New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-02-21
PREDICTS NEW ERA ]:
Wilson Expects "Seven Sisters"
to Bring Prosperity.
ONLY MONOPOLY DOOMED
Honest Business Has Nothing
to Fear from Measures,
He Asserts.
fBy Telegraph 10 The Tribune. J

Trenton. Feb. 20.-President-elect WILL
son, in long statement to-day. defended
the enactment of his seven anti-corpors-
ton laws by the New Jersey Legislature.
asserting that honest business and hon
est men have nothing to fear from them.
Their purpose he says. is to strike down
monopoly and restraint OF trade. big and
little, and he confidently predicts that
they will prove blessing 10 the whole
people.
In his statement the President-elect
goes into detail as To the effect Of the
various measures, and indicates pretty
clearly the line of antitrust legislation
he will recommend after he becomes
President
Referring TO the efforts to have the
word knowingly" inserted In No. a, the
measure defining trusts and making guilt
for the violation Of the prohibited acts
personal. the President-elect says II was
merely plausible scheme OF those seek
ing TO escape the just penalties OF Illegal
acts by compelling the prosecution 10
prove that the inhibited acts were done
knowingly
He points to a general principle Of law
that there must be a guilty mind TO con-
stitute a guilty act. and says that this
seems to him to afford ample protection
to honest men.
The President-elect s statement in part
follows:
"A good deal of criticism was levelled
az the bills during the hearings, while
they were i'm the committee state. few
amendments, thought TO he just and rea-
sonable. were made. but criticisms seek
ing to cut 10 the issue were answered
and disregarded.
1t was urged that the provisions OF the
amendment Of Section 81 of the corpora
ton act would prohibit one corporation
from acquiring the bonds, securities and
other evidences Of Indebtedness OF other
corporal atoms in the regular conduct or
legitimate business. Those who made the
objection quite overlooked the proviso
that the act should not operate 20 prevent
any corporation from taking such securi-
ties from non-competing corporation m
the payment OF debt.
Every established business can go on
without interruption. as heretofore, but
cannot hereafter expand by the acquisi-
poratons for the purpose Of controlling
=. them.
1T had been suggested that these acts
would prevent bank from acquiring and
discounting the promssory notes Of a
corporation. They could have no such
effect The corporations whose notes are
discounted by banks do not compete with
those banks. and when a bank discounts
note it loans its money on the strength
OF the note and takes IL to secure repay
ment.
1T has been said in some quarters that
these laws will help big business 4 ID hurt
the small dealers. That is. OF course. not
the intention. and il cannot be the effect
The purpose il To strike down monopoly
and restraint of trade Dig or little. and !
confidently predict that these laws will
prove blessing TO the whole people
Honest business and honest men have
nothing 10 fear from these acts. Those
who would engage in the heartless prac-
tees OF running rivals and flching from
the pockets OF the people more than they
ought reasonably TO demand are the onll
ones who will have cause 10 regret Their
enactment. predict that under them thu
people of New Jersey will enter upon a
new era of prosperity"