Evening star. [volume] (Washington, D.C.) 1854-1972, 1910-01-25

upon the evils of speculation and the
loose manner i'm which gambling is per-
mitted upon our stock exchanges.
Ex-President Roosevelt intended to I'M
dertake crusade against speculation and
collected a quantity Of material for a
message to Congress. but was unable to
do So. President Taft is undoubtedly in
earnest, and although 1t is difficult to see
what Congress can do TO prevent such
disastrous performances HeinZe and
Reid were engaged in. any notice he takes
Of the matter officially will strengthen
the position of Gov Hughes and others
who are engaged in the same work.
Prohibited in France.
Speculation in government securities
and in food products is prohibited by
France, Germany, Switzerland and other
European states, and several years ago
an earnest attempt was made by Con-
gress to stop il in this country. From
1891 to 1895 thousands of petitions were
presented in both houses and hundreds of
bills were introduced prohibiting specula-
tive transactions in cotton, wheat, corn,
pork, provisions and other farm products
In 1872 the House of Representatives
passed what is known as the Hatch anti
option bill (H. r. 1Si3, Fifty-second Con-
gress. first SESSION.. The Senate con-
Cured with numerous amendments, which
mittee was appointed to adjust the diff
ferences. but it never made a report be-
cause the members could not agree, and
so the crusade failed.
\ majority of the Senate committee on
the judiciary, to which the bill was re-
ferred after its passage in the House, de-
cided that Congress had no constitutional
authority TO interfere in individual COM
mercial transactions. even if they We're
fictitious and injurious, and that it had
no authority 10 tax dealers in food prod
licts even under the raising
power.
Mr.. Plat of Connecticut. speaking for
the majority of the committee, report ed
as follows:
While believing that dealings in agrl-
cultural products by persons not having
the ownership or the right to the owner
ship of such products constitutes great
edied. If there is any power under the
Constitution to remedy the same, the
| committee have been unable to agree
either upon the House bill or any other
bill to remedy the evil, and believing that
the matter ought not longer be delayed
in committee. report back the bill with
out recommendations"
No attempt has ever been made by Con-
1t is generally conceded that such
transactions are beyond the Jurisdiction
of the federal government. although GER
tain lawyers have held that Congress has
just as nlllcn rlBnI I'D regulate traQlng III
the shares of interstate railroads as it
! has to regulate their passenger or freight
rates.
Defines Gambling.
| The laws of France prohibit gambling
| in government securities. Section 40 of
the French penal code defines gambling as
| ANY agreement to sell of deliver govern
eminent securities which the seller can
not prove to have been in his possession
at the time of the agreement
| The penalty is Imprisonment for not
| less than two months, nor more than
two years, with fine of not less than
| LOCO francs nor more than lDOOO francs
| for each offense, and after the period
| of imprisonment the offender may be
placed under surveillance for not less
| than five and not more than ten years.