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[PeaRidge]

The Economic Condition of the Federal Government in 1860

“An unlimited power to tax involves, necessarily, a power to destroy; because there is a limit beyond which no institution and no property can bear taxation.” -—John Marshall

The following chart demonstrates the impact on exports and imports of Southern goods.

International Transactions and Foreign Commerce for 1857-1860
(Historical Statistics of the US, section U 187-200, pgs 885-887)

Value of Duties Value of Value of % of Tot.
Year Imports Collected Exports Cotton/Tobacco Exports

1857 334,000,000 63,876,000 279,000,000 152,000,000 55%

1858 243,000,000 41,790,000 251,000,000 148,000,000 59%

1859 317,000,000 49,566,000 278,000,000 198,000,000 71%

1860 336,000,000 53,188,000 316,000,000 208,000,000 66%

Thus, it evident that just the exports of cotton and tobacco financed the purchase of the bulk of imports into the country on which tariffs were levied.

Practically the entire US Treasury, and therefore government supported Federal functions, as well as government underwritten public works for the states, were supported by the revenue from tariffs on imported goods.

[PeaRidge]

The Economic Condition of the Federal Government in 1860

“An unlimited power to tax involves, necessarily, a power to destroy; because there is a limit beyond which no institution and no property can bear taxation.” -—John Marshall

The following chart demonstrates the impact on exports and imports of Southern goods.

International Transactions and Foreign Commerce for 1857-1860
(Historical Statistics of the US, section U 187-200, pgs 885-887)

Value of Duties Value of Value of % of Tot.
Year Imports Collected Exports Cotton/Tobacco Exports

1857 334,000,000 63,876,000 279,000,000 152,000,000 55%

1858 243,000,000 41,790,000 251,000,000 148,000,000 59%

1859 317,000,000 49,566,000 278,000,000 198,000,000 71%

1860 336,000,000 53,188,000 316,000,000 208,000,000 66%

Thus, it evident that just the exports of cotton and tobacco financed the purchase of the bulk of imports into the country on which tariffs were levied.

Practically the entire US Treasury, and therefore government supported Federal functions, as well as government underwritten public works for the states, were supported by the revenue from tariffs on imported goods.