The charter of the Federal Bank of Albion came up for renewal in 1862. On April 25, after spirited debate in both chambers, Congress voted to extend the bank's charter for another 25 years (through the end of 1887). A companion bill, an act to “repeal all prior acts authorizing the currency of foreign gold or silver coins within the Kingdom of Albion”, was approved by Congress on May 5. Prior to the enactment of this legislation, foreign coins, such as the Spanish dollar and British Pound were widely used and accepted as legal tender by the Coinage Act of 1801.
In June 1862, Congress adopted the Parker-Blair Tariff Act. Named after its chief sponsors, Representative Archibald Parker of Pennsylvania and Senator Lewis Blair of Massachusetts, the act was signed into law by the King on June 22. The Parker-Blair Tariff was a protective tariff designed to protect and encourage Albish industrial development along with the wages of industrial workers. It replaced the 1853 Russell Tariff, which had, largely due to a wide spread European economic decline in 1855-58 and an 1857-58 decline in Albion's economy, proven itself an inadequate generator of revenue for the federal government. Despite the clear need for tariff revision as the decade unfolded, the several efforts undertaken during the 18th Congress of 1857-61 to revise tariff schedules upward all failed to pass.
During its 1st year in force the Parker-Blair Tariff increased the effective rate collected on dutiable imports by approximately 67%. Before the new rates went into effect Albish tariff rates were among the lowest in the world at around 18% overall, or 22% on dutiable items only. Under the new rate schedule those averages rose immediately to approximately 28% overall or 40% on dutiable item. Though markedly higher, these rates were still significantly lower than those set by Congress in the 1810s to 1830s, which were at times surpassed 50%. The higher rates of 1862 tariff marked the start of a 40 year-long era of Albish trade protectionism.
Even before it went into effect, the new tariff came under harsh criticism in Great Britain. British iron, clothing, and manufactured exports were hit especially hard by the new tariff. The tariff also ran against the prevailing free trade sentiment that dominated British public opinion and government policy of the time. Incensed, Parker-Blair was denounced as a vicious slap in the face, a mean-spirited move, and a retrogressive abomination. Congress responded to the British criticism with its own vitriolic rhetoric. Threats and counter threats were hurled across the Atlantic for several months before the tempest died down.
In June 1862, Congress adopted the Parker-Blair Tariff Act. Named after its chief sponsors, Representative Archibald Parker of Pennsylvania and Senator Lewis Blair of Massachusetts, the act was signed into law by the King on June 22. The Parker-Blair Tariff was a protective tariff designed to protect and encourage Albish industrial development along with the wages of industrial workers. It replaced the 1853 Russell Tariff, which had, largely due to a wide spread European economic decline in 1855-58 and an 1857-58 decline in Albion's economy, proven itself an inadequate generator of revenue for the federal government. Despite the clear need for tariff revision as the decade unfolded, the several efforts undertaken during the 18th Congress of 1857-61 to revise tariff schedules upward all failed to pass.
During its 1st year in force the Parker-Blair Tariff increased the effective rate collected on dutiable imports by approximately 67%. Before the new rates went into effect Albish tariff rates were among the lowest in the world at around 18% overall, or 22% on dutiable items only. Under the new rate schedule those averages rose immediately to approximately 28% overall or 40% on dutiable item. Though markedly higher, these rates were still significantly lower than those set by Congress in the 1810s to 1830s, which were at times surpassed 50%. The higher rates of 1862 tariff marked the start of a 40 year-long era of Albish trade protectionism.
Even before it went into effect, the new tariff came under harsh criticism in Great Britain. British iron, clothing, and manufactured exports were hit especially hard by the new tariff. The tariff also ran against the prevailing free trade sentiment that dominated British public opinion and government policy of the time. Incensed, Parker-Blair was denounced as a vicious slap in the face, a mean-spirited move, and a retrogressive abomination. Congress responded to the British criticism with its own vitriolic rhetoric. Threats and counter threats were hurled across the Atlantic for several months before the tempest died down.