Word: valorem
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...steps by which China proposes to regain her financial autonomy are as follows--first an increase in customs duties from a theoretical five per cent ad valorem to an actual twelve-and-a-half. Only a day or so ago the Japanese refused to assent to a compromise rate offered by Canada at seven-and-a-half per cent. Last year she succeeded in blocking a proposal to revise the tariff schedule to bring about an effective five per cent, guaranteed to China by treaty (whatever that may signify...
...duties of the Commission are to investigate in the widest way all matters relating to the tariff system and to the administration of the tariff laws. It is to consider the various ways of levying duties--specific and ad valorem, or a combination of these two; the revenue accruing from the tariff; the best way of administering the tariff laws; the relations between foreign producers and domestic producers; the treaty relations between the United States and foreign nations on commercial matters; and so on. It is to make an annual report to Congress, and is also to report from time...
...country before all others, the least interference of government consistent with our general welfare, and the need of concentration of industry. Tariffs are based on the productive capacity of a people, and serve to foster and protect them in their undertakings. Of the two duties, specific and ad valorem, the latter seems more just at first glance. But it is far otherwise. According to this, when prices are high, duties are also high, and there is little need of protection, and when prices are low duties are low, and then is the time when we should have high duties...
...made, and this fact gave rise to the preparation of the Morrill bill in 1861. The object of the bill was to cause duties to return to what they were in 1846, and it was intended to be protective. Its distinguishing feature was the substitution of specific for ad valorem duties. The chief changes in the taxation were upon wool and pig iron. For the first time in the history of tariff taxation "compensating duties" were introduced. The general effect of this bill was to raise duties above those fixed by the bill...
...Republican party at that time. All the tariffs after this were the results of party feeling. The tariff of 1833 was a compromise act between the two parties, and was arranged by Clay and Calhoun. Its purpose was to bring all duties to twenty per cent. ad valorem. This is probably the poorest tariff passed by any nation. The Congress which came in in 1842 put in a new tariff, entirely different from that of 1833. The Whigs being then in power, passed a bill for the levying of very high duties, and the bill was prompted through party feeling...