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Updated: April 30, 2025
From an excellent diagram, appended to the "Guide," illustrating the duties on iron, the importations, and the price of the metal, for each year since 1840, we learn that the average annual importation of iron under the specific tariff of 1842 was 77,328 tons, while under the ad-valorem tariff of 1846 it was 373,864 tons.
A fourth part of all the iron-works which have been constructed in this country have been abandoned by their projectors, in despair of competing with the cheap iron from abroad, which the low ad-valorem tariffs have admitted to the American market. The story which these ruined works might tell, of hopes disappointed, capital sunk, and labor wasted, would be long and dreary.
Then followed an ad-valorem duty of thirty-three and a third per cent. Despite this handicap, agents were able to sell American machines, which were both popular and serviceable.
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