The Compromise Tariff of 1833, together with President Jackson's
upheaval of our financial system, produced, as has already been hinted,
terrible commercial disasters. "In 1840," says competent authority, "all
prices had ruinously fallen; production had greatly diminished, and in
many departments of industry had practically ceased; thousands of
working men were idle, with no hope of employment, and their families
suffering from want. Our farmers were without markets, their products
rotted in their barns, and their lands, teeming with rich harvests, were
sold by the sheriff for debts and taxes. The Tariff, which robbed our
industries of Protection failed to supply Government with its necessary
revenues. The National Treasury in consequence was bankrupt, and the
credit of the Nation had sunk very low."
Mr. Clay himself stated "the average depression in the value of property
under that state of things which existed before the Tariff of 1842 came
to the rescue of the country, at fifty per cent." And hence it was that
Protection was made the chief issue of the Presidential campaign of
1840, which eventuated in the election of Harrison and Tyler, and in the
Tariff Act of August 30, 1842, which revived our trade and industries,
and brought back to the land a full measure of prosperity.
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