Short story

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Short story

Category: Textual Analysis Essay

Subcategory: History

Level: College

Pages: 2

Words: 550

Student’s Name
Tutor’s Name
Course Name
Date of Submission
“Tariff of 1828.”
Introduction
In the history of the United States, 1828 is a year to remember. John Quincy Adams was the president during this era when the famous “Tariff of 1828” was passed by the U.S Congress to act as a “protective tariff”. Its main aim was to protect industries in the northern part of the U.S. The southerners termed it as the “Tariff of Abomination” due to the effects it caused to the southern economy. This essay composes a discussion between three senators representing three regions, discussing the “Tariff of 1828.” From the discussion, the definition of terms such as tariffs, ‘revenue’ and ‘protective’subject to tariffs will be obtained, the benefits and hindrances of tariffs, and the stand of each senator’s region on the issue of tariffs and the reason behind the stand.
Definitions
North East senator, “Tariffs are any form of taxes imposed on goods and services imported from foreign countries”.
Midwest senator, “Agrees with the definition of tariffs and add that it is a way through that the government acquires revenue to finance its programs”.
South Senator, “The government, uses tariffs as a protective measure to safeguard the local goods from competition arising from cheap imported goods”.
Benefits and disadvantages of tariffs
North East Senator, “Local consumers and producers, benefit from price increments caused by competition from imported goods. For example, agricultural tariffs can benefit the domestic producers. Tariffs cause a competition termed as “cheap” where the domestic producers sell their products in the local market at a cheaper price. The local consumer on the other side benefits by buying goods at a low price.
South Senator, “Imposition of tariffs helps a mother country protect her local industries. These industries can be quashed by cheap imports that had already dominated the market. Theselocal industries contribute to economic growth of the mother countries, create job vacancies and lead to favorable terms of trade.
Midwest Senator, “Tariffs are a disadvantage from an economic viewpoint. Countries should focus more on the production of goods in which they have a comparative advantage otherthan producing goods that they have no comparative disadvantage. Therefore, countries should focus on specialization other than trade regulation.
Standpoint of each section
Midwest Senator, “The Midwest region supports tariff imposition. The Midwest is highly a speculative region and an increase in tariffs and taxes positively affects the returns on thefunds invested, they incur more returns.
North East Senator, “the northern region highly supports the imposition of tariffs.The northern region is an industrialized region and has many producers. Therefore, the introduction of taxes will protect these industries and producers from competition from imports”.
South Senator, “The southern region is against tariff imposition. The southern part is neither an industrialized nor manufacturing hence has to rely on imports. Imposition of taxes means that they will have to pay more for the imports. Besides, an increase in tax will make itdifficult for England to pay for the cotton England import from the southern region.
Conclusion
The “tariffs of 1828” and a study of the Northern, Midwest and Southern regions of the U.S are an example from which information about tariffs can be analyzed. Tariffs are forms of taxes used for a variety of reasons. When a country decides to impose taxes, it is important to consider and evaluate the benefits gained versus the perks attained. Besides imposition of taxes can have different results in various regions of the country.