wearing. Families started wearing their old clothes instead of buying or making their own. Many people were afraid that the tariff was too high. They thought the goods wouldn't be bought so they wouldn't sell to the U.S anymore. The tariff lasted 3 years until 1861.
Tariff Act of 1816
What is a tariff?
A tariff is a tax or duty that has to be paid on certain imports and exports.
To fix the price of something (relating to a tariff).
The Compromise Tariff Act & the Tariff of 1857
By: Savion Perleberg & Zania Ricks
Compromise Act of 1833: Protective Tariffs
The compromise of 1833 had a protective tariff. The protective tariffs had the South pay more for goods that were made in the North. The taxes were raised on British imports, Britain was having a hard time paying for cotton imported from the South.
Protective Tariff - A tariff relied on imports to protect the domestic economy rather than to raise revenue.
The Northerners accused the South of being the reason why the Panic of 1857 happened because of their pro-slavery. The Dred Scott vs. Sandford case was one of the reasons the North and South had tension. The Dred Scott case was denied and he had to stay a slave, the Northerners disagreed with this and were angry about the decision.
There were many other Tariff acts than just the Tariff act of 1857. For example the Tariff act of 1816, America needed to sell more goods to it's citizens, but the British were selling them at a cheaper cost. So America made a tariff act to raise the cost of British goods so Americans could buy theirs.
Tariff of Abominations
Tariff of Abominations act is also know as the Tariff act of 1828.This act raised the price of all manufactured goods imported from other countries.
What are Goods?
An inherently useful and relatively scarce tangible item.
The Nullification Crisis
The South Carolina Exposition was written by the vice president talking about the tariff of abominations. That ended up adding to the nullification crisis. Which lead to them thinking the tariff was unconstitutional. Our president Andrew Jackson made a bill called the 1833 Force Bill. The bill stated that if you resist the tariff law they can and will use military force against you.
Who wrote the Compromise Tariff of 1833?
Henry Clay wrote the Compromise Tariff of 1833. This tariff was approved by Congress in March of 1833. Protective tariffs rates decreased for 10 years. The Compromise Tariff put the Nullification Crisis to an end.
Merchandise or possessions.
How did this all lead to a Civil War?
The North and South already had tension from the debate about slavery. Banks were collapsing and the South felt they could still run the nation. The tariff of 1857 was an economic depression across the nation. It was more or so the free and the slave states that caused the Civil war. The non-slaves states didn't think it was fair and the Dred Scott case to be denied. So what ended up happening was the Civil War, and the North won.
What is nullification?
Seaman's Savings Bank
Nullification is the act or an instance of nullifying.
Nullifying is to deprive of value or effectiveness; make futile or of no consequence.
To bring goods into a country.
To send goods into another country.