The operations of the tariff act of 1846 have been such during the past
year as fully to meet the public expectation and to confirm the opinion
heretofore expressed of the wisdom of the change in our revenue system
which was effected by it. The receipts under it into the Treasury for
the first fiscal year after its enactment exceeded by the sum of
$5,044,403.09 the amount collected during the last fiscal year under the
tariff act of 1842, ending the 30th of June, 1846. The total revenue
realized from the commencement of its operation, on the 1st of December,
1846, until the close of the last quarter, on the 30th of September
last, being twenty-two months, was $56,654,563.79, being a much larger
sum than was ever before received from duties during any equal period
under the tariff acts of 1824, 1828, 1832, and 1842. Whilst by the
repeal of highly protective and prohibitory duties the revenue has been
increased, the taxes on the people have been diminished. They have been
relieved from the heavy amounts with which they were burthened under
former laws in the form of increased prices or bounties paid to favored
classes and pursuits.
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