The Saint Paul globe., 1897-06-06

no vacancies. / ldQ 10 90 something
and I took the first job that offered.
This was in a lumber yard. l did all
sorts Of work there. I measured lum-
Der, fed the circular saw and now and
then drove team of mules. did
not get much pay, but it was enough
to keep me until something better
turned up. After a time l became
night watchman in the lumber yard,
and then was promoted to be book
keeper. I was keeping the books when
the panic of 1857 came on. The times
then were great deal worse than they
are now, and the lumber men suffered
with the rest. My employer cut down
his force and I found that my services
were to be dispensed with. L again
tried the banks. but could see no OPEN
ing and eventually had to go back to
my old place as night watchman."
But, Mr.. Gage, after time you
got to banking again. did you not?"
Yes" was the reply. 1T was about
year after that that 1 first obtained
employment in a Chicago bank. re-
member that it was on the Sd of
August 1858, that / got a note from
the Merchants Loan and Trust COM
pany, asking me to call and see them
You see, L was known to the banks
as wanting position, and many OF
them had my name on file as can
dl0ate for any place that might offer
Loan and Trust company. I called
in response to the note and was en-
pIoyed as boOkkeeper at $500 a year
Then little later on 1 became teller
at $1,000, and then cashier / remained
at that bank for ten years and then
became assistant cashier Of the First
National bank, of which 1 was pres!-
dent at the time l received my ap-
pointment as secretary of the treas
ury.'
BANKERS AND THE FARMERS.
How long have you been connected
with banks and banking, Mr. Gage:'
I'm all about forty years"
You have been the president of the
American Banking association, Mr.
Secretary. You have been a banker
all your life. Now 1 want to ask you
and the farmers? The farmers seem
to think the bankers are against
them''
Il know that the idea prevails to
some extent" replied Mr.. Gage. But
it is a great mistake. The bankers are
the friends of the farmers. They are
dependent upon the farmers for their
business, and they cannot prosper
without the farmers prosper. There is
no class more interested in the gen
eral prosperity Of the country than
the bankers. 1t is serious thing
however, that this prejudice among
the farmers exists not against indi-
Vidual banks or bankers, but more es-
pecially against the city bankers as q.
class. The city banks are the same
as those of the country, and by study
ing the country bank you get a good
idea of banks everywhere. Let us look
ait the foundation OF such a bank.
First a few houses spring up at Il
crossroads. general store is estab-
liShed, and, perhaps, a blacksmith shop.
Then more people come, there are other
stores, and at last you have quite q
collection of business and people But
as yet there IS no bank. Every one IL
the community has to go twenty or
thirty miles if he would cash a check
or borrow money. Every one wants q
bank and at last one of the cOmmuni-
ty probably thrifty farmer who has
a few thousand dollars ahead, opens
a little bank. The people deposit with
him and are glad to patronize him.
There is no objection to him or his
bank, and he is looked upon as ons
Of the best institutions of the village.
That is the situation in the country
towns today. 1t is not the individual
local bankers that the people are down,
upon. 1t is the indefinite class known
as the bankers away from home. Now
the city banks are esta blshed for the
accommodation Of the people, just as
are the country banks, and they Go
business in the same way
INTEREST RATES AND USURY.
How about interest rates Mr.. Secretary?
Do you think they will rise?
How l teli?' replied the secretary OF
the treasury. eff times are good and many
people want money the interest rates viii
probably go. up. If no one wants it they Will
probably fall. Money IS like anything else.
1t is affected by the supply and demand
How about usury, Mr.. Secretary? Do you
think it advisable that the interest rates for
money should be regulated by law"
mo, l don't" replied the secretary. "Moaey
is worth what it will bring, and It's value
| should be governed by the same law as those
which prevail as to other commodities. The
usury laws rather increase than diminish the
interest rates. Where they exist and money
is worth more than the legal rate there viii
always be some one who will invent method
of avoiding such laws"
Are you not alarmed at the growth of in
dividual fortunes in the United States?''
mo, am not at all alarmed at it, replied
| the secretary of the treasury. Il grant you
1t would be far better if the wealth of the
country were more equally divided among the
citizens but l do not believe that so great
disparity prevails as is generally believed. 1t
is true that many of the rich are becoming
richer, but not that the poor are becoming 2
poorer The last census showed that the
poor were sharing in the general prosperity
of the country. An estimate made by Mr..
! Henry Gannett. the geographer of the census
showed that only . per cent of the capital
in 1890, was held by mi;lonaires. and that at
that time fully nine-tenths of al our wealth
was held by people who own between 81 600
and $1000.000.'
HOW MILLIONS ARE MADE.
Still, million dollars is an enormous
amount OF money Do you really think a
man can make million dollars honestly, Mr.
Secretary ?''
"Of course he cam replied the secretary
of the treasury. Many men have made mil
lions and that without damaging their fellows
Hundreds of fortunes-yes, thousands of for
tunes-are honesty acquired. AS a rule the
growth of a great fortune benefits the masses
as well as the few who directly own it. Let
me give you a case. We will suppose that
the farmers are getting a certain price for
their grain 1t costs them so much to raise
and harvest it. Then a man comes along
with method machine by which each
farmer can save 20 per cent of the cost of
production. He asks a farmer 2 per cent
for the means of making this saving The
off as to that item than he was before The
man has made per cent out of his invention
This is a small sum with the individual
farmer, but when you take all the farmers
of the country, the per cent amounts to a
great fortune That is the story Of some of
the fortunes which have been made out of Ia
borsaving agricultural machinery. There are
hundreds of similar cases in other lines that
l ght mention
''Is it in the power of any man to make a.
fortune by practicing certain principles Mr.
Secretary" said l.
mo, l do not think so'' replied Mr. Gage
Ibis matter of money making is to large
extent one of natural ability 1t is also one
OF opportunities and circumstances
What would you advise young man to
do who wanted to succeed?''
What do you mean by success?'' said the
secretary of the treasury. do you mean the
getting rich?"
mo, not exactly that" said l. 81 mean the
making the most of ones SELF
Il would advise him." replied the secretary