The times. [volume] (Richmond, Va.) 1890-1903, 1897-01-29
some OPPOSITION TO GAGE.
New York luS ness Men Have kOt For.
given Elm for a Letter He WrO,e.
CRITICIZING THEIR ACTIONS IN 1893.
Mr. Gage Authorizes the Announcement
That He Has Accs ,'ad the Portfolio
of Secretary OF q G rreasury-six
Members ofthe Ca binet Selected.

NEW YORK. Jan. q Within the past
two or three days there has developed
in New York banking circles quite an
opposition TO tne movement TO make Iy-
man J. Gage the next Secretary OF the
Treasury
During the 1893 panic, Mr. Gage, as pres
ident Of the First National bank Of Chi
cago. sent circular letter TO banks Ken
eialiy throughout tho West. in which he
criticised the operations Of the New York
bankers. The latter were very much
displeased with the utteran nccs OF Mr..
Gage as set forth in his letter. and seve-
raj Of tho leading bankers here express
ed their opinion of Mr.. Gage in no un-
certain words. Although three years
have passed, tho New Workers have not
forgotten nor forgiven tho Chicago bank
er for his scoring OF them. and now they
propose TO even mp accounts and are tax
ing quiet. but effective steps to oppose
his appointment.
THE OFFENCE.
Mr. Cages circular letter was written
on August %. 1893 I'm IL he reviews the
action OF the New York banks In issue
ing Clearing House certificates which he
declares operate against Western banks.
as money In New York commanded
premium over bank checks Of l-2 10
per cent lie therefore advised CORES
pondents that Chicago banks cannot take
drafts ON New York and Easarn points
and credit them at par Tho letter con-
cludes as follows.
II Chicago and the West are to be
kept on cash basis. Eastern exchange
must. as has been above shown, be sub
jected to a discount approXimating the
premium on currency IN New York In
order TO prevent the movement OF cur
rcncy thither TO command tho premium
there offered FOR il.
Bankers should take these facts into
account when dealing with the customers
and their Chicago correspondents. and be
willing to buy and sell Eastern exchange
at its actual money value.
IN ACCOR WITH NKINLEY.
CANTON. o., Jan. &-Lyman J. Gage.
who VIII be the next Secretary OF tne
Treasury. arrived at Major Mciknley's
house a few minutes before o'clock This
morning. He was warmly welcomed by
the President-elect. who straghtway
withdrew with him for a private con-
ference. which lasted until 8 o'clock.
The Presllent-clect and his Secretary
of the Treasury had a full and very satis-
factory talk. IN which they discussed al
length the financial ana tarifr policies OF
the next administration. and considered
the problems that would call for immc-
date so ution by means Of legislation.
The President-elcct and Mr. Gage are
IN thorough accord upon all Of the
political and economic policies.
d. nd Nfr
ment came from nearly every commercial
centre In the country. and from men Of
both parties. He is endorsed not only by
the business world. but many labor Or
eanizatlons as well The direct claim IS
made I'm nearly all Of the mass OF letters
and tolegrams which have reached Major
Mckinley. respecting MIR Gage. that tho
direct effect of his appointment viii be-
10 hasten and render certain the restora-
tion Of confidence.
Mr. Mckinley has been thinking about
Mr. Gage for several weeks IN connection
with the Treasury portfolio. but had been
led to believe that he could not accept
II. II has also been Major NcKinleys
intention from the day he was elected
70 choose Western man for Secretary
of the Treasury n - could find an avallG-
ble man.
OTHER SELECTIONS.
Mr.. Gage meets all OF the requirements
but his appointment does not remove
from the list OF cabinet possibilities the
mama OF Charles Emory Smith, who
would I'm all probability have been made
Secretary Of State n the Office had been
filled by tho appointment Of an Eastern
man. It may be stfcly assumed innt
Mr. Mckinley has decided NJ present
upon six men foi his Cabinet. though he
has not formally rendered all OF them
portfolios. The men who are regarded
as certain Of appointments are:
John sherman. Lyman Gage. Nathan
Goff. Joseph McKenna. John y. Long.
and James Wilson. OF Iowa, for Secretary
Of Agriculture.
Gen. r.. 4. Ayers appointment as Sec
rotary OF War Is probable, but by no
means certain. The one remaining port
folio. which * not likely TO be rendered
before the middle or last Of February. Will
doubtless 90 to q New Yorker or Penn
sylvanian
Mr.. Gage said this evening and author
tied the Southern Associated Press TO say:
II have been rendered the appointment
OF Secretary Of the Treasury by Major
Mckinley and have accepted II.
Among Major McKinley's callers to-day
were four colored bishops-B. W. Arnett'
Ohio: W J. Gaines. Atlanta; Joseph nan
dy Baltimore. and J. ". Derrick Ne"
York