The new South-news., 1908-05-09

~ y'sassetiees ~ nayis fwwss sn ersa PresA;ast-
Sssek Spses'sfers Rsssst to EreAsssss Rss-
s'stst y lsw-Tnkses frskjnsd-Presssetssss
Asssisd. sst Lsfias Rsstrietsd y
covsrnmsnt Cemmissien.

Goveenmenf
Germany has had eleven years ex-
perience with the restriction and reg
ulatico BY Law Of Dtock-<xchArye and
beard a trade gambling. Prior to 1881
the German boursss regulated them
sslveA with only minor state supervis-
Jon and without federal supervision.
Since Jan. I. 1897. all transactions In
stocko and bonds throughout the Ger
man empire hare been under the pro-
visioas Of the German Bourss Law.
The government a Germany Is some
what Nike that a the United States In
being = fedssation Il separate states.
each state having it, own legislative
body and the federation having = lexis-
lative body somewhat like Congress;
the ReichstAg corresponds roughly to
the HOUSE q Representatives and the
Bundesrat to'the Senate. Germany al
p resembles the unitsd STATES pQre
than Great Britain IN that the minis
ters are not removable BY the legIsla-
tive bodies and are the agents a the
executive. Emperor William is the
excessive head OF the German govern
ment. and also. as king Of Prussia.
Of the Pruasian government. The min
isters are his aopointees. ~ the men,
bers OF the cabinet are the Presidents
appointses. A In Great Britain. the
ministers can introduce bills and make
speeches; but. ~ In the United States.
they have no votes.
FlfteeN Deursss.
There are afteen bourses IN Ger
many: ssveu ere In Prussia. Berlin.
Breslau. Dusseldorf, Essen. Frankfort
on Main. Cologne and Konigsbsrg; two
in Bavaria. Munich and Augsburg; two
In Saxouy, Dresden and Leipsie. two IN
Wurtemberg. Stuttgart and Mannheim.
and two In the Hanse cities Of Bremen
and Hamburg.
Prior TO the passage Of the German
Bcurse Law these bourses competed for
business. Generalization resulted from
competitive gambling facilities.
The nrst complaints asainst unre-
stricted bourse gambling came from
the agricultural interests which In
Germany have . large representation
In the Reichstag and torn the Agrar-
ian party. In the agricultural districts
members Of the German parliament
are elected In hostility to the banking
interests and pledged to legislate for
the farming interests.
No Gambling In Grain.
The Agrarian party came to the
conclusion that speculation in farm
products caused injury to the produc-
ers At the time the crops were har-
vested and the farmer desired to sell,
the brokers and spectators depressed
the price by short-selling. Thus at
the time the producers sold the price
waa low>ssAftey. The farmers had soid.
the brokers ana GSueG upssusnsuvwt6ut
- pssooas~ upery ysar ai1sre was q -
Nod of low prices II harvest time and
then Of high prices during The -o1bsr
months until the next harvest. lowering
the prices which the farmer received
and increasing the cost Of food to the
consumers.
The AgrariAn party therefore pledg-
cd themselves to support Z. bill pro-
hibiting themselves to support \ bill
prohibiting dealing In grain futures
or the selling short Of products Of the
soil.
Certain Industrial interests allied
themselves with the Agrarian party
on the same grounds; that speculation
in iron. coal. ore. cloth and other fac
tory products made fortunes for spec
ulators At the expense Of the producers
and consumers. They reasoned that
Il speculation were eliminated and the
costly system Of the middlsgnAn ana
exchanges destroyed both factory own
ers and consumers would b. better
on.
Accordingly. By union IL tie Reich
stag Of the Agrartan party and Of rep
rssentAtives from the coal districts and
factory towns the Bourse law vao
passed on Tune ~. 1sss. and took eject
on Jan. 1887.
The essential feature OF this law ID
the prohibition Of dealing on margin.
or IN futures Of mining and factory
stocks, grain or mill products. The
penalty Of fne and imprisonment wss
provided for any broker, Spectator Of;
other middleman who boxsht -of sold
such products Of the sc9>or the factory
or the mine, NJ "a the process Of
distrit snelh.
Not content with this, the German
Ministry. At whose head was then
Prince Hohenlohe. put in force = plan
to regulate all gambling in Ger
many. -
Government Regulation.
This Law Of eighty sections takse
al the bourses under the supervision Of
the Government and appoints state
commissiouers to act with the bourse
governing boards. Each governing
board has . committee known - =
C6urt TO Honor. which dsciAes al DIS
putes, subject to an a3psal 70 The
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