The Express.
London, England, 1866-12-19 00:00:00

OUR CONTEMPORA-RIES.

(THIB DAY.)

FALSE RUMOURS UPON THE STOCK Frotrsiis.
The late scandalous and successful attempt to
depreciate the value of South-Eastern stock in the market
by the fabrication of a false rumour respecting the com-
pany's chairman, is not, the Times believes, an exceptional
or even • rare piece of sharp practice—the only pecu-
liarity of the calumny being that it took a somewhat too
definite shape, and was embodied incautiously in a tele-
graphic message. The system of " bearing " the share
market, which inevitably arises out of time bar-
gains, inevitably leads to the fabrication of state-
ments equally malicious and equally criminal, but
it is generally conducted with greater skill. Nor
can the Times affect to have much confidence in
the disposition of the Stock Exchange Committee to
adopt any stringent measures. On a recent occa-
sion they expressly declined to co-operate with the
public in checking the abuses of time bargains. The
power of an exclusive body like the members of the
Stock Exchange to injure the rest of the community, to
compass the ruin of an innocent and solvent finn or
company, by persistent attacks on its credit, is
almost unlimited, and nothing short of a resort to
the criminal law, and, if necessary, the enactment of new
provisions against new kinds of knavery, will put a stop to
an evil so highly organised and supported by interests so
powerfuL Commercial morality, so far as it tolerates such
proceedings, is several degrees behind the standard of na-
tional morality, and even that recognised in our penal code.
Men who deserve to stand in the dock at the Central Cri-
minal Court, and whore offences are notorious, do not always
forfeit their position in the mercantile world, but often
contrive to keep up appearances until the ugly tales about
them have blown over. The reason is that
acts many others
are inwardly conscious of having been privy to but
• shade lees dishonest. Were there a public prosecutor,
whose duty it should be to proceed against all who con-
spire to defraud their neighbours, without respect of per-
sons, can anyone doubt that " highly respectable parties
would be more frequently missing from their accustomed
haunts' In the meantime, we can but make an example
of those who, perhaps not more guilty than others, have
the misfortune to be found out. The South Eastern Rail-
way Company is happily strong enough to protect itself,
and we heartily trust that its directors will yield to no
private representations, but patiently track their cowardly
assailant, and fearlessly drag him, be he who he may, to
justice.
In the City article of the Tinier we read :—" It is
believed that nothing further has been done to-day in
regard to the false report about Mr. Watkin, M.P., as
neither the Stock-Exchange Committee nor Mr. Grise-
wood's representative can fix any individual with having
maliciously propagated it, although they seem to have
taken great pains in the matter."

GERMANY.
The submission on Saturday by Count Bismarck of the
draft of the federal constitution to the plenipotentiaries
representing the new North German confederation, affords
the Tisee* an opportunity of again commenting on
the general policy of Count Bismarck and the
peculiar character of German unity. Allowing that his
nature is naturally despotic, the Timer doubts if a liberal
and conciliatory course would have been half as successful.
France, England, and Spain were made one by the iron
will of sovereigns, and Bismarck takes upon himself a
similar task. He will soon put his foot on the neck of
the National Assembly, for there is no opposi-
tion in the cour try able to withstand him. Every
day, however, tie beneficial character of his ascen-
dancy, preserving the Germans alike from the narrow-
minded individualism of the minor princes and from the
dangers of rabid democracy, is more and more extensively
acknowledged. The governments of the North cling to
the new Confederacy for very existen fallfor the same rea-
son those of the South are ready to in one by one.
The "Old liberal" party, headed by Von Vincke, send in
their adhesion to the master-mind's policy. With such
discordant elements as the Fatherland harbours in its
bosom, with such signal failures as all popular movements
have invariably led to, it is evident that the initiative in
Germany lies not with the people. It is not by liberty,
at least not by disorderly liberty, that unity can be
achieved, but it is on the haste of a firm, compact unity
that en educated, patient, laborious people like the Ger-
man may hope to establish sound freedom.
Confidence can alone come, the Daily News remarks,
from the quiet working of the German parliament, for which
in five or au weeks the elections are to take place. It is
moat desirable that the feudalist landed proprietors, who
will probably be elected by the agricultural districts, and
the radicals, who will be elected for certain towns, should
be counterbalanced by deputies of the middle class and of
intermediate politics—by professional men, for example,
and owners of small property, landed or otherwise, This
class, however, are usually of small means, and as the
members of the national parliament are not to be paid,
it is feared that the benches to the right and left of the
National Parliament will be crowded, whilst those of the
centre will be comparatively deserted. The exact powers
of the new parliament have not as yet been publicly
defined, and even those immediately concerned are in
the dark. Count Bismarck and the Saxon King differ, it
is said, in the construction of the recent treaty ; and King
John has gone to consult the Prussian monarch. Perhaps,
too, the Saxon monarch would like to read the future in
the mind of his Prussian Majesty. This, we believe, is not
easy ; no one being more astonished and perplexed at the
great results obtained under his reign than the laurelled
sovereignhimself. Meanwhile France,bymaintaining its em-
bassy at Dresden until the meeting of the German parliament,
seems to regard the possibility of the German parliament
undoing the unification which the battle of !Wows ac-
complished. Lord Stanley has done more wisely in con-
sidering the question sr solved, and hasin consequence