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Henry Clay once said, "I think the wisest man I ever knew was William Lowndes." During 1815 to 1818 William Lowndes of South Carolina chaired the Ways and Means and helped to write the bill that repealed taxes imposed during the War of 1812. Lowndes' bill also called for the first protectionist tariff in American history. The 1816 measure put high import duties on inexpensive foreign goods to enable American firms to compete domestically on a favorable basis. William Lowndes was also a strong supporter for a sound national banking system through the chartering of a Second Bank of the United States in 1816. |
