Yes, moreover the creation of Fed Reserve in 1913 wasn't only gangbuster legislation that year...also was same year of creation of Income Tax. This isn't by accident. 

After their 2 previous central banks, they realized they needed permanent funding mechanism in place to pay interest on the debt. So tariffs were scrapped and Income Taxes became the new thing. 

*In theory* this is path back to no Fed: (a) Institute tariffs, (b) massively lower income taxes, (c) allow alternative currencies to prosper (ie bitcoin). (d) eventually do away with Fed and permanently end Income Taxes. 

 

freetx

, when the governmwnt was still a lot smaller.

ftfy

kilianbuhn

charts_and_numbers

Tariffs Are Not a Meaningful Source of US Government Revenue

0xbitcoiner

Actually, they were the primary source of government revenue, prior to 1913.