BY JOHN FEEHERY
APR 21 | Reprinted from TheFeeheryTheory.com
The first major law passed by the Congress under our current Constitution and signed by President Washington was the Tariff Act of 1789. Declared the Second Declaration of Independence by the local newspapers at the time, the new law put taxes on products made overseas to benefit American manufacturers.
James Madison, as a leader in the newly formed legislative branch, navigated passage of the law, attempting to balance the sectional interests of the country. Southerners largely favored lower tariffs, because they exported the bulk of their products (mostly cotton and tobacco) overseas, while Northern manufacturers favored higher duties, because they didn’t want the competition from Europe and their market was largely domestic. Continue reading
