Before You Invest Your Money » Banner Day http://before-you-invest.com This site monitors financial news articles that track corporate fraud and white collar crimes as they happen across the world. Mon, 06 Sep 2010 14:14:00 +0000 http://wordpress.org/?v=2.9.2 en hourly 1 This Day in Wall Street History 1869 : Congress passes Morrill’s Tarif http://before-you-invest.com/this-day-in-wall-street-history-1869-congress-passes-morrills-tarif-2/ http://before-you-invest.com/this-day-in-wall-street-history-1869-congress-passes-morrills-tarif-2/#comments Wed, 24 Feb 2010 18:04:00 +0000 Before You Invest tag:blogger.com,1999:blog-7461018119073696961.post-7476679049924238448
The legislation was also another victory for Congressman Justin Morrill, who, starting in 1861, had drafted a series of tariffs designed to protect U.S. industry from the specter of international competition.

However, as some historians have noted, overseas rivals didn't pose much of a threat to American manufacturers in 1869; Morrill's latest tariff seemingly padded industrialists' pocketbooks at the expense of the poor, who were forced to pay ever-higher prices for import goods.

Over the next few years, though, lawmakers reversed course and rolled back some of the protectionist duties. The Tariff of 1870 placed 130 items -- primarily raw materials -- on the "free list," while a tariff law passed in 1872 effectively slashed rates on manufacturing goods by 10 percent.

Source: History.com

This Day in Wall Street History 1869 : Congress passes Morrill’s Tarif is a post from: Before You Invest Your Money

]]> Today was a banner day for protectionists and industrialists alike, as Congress passed the Morrill Tariff Act, which hiked duties on imports to an average rate of 47 percent.

The legislation was also another victory for Congressman Justin Morrill, who, starting in 1861, had drafted a series of tariffs designed to protect U.S. industry from the specter of international competition.

But, as some historians have noted, overseas rivals didn’t pose much of a threat to American manufacturers in 1869; Morrill’s latest tariff seemingly padded industrialists’ pocketbooks at the expense of the poor, who were forced to pay ever-higher prices for import goods.

Over the next few years, though, lawmakers reversed course and rolled back some of the protectionist duties. The Tariff of 1870 placed 130 items — primarily raw materials — on the “free list,” while a tariff law passed in 1872 effectively slashed rates on manufacturing goods by 10 percent.

Source: History.com

This Day in Wall Street History 1869 : Congress passes Morrill’s Tarif is a post from: Before You Invest Your Money

]]> http://before-you-invest.com/this-day-in-wall-street-history-1869-congress-passes-morrills-tarif-2/feed/ 0 This Day in Wall Street History 1869: Congress passes Morrill’s Tarif http://before-you-invest.com/this-day-in-wall-street-history-1869-congress-passes-morrills-tarif/ http://before-you-invest.com/this-day-in-wall-street-history-1869-congress-passes-morrills-tarif/#comments Tue, 24 Feb 2009 14:02:00 +0000 Before You Invest tag:blogger.com,1999:blog-7461018119073696961.post-4927946918624583562
February 24, 1869, was a banner day for protectionists and industrialists alike, as Congress passed the Morrill Tariff Act, which hiked duties on imports to an average rate of 47 percent. The legislation was also another victory for Congressman Justin Morrill, who, starting in 1861, had drafted a series of tariffs designed to protect U.S. industry from the specter of international competition. However, as some historians have noted, overseas rivals didn't pose much of a threat to American manufacturers in 1869; Morrill's latest tariff seemingly padded industrialists' pocketbooks at the expense of the poor, who were forced to pay ever-higher prices for import goods. Over the next few years, though, lawmakers reversed course and rolled back some of the protectionist duties. The Tariff of 1870 placed 130 items--primarily raw materials--on the "free list," while tariff law passed in 1872 effectively slashed rates on manufacturing goods by 10 percent. 

Source: www.history.com

This Day in Wall Street History 1869: Congress passes Morrill’s Tarif is a post from: Before You Invest Your Money

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February 24, 1869, was a banner day for protectionists and industrialists alike, as Congress passed the Morrill Tariff Act, which hiked duties on imports to an average rate of 47 percent. The legislation was also another victory for Congressman Justin Morrill, who, starting in 1861, had drafted a series of tariffs designed to protect U.S. industry from the specter of international competition. But, as some historians have noted, overseas rivals didn’t pose much of a threat to American manufacturers in 1869; Morrill’s latest tariff seemingly padded industrialists’ pocketbooks at the expense of the poor, who were forced to pay ever-higher prices for import goods. Over the next few years, though, lawmakers reversed course and rolled back some of the protectionist duties. The Tariff of 1870 placed 130 items–primarily raw materials–on the “free list,” while tariff law passed in 1872 effectively slashed rates on manufacturing goods by 10 percent. 

Source: www.history.com

This Day in Wall Street History 1869: Congress passes Morrill’s Tarif is a post from: Before You Invest Your Money

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