purchased it at five and one-half cents per pound, with the result that it became relatively the cheapest of all food commodities, and with the natural result that it advanced enormously in consumption. It is important to remember that everybody was left free to buy or not to buy, and that there was no interference with the liberty of trade. All that Mr. Hoover really did was, with rare good judgment, to foresee conditions and make a wonderfully advantageous purchase, and subsequently to fix his own selling terms, thereby giving the benefit of his endeavors to the people at large. He made no one sell to him or buy from him, but left each dealer free to accept his terms or do as he pleased otherwise. Prohibition laws and the increased consumption from the unnatural price established as compared with other commodities necessarily enormously increased the demand, indeed, to an extent that has not yet been measured because of the inadequacy of available supply. Matters were so successfully handled that the President of the United States thereafter received a further offer of another year's crop of raw sugar at the price of only six and one-half cents per pound. This price, however, was double that at which sugar had actually sold under normal conditions. Had he accepted it, this discussion, as far as sugar is concerned, would have been entirely unnecessary. But, though he had the advantage of all the resources of the National Government to guide him, he refused to purchase. Now, this is not stated by way of criticism, because the great majority of those expert in the trade were unwilling to purchase adequate supplies at a similar price. Moreover, since that time duty paid raw sugars actually have been purchased, and in far less quantities than was called for and desired, at upward of twenty-four and one-half cents a pound. This fig-
