It is probably true that in such event the lessons taught by earlier legislative experiments, and particularly by the German fiasco, will have their effect in checking hasty legislation; in any event it would seem impossible that the teachings of all the economists--scientific contributions to literature that to-day comprise a large library--can be ignored in any future discussion of this subject. Meantime, accepting as our major premise the enduring presence of speculation as a fixed and immutable characteristic of human nature the world over--there remains the plain warning to Stock Exchanges and their governors that fences must be mended as gaps occur, and that the control of the business in the interest of the public must be the loyal motive of all these institutions. It will not suffice to whitewash indefensible conditions, nor to hide from public scrutiny any detail of a business which that public is asked to support. Conversely, it may be pertinent to say that in the effort to remedy some of the evils of speculation the private citizen has his responsibilities as well as the stockbroker. Looking forward toward the great questions of the future having to do with State regulation of industry and commerce of which the Stock Exchange is a part, the student finds no solution so satisfactory as the doctrine of _laissez faire_, assuming always that those in control of the business under scrutiny shall do their full duty. Under the policy England has risen to unexampled commercial supremacy, while America, because serious mistakes have been made, finds its advocates of State regulation growing daily in number, with consequent danger to all its delicate commercial machinery. In these circumstances how has the Exchange met its duties and its responsibilities? The answer is to be found in its records for the year 1913. Prior to that time there was undeniably a careless acceptance of old standards without inquiring too closely into them; letting things drift was the rule. But it is never too late to mend, and in 1913 the Exchange met the issues squarely. Manipulation was stopped, in so far as it can be stopped, by the famous resolution of February 5, 1913, reading as follows: “At a meeting of the Governing Committee held this day, the following resolution was adopted: “_Resolved_: That no Stock Exchange member, or member of a Stock Exchange firm, shall give, or with knowledge execute, orders for the purchase or sale of securities which would involve no change of ownership. “The punishment for this offense shall be as prescribed in Section 8 of Article XXIII of the Constitution regarding fictitious transactions.” Trading on insufficient margins was stopped by the resolution of February 13, 1913, as follows: “At a meeting of the Governing Committee held this day, the following resolutions were adopted: