LYCOS RETRIEVER 
Tariff of 1828: Industries
built 200 days ago
Daniel Webster: Supporting the tariff of 1828, he was a protector of northern industrial interests. In the debate over the renewal of the charter of the US Bank, Webster advocated renewal and opposed the financial policy of Jackson. Many of the principles of finance he spoke about were later incorporated in the Federal Reserve System.
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Irwin (2000) estimates that if the high tariff on imported iron had been dropped as early as 1869, American producers would have lost about 15% of their market and imports would have risen from about 7% to 30% of the market. Under these conditions most domestic pig-iron firms would have survived. [1] No other country had the industrial capacity, the high efficiency and low costs, or the complex distribution system needed to compete in the vast American market. Indeed, it was the British who watched in stunned horror as cheaper American products flooded their home islands. Wailed the London Daily Mail in 1900,
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Opponents generally felt that the protective features of tariffs were harmful to agrarian interests and were unconstitutional because they favored one sector of the economy over another. Proponents found no constitutional restriction on the purposes for which tariffs could be enacted. They argued that strengthening the industrial capacity of the nation was in the interest of the entire country.
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