Democratic messenger., 1911-12-02
WHY INTERESTS
SUPPORTED IT, R.?
Barker Says He made a Bar
pain" With Them In 1904.
NE OUTLINES THE PLAN
eurprislns Statement Made by PhiIa.
deiphia Banker Before Senate Com.
mittee on Interstate Commerce.

| oelpnia BANKER 6efore senate Com.
mittee on Interstate Commerce.
Wharton Barker, a retired banker
Of Philadelphia, sprung a sensation on
the senate committee on interstate
commerce In Washington when he al
legged that New York financier told
him in 1904 that the financial inter
ests would support Theodore Roose-
welt for president because the latter
had made bargain" with them "on
the railroad question"
Mr.. Barker's statement came In the
midst of a vigorous attack on the
money trust" in which he alleged
also that President Roosevelt had
been given details of the impending
panic of 1907 several months before
1t happened, but took no action to
prevent 1t.
He declared that the Aldrich cur
rency plan was the handiwork, not
Only of former Senator Aldrich, but OF
a Mr.. Warburton. of the banking firm
OF Kuhn, Loeb & Co., of New York,
and that fund of 100000 had been
started to insure its adoption.
Three OF four weeks before the
election in l904," said Mr.. Barker, Il
met one OF the most distinguished
money kings in New York, man now
dead. He said to me: I'VE are going
| to elect Roosevelt" | expressed sur.
prise He said that they had fright.
ened Roosevelt so he had made bar
gain with them"
Members OF the committee looked
somewhat incredulous, and Mr.. Bar
ker added:
Il wish Mr.. Roosevelt were here"
Il wish he were." said Senator
Townsend; lit would be interesting
Mr. Barker continued:
"'He is 10 holler all he wants to-
he told me. but by and by railroad
bill will be brought in by recommen.
| dation OF the president, cutting of re-
bates and free passes. which suits us
| who own the railroads, permitting
pooling arrangements and providing
| for maximum rates
The railroad man added, said Mr..
Barker, that under the latter author.
| ity IL would he possible to add from
| 5000. .00O.O 900 TO $400. 100000 TO the to-
tai freight charges paid by the Amer
lean public
II told him | didn't believe Roose-
yelt made any such agreement" said
Mr. Barker, but when the annual
| message OF 1905 went to congress he
recommended most Of these things.
wrote to President Roosevelt and told
him what | heard. Ii was the only
letter OF mine MIR. Roosevelt ever fail
| ed to answer"
Members of the committee asked
Mr.. 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,
"but subsequently somebody was al
legged to have stolen some correspond
ence between Mr.. Hartman and the
president, telling of $250.O0O put up
for election expenses in the city OF
New York"
Mr. Barker said that in October,
when the financial upheaval reached
Its crisis. he urged President Roose-
welt to distribute the $li5,0O0.0O0 of
cash on hand in the treasury among
the banks of Chicago. Philadelphia,
Boston and other large cities.
| "He wanted to do II" he said, but
he called In Mr.. Knox and Mr. Cortel-
you and Mr.. Root. and the result was
the whole amount went into Wall
street"
The Philadelphia man declared that
those who backed the Aldrich none
iary plan had begun propaganda"
in which It was proposed to spend
million dollars to secure the indorse-
ment OF the proposed currency legis-
lation.
Monday a banker in Philadelphia
started to collect that citys share OF
the money. 100000" he said.
He urged a law that would compel
national banks to hold their legal re-
serve In cash, instead of having the
power TO redeposit part of it in the
banks OF New York.