The Lambertville record. [volume] (Lambertville, N.J.) 1872-1968, 1911-12-01
WHY INTERESTS
SUPPORTED T.R.?
Barker Says He made a Bar
gain" With Them In 1904.
he OUTLINES THE PLAN
Surprising Statement Made by Phila.
delphia Banker Before Senate Com
mjttee on Interstate Commerce.

surprising otdtcHncht mauS w F"e
delphia Banker Before Senate Com
mittee on Interstate Commerce.
Wharton Barker a retired banker
If Philadelphia, sprung 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 a bargain" with them ION
the railroad question"
Mr.. Bankers 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
it. happened, but took no action to
prevent it.
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 a fund of 100000 had been
started to insure its adoption.
Three of four weeks before the
election in 1904" 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:
II wish Mr.. Roosevelt were here"
Il wish he were," said Senator
Townsend 'it would be interesting"
Mr.. Barker continued:
"He is to boiler all he wants to-
bill will be brought in by recommen-
dalton of the president, cutting off 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 it would be possible to add from
$500, 100000 to $400,000,000 to the to-
tai freight charges paid by the Amer
lean public.
Il told him | didn't believe Roose-
welt made any such agreement" said
Mr.. Barker, but when the annual
~ ta hn
recommended most of those things.
wrote to President Roosevelt and told
him what | heard. 1t was the only
letter of mine Mr.. 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.
81 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 $250,000 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 $145, 100000 of
cash on hand in the treasury among
the banks of Chicago, Philadelphia,
Boston and other large cities.
HE wanted to do It," 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
tary plan had begun a propaganda"
in which it was proposed to spend a
million dollars to secure the indorse-
ment of the proposed currency legis-
lation.
Monday banker in Philadelphia
started to collect that city's share Of
the money. 100000" he said.
He urged 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.