Answer:
he decade had its problems. It began with the financial Panic of 1873. Railroads were growing so fast that nearly 6,000 miles were being laid down every year (17,000 miles between 1871 and 1873). With so much new construction, lending was strained and overextended.
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The tariff sought to protect northern and western agricultural products from competition with foreign imports; however, the resulting tax on foreign goods would raise the cost of living in the South and would cut into the profits of New England's industrialists.
The English term tariff derives from the French: tarif, lit. 'set price' which is itself a descendant of the Italian: tariffa, lit. 'mandated price; schedule of taxes and customs' which derives from Medieval Latin: tariffe, lit. 'set price'.
Tariffs are used to restrict imports. Simply put, they increase the price of goods and services purchased from another country, making them less attractive to domestic consumers.
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