Letter from Herbert Knox Smith to Oscar S. Straus
In response to a number of documents and letters sent to him by Secretary of Commerce and Labor Straus, Commissioner of the Bureau of Corporations Smith responds to several matters regarding bucket-shops and stock exchanges. First, he writes that the bill purporting to ban bucket-shops is confusing and does not merit attention, largely because of its poor definition of such exchanges and the difficulty of enforcing it as written. Second, Smith discusses the merits of attempting to limit speculative transactions. It is especially important to keep prices stable. Finally, Smith discusses German laws regarding speculation and exchanges. He examines the constitutionality of the government managing the markets and exchanges and believes that the most effective way would be through the use of taxation.
Collection
Library of Congress Manuscript Division
Creation Date
1908-03-21
