Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1897-03-26
Lyman j. Gage.

From an article by Moses p Handy in the Re
view Of Reviews
1t has been the fashion for Chicagoan,
to call Lyman j. Gage the ideal citizen
| They believe also that he will prove tn,
/ ideal secretary Of the treasury. For ter
: years no movement for civic aggrand
| izement, no patriotic endeavor, no effort
| for municipal reform, no great charitable
| undertaking has been launched in tn,
| Western metropolis without the sanction
counsel, or active cooperation of Mr.
| Gage. This is a great deal to say Of a
citizen who has no claim to such consider.
alton except those involved in uprightness
of character, poise of judgment, and in.
nate love of humanity.
Lyman Judson Gage is descended from
an early settler of New England, but his
parents, Eli and Mary Judson Gage, were
New Workers. Eli Gage was farmer, but
in later life kept what is known in the
country as a general store. Lyman S
school days were few, aud ended when he
was II years of age. At 10 he went to
Chicago and after three years waiting Sc
cured long-coveted position with loan
and trust company where he obtained the
training which fitted him for his career as
a banker.
In 1865 began Mr.. Cages connection
with the greatest of Western banks, the
First national bank of Chicago For years
he was the assistant cashier, and on its re-
organization in 1SS2 he became the vice
president and general manager. In 1891
he succeeded to the presidency with an an
nual salary of $4,000. Although not the
largest stakeholder in the First national
bank, he is the handspring of the institu-
ton, and the whole financial world accOrds
him credit for the mastery management
which has made it the Gibraltar of West
ern capital. Since its reorganization IL
years ago it has accumulated a surplus of
50 100000, and its deposits are not infre-
quently greater than those of anyotherbank-
ing house in America. Its foreign business
alone amounts to S50,000,000 annually.
Its capital stock is 100000, and the an
nual dividends thereon are II per cent,
and have been for years. The stock has
sold as high as 1885 share. A late comp
troller of the currency said that in legiti-
mate banhing business ASSOCIATED from
kite-tlying and speculation, there is only
one institution that surpasses it-namely,
the bank of England.
The Chicago Worlds Fair first brought
Mr.. Gage into national prominence. The
turning point in the history of that fair
was hi, election TO the presidency of the
local corporation having the enterprise in
hand His personal guarantee that the re-
quired amount of money 100000
would be raised convinced Congress and
the country that Chicago was in earnest
When Mr.. Cages appointment to the
secretaryship Of the treasury was an
nounced and the press began to sound
. Ill Il.
choice, it was assumed by those who did
not know him that being banker and an
alleged plutocrat Mr. Cages appointment
would be particularly distasteful to, if not
actually resented by, the working classes
Great was the surprise, therefore. at the
discovery that to no part of the popula-
ton of Chicago was the choice more ac-
ceptable than to the working people Not
one of the labor leaders or the socalistc
agitators who were interviewed failed to
speak a good word in his behalf. Natur-
ally this phenomenon excited a great deal
of curiosity and comment How was it
possible for man in Mr.. Cages position
thus to win the favor of class to which
as banker he was additionally supposed
to be obnoxious? The story of his con-
nection with what are known as the
Economic Conferences partly answers this
question.
On the day after the anarchistic out
break eliminated in the IIaymarket riot
and ombthrowing, Chicago had the
cold shiyers. Mingled with apprehension
there was on the part of some good citi-
zens, Mr.. Gage among the number, a feel
ing of self-reprOach. 1t was his thought
that the good citizens and what is known
as the better class should not entirely es-
cape the responsibility for what had hap
pened. Mr.. Gage felt that for his own
part he had not been sufficiently careful to
know what the grievances of the discon-
tented were or to what extent their wrongs
might be righted. These feelings led him
to put himself in immediate communica-
ton with certain representative men who
were more or less in sympathy with the
disconnected elements of the community.
Upon consultation with them he hit upon |
the idea of the Economic Conferences.
This involved the organization of an
Economic club to be composed of not |
more than "a members. embracing in |
about equal proportions persons from the |
industrial classes, from business pursuits,
and from what are known as the learned |
professions. The first meeting of the club |
was held in the drawing room of Mr.. |
Cages fine new residence, into which, by |
A singular coincidence, he and his family |
had moved on the very day of the Hay- |
market riot. The company gathered |
around Mr.. Cages table for refreshment |
and after supper the talking began. Among
.hese present were George Schillng, an |
socialistic labor leader: Henry d.
Lloyd, the well-known academic apostle
If state socialism; Mark l.. Crawford, a
rades unionist of local note, and the no.
orious Tommy Morgan, who is the recog-
liZed leader of the socialist labor party in
chicago.
Out of the meetings of this club grew a
eries of public meetings and it is related
hat at the second of these meetings it
vas Tommy Morgan's turn to take the
platform. He did so with a paper on
tate socialism, and obtained the imme-
late sympathy of the audience with his
aid, ''you were addressed by a distin-
pushed banker, six feet high and of i'm
posing appearance. Mr.. Gage is educated,
prosperous and well fed. Tonight | ask
'ou to hear little Tommy Morgan, not
much to look at, stunted from his child
lood, factory hand from seven years of
ge." He then made speech which set
DR.. Gage thinking, and it. was that speech,
ogether with his experience in being
aught unarmed the week before, that led
he incoming secretary of the treasury to
egin the persistent if not systematic
tudies of sociology and political economy,
Which have made him a well-informed man
n those subjects.