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Rh placed upon the merchant; imposing as the act does fine and imprisonment as a penalty for not performing it to the satisfaction of the Government. What is now said is not stated with any purpose of criticism, indeed, is only strengthened by the admission of the President's great ability, of his long and careful deliberation, before acting; and his unprecedented advantages for reaching correct results. He was offered an amount of sugar that would have taken care of the national needs and have made sugar relatively the cheapest food commodity in the country. The price, however, was perhaps double the prior minimum price. With all his advantages for decision, he declined the offer, and the market promptly advanced to over four hundred per cent. of normal price, costing the country, and adding to the price of living, hundreds of millions of dollars! He has been severely criticized, but, I think, very unjustly criticized, and for the reason given by the Supreme Court in the International Harvester case. The task was not capable of certain performance by even the powers of his active intellect. This can be demonstrated! In the first place, the great body of Cuban planters, with their long experience and expert knowledge, all thought the transaction was desirable. They were just as much in error as he. In the second place, it is demonstrated that the great body of Americans engaged and expert in the business were equally wrong, because, had they purchased their supplies in an adequate amount at the then market price, the subsequent rise would have been impossible, because of a lack of market. Again, you have a demonstration of the impossibility of which the Supreme Court so well treats in the Harvester case. If the President erred, it was in a mere matter of belief, not founded upon,