Normally a 0.43 difference in ERA would end the discussion immediately. However Mathewson pitched a good chunk of his career in the really dead ball era (before 1909), then finished before the live ball era took off. Alexander on the other hand started in 1911 and finished in the late '20s when the live ball era had clearly been established.
Mathewson was a bit better at striking guys out, but Alexander pitched 400 more innings over his career.
I'm going with Alexander in an extremely close call, but will certainly listen to statistics based (specifically park factors) arguments that would push Mathewson over the top.
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