The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1900-10-22

One OF the most interesting and valu-
by Consul General Mason. and relates to
the workings OF the German law restrict
ing speculations in stocks and forbidding
transactions in grain futures. II will be
remembered that. a few years ago, the
so-called "anti-option" law was one OF
the most holly debated measures before
congress. It was claimed on the one hand
that the dealing In futures placed the
farmer at the mercy OF the speculator,
and permitted lot OF gamblers in some
produce exchange TO determine whether
the products OF his years labor should be
sold at profit or a loss. 1t was held
with equal determination on the other
side that transactions In futures helped
TO maintain the equilibrium Of prices. as
well as facilitated the larger operations
in manufacture and trade
We have an opportunity to learn some-
thing now from the experience Of another
people. A law following the general prin-
ciples OF the ''anti-option" measure has
been in operation in Germany for four
years. 1t is stringent and has been enforc-
ed A summing up of its effects teaches
the old lesson of the futility OF most OF
the legislation from which great fruits are
expected. Here IL a regulation that
changes so materially the methods and
machinery of trade that we might expect
an opinion for or against 1t TO be regis
tered in the most emphatic way. Yet. AZ
ter ample experience under II. the Ger
man people seem to be unable to answer
whether II is curse or blessing.
on the whole. the opinions OF the people
remain just what they were before 1t was
enacted. The agrarians. who secured Its
passage. say that IT has rendered prices
more steady and uniform. that It has
made German markets more independent
of those OF other countries and that II
has elevated the morals of trade. The
commercial and trading classes hold the
opposite opinion: and Mr.. Mason says that
terigent agriculturists. These assert that
the law has not steadied prices. that the
farmers have been placed mt the mercy
Of a few weil-informed spectators, and
that its effect upon the legitimate business
OF the exchanges has been disastrous. For
these reasons there IL strong movement
for the modification or repeal OF the law.
The principal lesson which this holds
for the American people is the fuiiiity
OF most legislation that In relied upon to
remedy His which are incident 10 ma
tionai development Most proposed laws
are OF vastly less Importance than peo-
pie think them. II Is not many years
since the whole country was stirred over
the Blair bin, for national sid TO edu-
cation Who remembers ~ now7 This
proposed anticipation bin was a prominent
issue IN one campaign. We seem TO have
got along well without Il. while It's en-
actment has neither greatly helped nor
greatly injured Germany. There are laws
OF social Mfe. laws OF business. trade and
finance. which sink lower and rise higher
than legislatures. parisanepts or con-
crosses. The wisest government ia that
which seeks 30 study, conform TO and aid
the operation Of these. rather than that
which searches fer novelties and startling
experiments. and is always promising she
Regeneration q society BY that isgisla-
tive miracle which never follows