The herald., 1897-01-29
And McKinIey's Cabinet Gains
One Member
GAGE PROMPTLY ACCEPTS
When the President. Offers Him
the Treasury Portfolio
The Chicago Banker Voted for Cleve-
land, but Agrees With Mckinley
on Tariff Questions
Press Special Wire

Associated Press Special Wire
CANTON, O., Jan. 28.-At 1880 o'clock
this evening Lyman J. Gage, president Of
the First National bank Of Chicago,
emerged from the dining room of the
Mckinley home to fill an appointment
with the Associated Press and special
correspondents to tell them the result Of
his conference with Major Mckinley
"Mr. Mckinley offered me the treas
ury portfolio. I told him I would ac-
cept the high honor and fill the position
to the best of my ability"
This was the first utterance of the in
coming secretary of the treasury on be-
ing presented to the party.
Beyond this he had little to say. He
declined to discuss any feature of the
policy of the incoming administration.
Mr.. Gage said there was no ground for
the publication that he was q gold Dem
ocrat during the campaign and that his
only affiliation with the Democratic par
ty was in 1884, when he voted for Cleve-
land. He also said that he and Major
Mckinley substantially agreed upon the
tariff question.
CAGES RECORD
Lyman ]. Gage was born at De Ruyter,
Madison county, New York. His parents
were both born in the state Of New York
and were of English stock. When Ly-
man Gage was 10 years of age his par
ents moved to Rome, where he entered
the Rome academy, the trm of four
vars which he spent in that school prac-
tically constituting his education. His
first position in business life was as a
clerk in the Rome poStoffice, and after
leaving there he became a route agent
on tn Rome and Watertown railroad.
In 1854 he secured position in the Onei-
da Central bank of Rome, at a salary Of
$100 per year, and remained with the
bank eighteen months. He came to Chi
cago in the following week and was en-
gagged as bookkeeper by lumber firm.
His duties as bookkeeper, however,
comprised the driving of one of the teams
belonging to the firm and loading and
unloading lumber. He also acted for
time as night watchman. While he
was thus engaged he was offered the po-
sition of bookkeeper for the Merchants
Savings, Loan and Trust company, and
this was the actual beginning of his ca
reer as a banker. In the spring of 1860
he had worked his way up to the position
of assistant cashier, and later to that of
cashier, which he held until 1868, when
he left the Merchants Savings, Loan
and Trust company to accept a similar
position with the First National bank,
with which institution he has been iden-
titled until the present time.
The old charter of the bank expired in
1882, and upon it's reorganization he was
chosen vice-president and general man
ager. About this time his financial
ability was paid high compliment by
his election to the presidency of the
American Bankers association. On
January "a, 1891, he was elected presi-
dent of the First National bank and is
still holds that position He was promi-
nent in all the work that made the
Worlds Fair a great success, and was
one of the four men o. ]. p. Odell, Writ
Dexter and j. w. Doane being the others)
who practically guaranteed that Chi
cago would carry out its pledge or raising
ten million dollars for the building of
the fair. He was for time president
of the local board of directors, but upon
his election to the presidency of the
bank he was compelled to resign his Of
flee. He refused any remuneration for
all the time he had spent as president of
the local Worlds Fair directors although
handsome salary had been voted for
the position.
Mr. Gage has been twice married, his
first wife being Miss Sarah Ethridge OF
Little Falls, N. Y, whom he married in
1864. She died in 1874, and in 1877 ne
| Cornelia Gage of Denver, Col
He is a member of the Commercial
and Union League clubs of this city, and
is personally very popular man.