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William Alexander Linn, Horace Greeley Founder and Editor of The New York Tribune, Chapter 6: the tariff question (search)
exceeded 20 per cent under the act of 1832, on the following scale: 10 per cent of the excess to be removed on January 1, 1834; 10 per cent more on January 1, 1836; another 10 per cent on January 1, 1838, and a fourth on January 1, 1840; on January 1, 1842, one-half of the remaining excess was to be abolished, and the remainder of the excess on July 1, 1842, leaving, after that date, a uniform tax of 20 per cent. One of the arguments used by Clay to secure support for his compromise from his fto change the law. But the approach of the date when the horizontal rate of 20 per cent would go into effect was causing uneasiness. The duty on rolled bar iron, for instance, which was 95 per cent (specific) in 1832, had dropped to 42.5 on January 1, 1842, and would drop to 20 per cent in the coming July. Moreover, the extra session of Congress which assembled in June, 1841, had to face a deficit of the revenues. As the Whigs were in control of both Houses they could make any change in th