The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-11-29
Banker Declares Finan-
cial | n ter e SITS Then
Promised Support.
TOOK NO ACTION
TO PREVENT PANIC.
Warned of Impending Crisis in
1907, Presidents Course, It Is
Alleged, Broke the Country,
but Saved the Gam
blers'-Fund in Aid of
Aldrich Bill.

Washington. November 2s.-whar-
ton Barker, retired banker, of Phil
adelphia, sprung sensation on the
Senate Committee on Interstate Com
merce to-day when he alleged that a
New York nnancier told him In 1904
that the financial interests would sup
port Theodore Roosevelt for President
because the latter had made a bar
GAIN" with them on the railroad
question. Mr.. Barker's statement came
IN the midst of vigorous attack ON
the money trust" In which he al
legged also. that President Roosevelt
had been given the details of the i'm y
pending panic of 1907 several months
before 1t happened, but took no action
TO prevent it He declared that she
Aldrich currency plan was tho handi-
work, not of former Senator Aldrich,
put of a Mr.; Warburg. of the banking
firm OF Kuhn, Loeb & Co. of Now
York, and that fund of 81, 900, 900 hai
been started to Insure Its adoption. s.
Ihrec or four weeks before the
election In 1904" said Mr.. Barker. al
was walking down Broadway when
met one of the most distinguished
money kings In New York, man n,Sy
dead. He said to mo: .Wo are going
TO eject roosevelt expressed sur
the support of Parker. He said. yas.
that they had frightened Roosevelt
SO he had made bargain with them"
MT. Barker said the financial gianr.
whom he declined to name, told MIN
! that Roosevelt had made a "barra II, Z
ON the railroad question"
MIR, barker continued Gle Is 10
a nolier al he wants to- he.S ibid ma
| put by and by a railroad bill Will l q
brought In by recommendation OF tho
| President. cutting Of rebates and frea
passes, which suits us, who own Tho
railroads.. permitting tho railroads to
make pooling arrangements and pro-
'iulhS Tor maximum rates."
Add to Freight Charges G
mo railroad man, added, said Nj.
Barker. that under the latter author.
ny 1t would be possible to add from
100000 to 100000 to the total freirnt
charges paid by the American public
tod him I did not believe Roose-
Veit mad made any such agreement"
said MI. Barker; but when the amman
message or 1905 went to Congress he
, reuommenaed most of those things,
wrote 10 President Roosevelt and told
MIN what ! heard, and that / had
thought the man lied, but now
must believe he had not. 1t was the
only letter of mine that Mr.. Roose.
volt ever failod to answer"
Members of the committee asked
MT. Barker to give the name OF the
financial man who had told him that
ROOSEVELT was to be elected
II cannot do It," said Mr.. Barker.
'nut subsequently, somebody was al
: legged TO have stolen some correspond
ence between Mr. Hartman and the
President. telling of s250.oO0 put I'm
Tor election expenses In the city Of
Referring to the panic Of 1907, Mr..
Barker said man who was present
at conference at j. P. Morgan's house
In May came to him In Philadelphia
and wanted him to use his influence
with President Roosevelt to stop a
plan that had been mapped out, he
alleged, by the financial leaders. The
man was captain In tho Rough
Riders. he said, and used his own
Influence with the President, but with
out avail. III.
The plan" said Mr.. Barker. "con>
templated the curtailment of loans, the
withdrawal Of credits. the putting
away of money by those interested
where they could get It when they
needed 1t 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
It's crisis, he urged President Roose-
Welt to distribute the s145.0oO 900 OF
! cash on hand in the treasury among
the banks of Chicago, Philadelphia,
Boston and other large cities.
Saves Gamblers.
"He wanted to do It, he said. "but
had called in Mr.. Knox and Mr.. Cortel-
you and Mr.. Root. and instead of de.
| posting in the outside cities, ha
| plunged the whole amount into Wall
| Street. 1t broke the country, but II
saved the gamblers"
Mr.. Barker, whose banking house
| at one time was fiscal agent for the
| Russian government, declared that the
great money oligarchy" or New York
controlled all lines OF finance indus
| try and transportation. and that no
| legislation designed to break up the
! trusts would strike at tho root OF tho
| trouble.
Few people appreciate he said,
| how by control of tho money OF trust
| companies. savings banks and national
and state hanks. this inoneN trust has
thro tied individual enterprise"
| said ls
Mr. Barker urged a central bank OF
| the United States to be controlled by
| directors chosen from arbitrary dis
tricts covering tho whole country
That would take tho people out OF
| the clutches of Wall Street and put
| Thorn In possession OF their OWL
| rights" lie said. al a IS
| William L. Royal, Of Richmond also
appeared before the committee and
| declared the decree to dissolve thaa
American Tobacco Company was 81
roaring farce" He also asserted thai