The Marion daily mirror. (Marion, Ohio) 1892-1912, 1910-02-04

gamblers.
In Germany the system is like our
own in that there is a duaul sovereign
ty of state and nation. 1t is unlike
ours is that this sovereignty is used,
and gambling regulated. The board of
brokers in n German bourse fires the
prices for the day. There is no tick
err no frantic bidding of bulls and
bears, no hourly ebb and flow of
prices. A man who CANDLES Is stocks
must register as a speculator, and
specializing in commodity futures is
forbidden, though a farmer may sell
produce or u manufacturer buy ma
terial, in advance. Publicity of cor
lporation accounts Is enforced
In all these systems, whether they
permit stock-gambling freely, as in
London, or confine transactions pret-
| " closely to Investment as in France
there is one common feature of safety:
tht banks of deposit do not back the
game. In all these countries recur-
rent wonder is expressed, whenever
We have a panic, with many fall
ures, with. currency boarded in de
post vaults and with even the strong
est banks refusing their legal obli-
cation TO cash the valid checks OF
their depositors, that we allow stock
gambling thus to imperil tho national
prosperity
With all the force of its $90,00O.000
| invested i'm Exchange seats" and
many times that sum involved in
other ways: with all its influence on
county banks, on railroads, on insur-
ance companies and on manufacturing
trusts: with all its social prestige
and political power, Wall street will
fight q reform of stock gambling. And
however disguised by lofty words, its
reason for lighting will be that it can
do bigger business and draw bigger
profits by using other peoples money
than II can IL gambling is divorced,
as it should be, from legitimate busi-
ness.
That divorce is the one essential
upon which the people should insist
To it's accomplishment the co-opera-
ton of State and Federal Government
is essential. The Federal Government
should stop the universal overcert-
Ification of brokers' checks, through a
technical evasion Of the law, by na-
tional banks in this city. 1t should
forbid call-loaning to brokers by the
same banks that handle commercial
paper
But IL is to the state of New York
that the people look for the regu-
llation of the Stock Exchange. The
functions of brokers and roomtrader
should be separated, so that no man
can at the same time deal in stocks
nj N Rr0l<ArS
who pawn their clients stocks should
be sent TO Jail. Participation In wash
sales" sholld be penitentiary Of
Tense. Every bank subject to the
authority of the State should be re-
quired to choose whether it will be
commercial bank or stock-gamblers
bank, and be forbidden TO combine
two functions.
And then, before Wall street is al
lowed to gamble as 1t will before
liz is chartered to exemplify
the function of speculation In
regulating prices" of which 1t
boasts let every special privilege
that is now thrown about that func-
ton be swept away. Yet the law no
longer favor stock gambling at the
expense of faro and roulette. Let the
courts refuse to enforce stock-gamb-
ling contracts, as in London and In
berlin they nfuse. Let the Usury act
be made as enforceable against call
loans as it is in the cases of mort
cages and commercial notes. Let gamb
ling with other peoples money DE
made impossible.
AS a preliminary TO that great re-
FORM as an earnest that 1t is coming,
why not begin, in the words of the
Hughes commission, with 'the incor-
poration of the Exchange and Its
subsection to State authority and SUI
pervision ?"--New York World.