Jasper County Democrat, Volume 15, Number 57, Rensselaer, Jasper County, 19 October 1912 — SORDID TALE OF T. R.’S FUND [ARTICLE]

SORDID TALE OF T. R.’S FUND

Treasurer Sheldon and IP. Morgan Tell of Millions Subscribed In 1904 BIG FAVORS IN RETURN. Frick, Gould and Morgan Gave SIOO,OOO Each—Corporations Gave 73*/2 Per Cent of Entire Amount Received. John D Archbold's statement that the Standard Oil company contributed SIOO,OOO to Mr. Roosevelt’s campaign fund in 1904 was conGrmed by George R. Sheldon, who succeeded Cornelius N. Bliss as treasurer of the Republican national committee. <

Not only did the Standard Oil company give SIOO,OOO to elect Mr. Roosevelt president, but J. Pierpont Morgan & Co. gave SIOO,OOO. H. C- Frick gave SIOO,OOO and George Gould gave another SIOO,OOO. Mr. Sheldon testiGed that 73% per cent of Mr. Roosevelt’s total campaign fund was contributed by corporations. Naturally these people gave their money freely to the Roosevelt campaign fund. Testifying that he had contributed $150,000 to the Roosevelt campaign fund in 1904 because he was “especially interested.’’ Mr. J. P. Morgan added, “The only interest we had was in the welfare of the public.” Mr. Morgan emphasized bis devotion to Mr. Roosevelt s |>olitical fortunes by the further statement that J P. Morgan & Co.’s usual contribution to Republican campaign funds was only $100,000; that he never heard of any donation by his 6rm to the Democrats; that when Mr. Taft was a candidate in 1908 the sum subscribed was $30,000 and that this year neither he nor bis banking house had subscribed a dollar;

How |t Was All Done. To grasp these pregnant facts we have only to recall a little modern history, In 1904 Mr. Roosevelt had his bureau of corporations in working order. Mr. Cortelyou, lately in control of it as secretary of commerce and labor, had been made chairman of the national Republican committee. He and Cornelius N. Bliss, treasurer, were collecting money. As George R. Sheldon. Mr. Bliss' successor, says, 73% per cent of the funds received came from the menaced corporations. If we do not Gnd in these disclosures a sufficient explanation of J. P. Morgan & Co.’s “especial interest” in Mr. Roosevelt s election, it is possible that later events may reveal it. Mr. Roosevelt never prosecuted J. P. Morgan & Co.'s steel trust. He emphatically stop[>ed the proceedings instituted by others against J. P. Morgan

& Co.’s harvester trust When the imnic of 1907 was at its height he turn ed the resources of the treasury over to J. P. Morgan & Co., who used them and made money and reputation by the process. He met Gary and Frick, representing J. P. Morgan & Co.'s steel trust, before breakfast one morning and licensed them, in violation of law, to absorb the Tennessee Coal and Iron company, thus giving J. P. Morgan & Co.’s steel trust a monopoly of high grade iron ore. He put Mr. Bacon, a partner of J. P. Morgan & Co., into the state department and the diplomatic service. He made Herbert Satterlee. J. P. Morgan’s son-in-law. assistant secretary of the navy. In a letter to Attorney General Bonaparte he testified feelingly to the virtues of the “Morgan interests which have been so friendly to ns.” Never before was the “public welfare” so cheaply protected Extent of Morgan Interests.

The “Morgan interests” are not confined to J. P. Morgan & Co. by any means. The Morgan interests comprehend life insurance companies, banks and trust companies, railroads and manufacturing enterprises. If the parent house increased its regular Republican contribution in 1904 because of its "especial interest” we may easily Imagine that the policy was widely Imitated by affiliated corporations and individuals Perhaps in this almost unexampled favor by the Morgan .interests we shall find an explanation of the Roosevelt administration’s hostility i, to the Standard Oil interests, which have not always agreed with J. P. Morgan & Co. concerning “the welfare of the public.” It may lie that the senate committee will be able to throw more light on this point but it can hardly add anything to the scandal of the Morgan Roosevelt alliance. It was Mr. Roosevelt who opened up to J. P. Morgan & Cb. the possibilities of government by big business. It was Mr. Roosevelt who persuaded J. P. Morgan & Co. to plunge deeply into politics. It was Mr. Roosevelt who, consulting “the public welfare." registered the decrees of J P. Morgan & Co. in the White House. Nqt until Mr, Roosevelt had lost control of the Republican machinery and the law providing for publicity of campaign contributions had gone into effect did J. P. Morgan & Co. disappear from the list of regular contributors to the colossal corruption funds of the Republican party. Are J P. Morgan & Co. now operating politically under cover of their recent partner. George W- Perkins’—New York .WprJd.