the final adjournment of the twenty-second Congress, he offered in the Senate a tariff bill of his own, avowedly as a compromise measure. As it was finally shaped, it provided that, in all cases where the duties on foreign imports exceeded twenty per cent ad valorem, they should be reduced by one tenth of such excess after September 30, 1833; by another tenth after September 30, 1835; and by another tenth every second year thereafter until September 30, 1841; then one half of the remaining excess should be taken off, and in 1842 the remaining half, which would leave a general rate of twenty per cent on dutiable goods. The free list also was to be much enlarged; the duties were to be paid in cash, the credit system to be abolished. Home valuation — valuation of imported goods at the port of entry — was added by amendment, much against the wish of Calhoun. The introduction of such a bill by the champion of the “American system” was a great surprise to the public. The same Henry Clay who had so violently denounced Albert Gallatin as “an alien at heart,” for having suggested a reduction of duties to about twenty-five per cent, himself now proposed a reduction to twenty per cent, and called it a protective measure. Most of the protectionists stood aghast. The faithful Niles cried out in agony: “Mr. Clay's new tariff project will be received like a crash of thunder in the winter season, and some will hardly trust the evidence of their senses on a first examination of it, so radical and
