Actually, the differences weren't all that great, even though there was no income tax back then. The McKinley Tariff of 1890 was very unpopular with both businesses and consumers. And it did lead in part to the Panic of 1893, which was a very bad one.
This is from a New York Times article from 1890:
The Republican campaign orators and pamphleteers say that the various import duties levied by Congress are paid by the foreigners who send goods to America, and they deny point blank that the price of any article which may be called a necessary expense will be increased to Americans by the operation of the new tariff law. Fortunately for those who believe in tariff reforms, the question as to who pays the tariff taxes, and likewise the pleas which are made in answer to this question by the partisan defenders of the new law, may be referred to the arbitrament of incontestable facts. It is no longer necessary to meet theories with theories. Let the facts, which are multiplying every day, tell who it is that pays the onerous tariff taxes. They will answer that the American people pay these taxes and that the burden of them rests most heavily upon the poor, inasmuch as there are very few of the necessities of life the prices of which are not increasing on account of the McKinley tariff.
Market Data 
Markets 
AI
