Meaning: The quote you provided refers to a significant shift in economic policy in the United States during the early 19th century. The concept of protection and tariffs has been a subject of debate in economics and political discourse for centuries, and Henry Carey, an influential economist of his time, made an observation about a specific policy change in the year 1833.

During the early 19th century, the United States was grappling with the issue of how to generate revenue for the government while also protecting domestic industries from foreign competition. The policy of protectionism, which involved the use of tariffs and other trade barriers to shield domestic industries from foreign competition, was a prominent feature of the economic landscape at the time.

However, in 1833, there was a significant shift in this policy approach. The quote indicates that "protection was abandoned, and a tariff was established by which it was provided that we should, in a few years, have a system of merely revenue duties." This suggests that the emphasis moved away from protectionism and towards a system of tariffs that were primarily aimed at generating revenue for the government.

Henry Carey's observation reflects a broader shift in economic policy that was taking place in the United States during this period. The move towards a system of "merely revenue duties" indicates a departure from the protectionist mindset that had dominated economic policy previously. Instead, the focus shifted towards using tariffs as a means to raise government revenue, rather than as a tool for protecting domestic industries.

This shift in policy reflected changing attitudes towards trade and economic regulation. The early 19th century was a time of significant economic and industrial development in the United States, and the debate over the role of government in regulating the economy was a central issue. The move towards revenue-focused tariffs signaled a reevaluation of the balance between protecting domestic industries and raising government revenue through trade policy.

It is important to note that Henry Carey was a proponent of the American School of economics, which advocated for government intervention in the economy to promote domestic industry and economic development. His perspective on the shift away from protectionism may have been influenced by his broader views on economic policy.

The quote you provided offers a glimpse into a specific moment in the economic history of the United States and reflects the ongoing debate over the role of tariffs and trade policy in shaping the economy. It highlights the dynamic nature of economic policy and the ways in which government priorities and approaches to trade and industry can evolve over time.

Overall, Henry Carey's observation about the abandonment of protection and the establishment of a revenue-focused tariff system in 1833 sheds light on a pivotal moment in the economic history of the United States and the evolving nature of trade policy during this period. It serves as a reminder of the complex and often contentious debates that have surrounded the issue of tariffs and protectionism throughout history.