Monday, August 09, 2010

An Update on "Bounties"

I'm pleased to see that the Constitution of the Confederate States of America line-by-line comparison site (well worth bookmarking) has changed its description of the reference to "bounties" in the first subsection of Article I, Section 8. The description now reads as follows (emphasis added):
Lastly, the CSA essentially bans trade protectionism by saying that tariffs cannot be imposed on foreign goods for the sole purpose of protecting local industry. It also bans "bounties" from the Treasury, which at the time was the term used to describe government subsidies distributed to offset the costs of managing certain uncompetitive industries.

Southerners had often been prevented from buying cheaper foreign goods because of such Yankee projectionist measures.

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