The Birmingham age-herald., 1911-11-29
Barker Makes Sensational
 Charge Against Roosevelt
Alleges He Made Bargain With Railroad Mag
 mates in 1904
THE ALDRICH PLAN
 IS ALSO ATTACKED
Testifying Before Senate Committee on Interstate Commerce Retired Philadelphia Banker Springs
 Sensation


 Sensation
 Washington, November 2s.-W. Barker, a retired banker of Philadelphia, sprans a sensation on the Senate committee on
 interstate commerce today when he al- leged that New York financer told him in 1904 that the financial interests would support Theodore Roosevelt for President because Roosevelt had made bargain with them on the railroad question.
 Mir Barker's statement came in the iaidst of a vigorous attack on the money trust" He alleges also that President Roosevelt had been given the details of the impending panic before it happened in 1907 but took no action to prevent 1t.
 Nil. Barker declared also that the AL dreh currency plan was a handiwork not of former Senator Aldrich. but Of a MT. Warburton" of the banking firm of Kuhn. Loeb S2 Co. of New York, and that a tund of Sl,O0OO00 had been started to in- sure it's adoption. Three or four weeks before the election ill 1904, while walking down Broadway MT. Barker said he met distinguished money magnate. We are going to elect Roosevelt" Mr. Barker said the man told him.
 T expressed surprise and mentioned Parker" continued Barker. He said: They had frightened Roosevelt so that he made a bargain with them "
 Wanted Roosevelt Present
 Members of the committee looked sonie- what ncredulous, and MT. Barker added:
 'I wish MT Roosevelt were here.'
 T wish he were" said Senator Town send, it would he interesting"
 MT Barker said the financial giant whom he declined to name told him that Roosevelt had made a bargain on the railroad question:"
 Mr Barker continued:
 He is to holler all he wants to to- he told me-" adding. "'but by and by a railroad bill will be brought in by rec ommendaton of the President cutting off rebates and free passes, which suits us who own the railroads permitting us to make pooling arrangements and provd- l ing for maximum rates.'
 1 "The railroad man added that under the
 authority granted it Wauld- be possible
 to add from SstaeoooOo 'to s4eo.eOeoes to the total freight charges paid per annum
 by the American public.
 ''I told him l did not believe Roose-
 ' cit had made such q bargain or agree ment. But when the annual message | of 1905 went to Congress he reconl mended most of those things. l wrote to President Roosevelt and told him what l heard and that l had thought the man lied, but now l must admit he Ina nt If nFas ha t lot tter. of min MT. Roosevelt ever failed to answer" | Members of the committee asked Mr. Barker to give the name of the tinan- cial man who had told him that Roose- welt was to be elected . "I cannot do it. said Mir. Barker, but subsequently, somebody was al- legged to have stolen some corresponds ence between MT. Hartman and the President telling of S250,000 being put up for election expenses in the city of New York"
 Panic of 1907 l Reverting to the panic of 1907 again MT. Barker said man who was pres- | ent a a conference at J. F. Morgans home in May came to him in Philadel- phia and wanted him to use his infiu- enee with President Roosevelt to stop a plan that had been mapped out. he all | legged, by the financial leaders. Mr
 Barker said this man was captain In the Rough Riders and had used his own influence with the President but without avail
 "The plan" continued Mir Barker, "eontemplated curtailment of loans, | the withdrawal of credits, the putting away of money by those interested where they could get il when they needed 1t to stop the panic and the en- foreement of the various state laws re- garding the holding of cash reserves by l the banks and trust cOmDanieS. Tn October, when the financial up- heaval reached it's crisis, l urged Pres dent Roosevelt to distribute the $145,- 000,000 of cash in the treasury among | the banks of Chicago, Philadelphia, 1 Boston and other large cities. | He wanted to do 1t, but he called | in MT. Knox and MT. Cortelyou anu | MT. Root and instead of depositng in | the outside cities he plunged the whole amount into Wall street 1t broke the country, but it saved the gamblers Bankers Press Plan | The Philadelphia man whose banking | house was at one time fiscal agent for the Russian government declared that l 'lose who backed the Aldrich monetary plan had begun crusade" in which | 1t was proposed to spend S1,000.000 to secure the endorsement of the proposed currency legislation, said MT. Barker. | adding:
 Yesterday a banker in Philadelphia | started to collect that citys share of | the money amounting to $l00,000. The great money oligarchy of New York | controlled all the lines of finance, ave- | rues of industry and likewise channels | of transportation. No legislation design | ed to break up the trusts would strike at the trouble then. Few people ap- preciate how, by the control of money | through financial institutions. this money | trust has throttled individual enterprise | MT Barker urged the enactment of a l law compelling national banks to hold | their legal reserve in cash instead of l having the power to re-deposit part of l 1t in the banks of New York. l "Nothing but those mammoth re- serves, varying from S25o, O0o,00o to Ss6o.- OO0.0oO makes New York the money power 1 it is,' continued MT. Barker "and they | there insist the Aldrch plan would
 enable the banks to use public credit for their own ends without complicating
 the proposition
 | "I urge a central bank of the United States to be free of arbitrary methods. extant and controlled by directors cover | ing the country over This would take l the people out of the clutches of specu- lation and put them in possession of their l own rights
 William L. Royal of Richmond, Va, l fold the committee that the decree to dis solve the American Tobacco company was l "a roaring farce" He asserted that the | ~->>-->--~--~>--~--~~---~ ~ ----- | n ~