Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1911-11-29

that Roosevelt had made bargain
on the railroad question.
Mr.. Barker continued:
He can holer all he wants to-. he
told me, but by and by railroad bill
will be brought in by recommendation
of the President, cutting off rebates
and free passes, which suits us who
own the railroads; permitting the
railroads to make pooling arrange.
ments and providing for maximum
rates
The railroad man added, said Mr.
Barker, that under the latter author
/ ity it would be possible TO add from
5000, 900, 900 to $500, 900 to the tota
freight charges paid by the Ameri.
can public.
L told him I didn't believe Roose-
| welt had made any such agreement
| said Mr.. Barker but when the an
nual message of 1905 went to Con-
| gress. he recommended most of those
| things. | wrote to President Roosevelt
and told him what / heard, and that
had thought the man lied, but now
! must believe he had not.
1T was the only letter of mine Mr..
| Roosevelt failed to answer"
Members of the committee asked Mr..
| Barker to give the name of the finan-
| cial man who had told him that
| Roosevelt was 10 be elected.
i cannot do it," said Mr. Barker,
but subsequently somebody was al
legged to have stolen some corre-
sBendence between Mr. Hartman and
the President telling of S250,000 put up
for election expenses in the city of
New York"
Referring to the panic Of 1907. Mr.
Barker said man who was present
at conference at j. p. Morgans
house in May, came to him in Phila-
delphia and wanted him to use his
influence with President Roosevelt TO
stop plan that had been mapped
out. he alleged, by the financial lead
ers. The, man was captain in the
Rough Riders, he said, and had used
his own influence with the President,
but without avail.
The PLAN" said Mr.. Barker, CON
templated the ctrtaiment of loans,
the withdrawal of credits, the putting
away of money by those interested
where they could get ii when they
needed it TO stop the panic and the
enforcement Of the various state laws
regarding the holding of cash reserves
by the banks and trust companies"
Mr.. Barker said that in October, when
the financial upheaval reached its crisis,
he urged President Roosevelt to distrib-
ute the s145000. 600 of cash on hand in
the treasury among the banks of Chica-
CO. Philadelphia, Boston and other large
cities.
He wanted TO do it," he said, but he
called in Mr.. Knox and Mr.. Certelyou
and Mr.. Root and instead of depositing
in the outside cities, he plunged the
whole amount into Wall street It broke
the country, but it saved the gamblers"
The Philadelphia man whose banking
house was at one time fiscal agent of the
Russian government, declared that those
who backed the Aldrich monetary plan
had begun propaganda" in which It
was proposed to spend 100000 to Sc
cure the endorsement of the proposed
currency legislation.
Yesterday. banker in Philadelphia
started TO collect that citys share of tn
money, 100000" he said. He declared
that 1.-THE great money olgarchy" of
New York controlled all lines of finance
industry and transportation and that no
legislation designed to break up the
| trusts would strike at the root of the
trouble.
Few people appreciate how by con-
troll of the money, of the trust compa-
| MES, savings banks and national and
state banks, this money trust has throt-
tied individual enterprise he said.
He urged a law that would compel ma
tipnaI hankS RI hofd
in cash, instead Of having the power TO
redeposit part of it in the banks of New
York.
Nothing but those immense reserves,
varying from $3.50, COX, 600 to $3.50, 600 co.,
makes New York the money power it is
Said Mr.. Barker, insisting that the AL
drieh currency plan would strengthen
this fiscal force by enabling the banks
to use public credit for their own ends.
Senator Cummins expressed the
opinion that the plan did not sanction
the use of public credit, or place any
obligations upon the government. Mr.
Barker urged a central bank of the
United States to be controlled by di-
raetors chosen from arbitrary districts
covering the whole country.
THAT would take the people out of
the clutches of Wall Street and put
them in possession of their own
rights he said.
William l.. Rnyall of Richmond, Va,
also appeared before the committee
and declared the decree to dissolve the
American Tobacco Co. was "a roaring
farce" He also asserted that the Sher-
man antitrust law, if strictly interp-
reted. was unconstitutional and need
ed amendment.
Seth Low, president of the National
Civic Federation and former mayor oil
New York, gave 10 the Interstate COM
merce Committee of the Senate. today,
his personal views as to the best meth
DDS for controlling the trusts. He
urged the federal license of all inter
state corporations, giving them per-
| mission to incorporate with a settled
| charter IL they so desired. He sug-
| gested the appointment of federal
trade commission to look after the or
ganization and the acts of companies
Operating in more than one state.
1.-THE tendency to combination IN
frada al reaments is universal" sale