"In 1833, 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"

Henry Charles Carey's quote is describing the Tariff of 1833, which was a significant shift in the United States' financial policy. Prior to this, the US had a system of protectionism, which was designed to safeguard domestic industries from foreign competition. The Tariff of 1833 deserted this system and rather developed a system of revenue duties, which were taxes troubled imported items. This shift was planned to create income for the government, while still providing some protection for domestic industries. The tariff was also developed to be phased in over a couple of years, enabling companies to get used to the new system. Ultimately, the Tariff of 1833 was a major modification in the US economy, and it had a long lasting influence on the nation's financial policy.