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William Alexander Linn, Horace Greeley Founder and Editor of The New York Tribune, Chapter 6: the tariff question (search)
te bounty of fifty cents a pound on silk produced in the State warmly combated. The compromise act provided for a reduction of all duties which 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of the arguments used by Clay to secure support for his compromise from his fellow protectionists was that it would be superseded before its ultra reductions took effect. But during the second administration of Jackson and the administration of Van Buren-the latter had no very clear views about the tariff --other financial questions occupied the attention of the country, and even during the hard times of 1837-the tariff was onl