Publisher's Synopsis
Excerpt from A History of American Manufactures From 1608 to 1860, Vol. 2 of 2: Exhibiting the Origin and Growth of the Principal Mechanic Arts and Manufactures, From the Earliest Colonial Period, to the Adoption of the Constitution; And Comprising Annals of the Industry of the United States in Machinery, Manufactures and Useful Art
To provide additional revenue for these objects, the tariff underwent a revision whereby the duties the House proposed to levy were in the Senate, With a few exceptions, augmented twenty-dve, fifty, and in some cases one hundred per cent. Above the former rates. The free list was somewhat extended, and an increase of ten per cent. On goods imported in foreign vessels, substituted for the discount previously allowed to that amount on importations made in American ships. The Tonnage Act was remodelled, but without any change in the rates of duty or further discrimination between foreign vessels.
The obvious justice to the public creditors, of the Funding Act, and its advantages, so ably set forth by Mr. Hamilton, soon became apparent. A new impulse was given to industry, and confidence in the stability of the Union was evinced by an immediate rise in the current value of the continental certificates, which had already advanced since the passage of the first revenue bill. A rapid augmentation of the tonnage of the United States, which followed, has been ascribed by many to the dis criminating duties on tonnage and imports made in the acts above re ferred to.
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