As an illustration of the kind of reconstruction which went on, take the sugar schedule. It is an illuminating example of tariff-making as practised by the Senate of the United States, both then and now. We have seen what the McKinley Bill did for raw sugar,—made it free, but gave bounties to the home sugar-growers equivalent to two cents a pound. As for refined sugar, all grades from No. 16, Dutch Standard, upward, were allowed one-half cent a pound, which was undoubtedly a pure gratuity to the sugar trust. Formed in 1887, with a capital of $50,000,000, the stock of this organization had not been listed on the New York stock exchange until February of 1889. When the McKinley Bill was first brought into the House in January of 1890, sugar certificates were worth fifty cents on the dollar. Their rise between that date, when it looked as if refined sugar would be given no duty, and the date in May, when the one-half cent was fixed, was told three years later on the witness stand by a Senator of the United States who was familiar with operations of this sort, Calvin S. Brice of Ohio: “During the month of January,” said Mr. Brice, “sugar stock fluctuated between 50 and 60, with as wide or wider fluctuations in each of the four following months. So then when the bill had passed the House of Representatives and had been favorably considered and settled in the Senate Finance Committee in May, the sugar trust certificates had advanced to 95, an advance of 45 points or $22,500,000 computed on the capital of the sugar trust, or $33,750,000 if the other $25,000,000 which were added a few months afterwards as representing the Spreckels, Harrison, and Knight refineries are taken into account. During the fall of 1890 the Baring panic temporarily depressed sugar trust certificates, as well as other securities in the New York Stock Exchange, but as soon as that had gone by, the sugar trust certificates went above par, and eventually under the operations of the McKinley Act reached 134 or 135; an advance from January, 1890, when the McKinley Bill was introduced, of 85 points, or $42,500,000 on the sugar trust certificates, and an advance of $63,750,000 on the American Sugar Refining Company’s Stock, the Company which in 1891 succeeded the original trust.” The dealings in the certificates on the New York Stock Exchange in 1890 Senator Brice declared to have amounted to 8,000,000 shares, $800,000,000. As for profits, the trust’s president, Mr. H. O. Havemeyer, said on the witness stand in 1894 that he reckoned them at close to $25,000,000 for the three years, or, as he put it, “three-eighths of a cent more on every pound they (the consumers) ate.” Without the McKinley Bill this would have been impossible, and, said Mr. Havemeyer, “as long as the McKinley Bill is there we will exact that profit.”