The Southwestern Historical Quarterly, Volume 21, July 1917 - April, 1918 Page: 24
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The Southwestern Historical Quarterly
passed July 23, 1842, the exchequer bills were receivable at their
market value for customs, direct taxes, and postage.'17 This led
to inequality. The different collectors had the authority to deter-
mine the market price, so the market value varied at the different
ports for the same time. Imports tended to seek those where the
market value was the highest, which tended to unsettle condi-
ditions. This was repealed as applying to direct taxes and post-
age, January 16, 1843, effective February 1, so after that time
customs were receivable in gold, silver, or exchequer bills at their
market value until the passage of the act of February 3, 1845,
prescribing that they should be paid only in gold and silver.""
The act of June 12, 1837, provided for the bonding of duties.
Factors or consignees whose duties amounted to, $500 or more for
one importation were allowed to give bond for the whole amount,
one-half payable in three months, and the other half payable in
six months; duties under $500 and over $100 were to, be paid
in three months; and if under $100 duties were payable only in
cash.177 This provision was repealed on May 9, 1838, however,
the collector being required to sell the goods within 10 days if
duties were unpaid. 78 It was re-enacted, January 15, 1839,178
and continued in force until the adoption of the warehouse in
The Warehouse Act, February 5, 1840, authorized the secre-
tary of the treasury to provide good and sufficient warehouses in
the ports for warehousing imported goods and goods for exporta-
tion.s80 The Tariff Act of the same date provided for securing
goods in the warehouses. By this act importers were allowed to
leave part of their goods in the warehouse as security for the p.ay-
ment of duties, provided the value of goods left as security was
three times the amount of duties on all goods. If duties remained
unpaid at the end of three months, the collector was instructed
to sell enough goods to pay the duties.'8'
"5Gammel, op. cil., II, 812.
'76Ibid.. II, 866; 1140.
17Ibid., I, 1317.
I78Ibid., I, 1490.
'17lbid., II, 165.
2s-Ibid., II, 226.
1Slybid., II, 210.
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Texas State Historical Association. The Southwestern Historical Quarterly, Volume 21, July 1917 - April, 1918, periodical, 1918; Austin, Texas. (texashistory.unt.edu/ark:/67531/metapth101073/m1/30/: accessed October 23, 2017), University of North Texas Libraries, The Portal to Texas History, texashistory.unt.edu; crediting Texas State Historical Association.