414 Jones—Relation of Economic Crises to Legislation. 
usually incorporated, it does not issue stock, and the discipline 
of its members rests upon its own regulations. 1 These are 
therefore of the greatest importance. The means of binding 
the individual members may be secured in a number of ways. 
A deposit to insure conformity to the rules may be demanded, 
either of the candidates, as in France, or be pledged by those pro¬ 
posing a candidate for membership, as in England. 2 The es¬ 
tablishment of a mutual life insurance, amounting, as it does in 
New York, to $10,000, exerts an obvious influence. The limit- 
tations upon membership, costs of the same, restrictions in its 
transfer, and conditions under which it may be forfeited, are 
important. 3 
In general, upon the topic of legislation, it may be said that in 
so far as unwholesome and dangerous tendencies manifest them¬ 
selves in the industrial world, it is the business of the State to 
interfere. In other sections of the discussion, of which this 
paper forms a part, we have occasion to present explanations of 
crises, founded upon the increasing difficulty of forming correct 
business calculations, owing to the uncertainty of the market 
and the complexity of productive processes. In connection with 
this can be judged the importance of the establishment of an 
efficient department of public statistics, and the most prompt 
and general circulation of its information possible. In connec¬ 
tion with theories founded upon tendencies leading to undue 
concentration of wealth are suggested a multitude of legislative 
1 Eng. and Am. Encyc. of Law, vol. 23, pp. 764-765. 
2 Three members must recommend a candidate to the London stock- 
exchange, pledging each £ 750 for two years against his possible fail¬ 
ure. 
3 “ Le nombre des agents de change est limite; il est de 60 seulement 
a Paris. Des obligations speciales leur sont imposees; ils'doivent satis- 
faire a des conditions determinees (etre Frangais, ages de 25 ans accom- 
plis, jouir des droits civils et politiques et avoir satisfait aux exigences 
de la loi militaire); en outre, ils ont a verser un cautionnement qui est 
a Paris de 250,000 fr. Ils sont soumis a des responsabiliti&s particu- 
lieres relativement aux titres negocies par eux. Enfin, par un engage¬ 
ment pris entre eux, ils sont solidairement responsables, mais seulement 
pour tout ce qui est qualifis faits de change .” G. Frangois Art. Le Mono¬ 
pole des Agents de Change,” Kev. d’Econ. Pol. — Tome 7, 1893, pp. 329- 
330. 
