CHAPTER IX.

The Tariff Question in its Relation to the Political Revolution of 1860.--A Century's Experience as to Best Mode of levying Duties.-- Original Course of Federal Government in Regard to Revenue.--First Tariff Act.--The Objects defined in a Preamble.--Constitutional Power to adopt Protective Measure.--Character of Early Discussions. --The Illustrious Men who participated.--Mr. Madison the Leader.-- The War Tariff of 1812.--Its High Duties.--The Tariff of 1816.-- Interesting Debate upon its Provisions.--Clay, Webster, and Calhoun take part.--Business Depression throughout the Country.--Continues until the Enactment of the Tariff of 1824.--Protective Character of that Tariff.--Still Higher Duties levied by the Tariff of 1828. --Southern Resistance to the Protective Principle.--Mr. Calhoun leads the Nullification Movement in South Carolina.--Compromise effected on the Tariff Question.--Financial Depression follows.-- Panic of 1837.--Protective Tariff passed in 1842.--Free-trade Principles triumph with the Election of President Polk.--Tariff of 1846.--Prosperous Condition of the Country.--Differences of Opinion as to the Causes.--Surplus Revenue.--Plethoric Condition of the Treasury.--Enactment of the Tariff of 1857.--Both Parties support it in Congress.--Duties lower than at Any Time since the War of 1812.--Panic of 1857.--Dispute as to its causes.--Protective and Free-trade Theories as presented by their Advocates.--Connection of the Tariff with the Election of Mr. Lincoln to the Presidency. --General Review.