New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-03-20
MR.. GAGE TO BUSINESS MEN
THE SECRETARY OF THE TREASURY
SPEAKS IN PITTSBURG.
AMERICAN NEUTRALITY-SUSPICIOUS. OF ITS TRIALS

! Chamber OF Commerce OF Pttsburg. given az the
| Duquesne Club this evening which Lyman J.
Gage. Secretary OF the Treasury. the guest o.,
honor and principal speaker proved the most pre-
tentious and important affair OF the kind at
tempted by this organization. The decorations
were the finest and most artistic ever in the
Duquesne Club. and the menu elaborate. The
dinner began promptly at I O'Clock. with 225 guests
seated at three long tables extending the entire
length OF the hall. The speakers were seated at
the centre OF the first table facing the entrance.
William r. Thompson was postmaster and John
B!ndey. president OF the Chamber Of Commerce
delivered the address OF welcome responding 10
the toast. The Chamber OF Commercials Duties
and Responsibilities"
MR.. CAGES ADDRESS
Secretary Gage spoke OF American Enterprise
Some Of lis Trials and Achievements" His adj
dress was in part follows
Should visitor from some alien planet where
the conditions u life did not require that
20 our country; should he here obtain vantage-
ground where rs eye could command its whole ex-
OF multiplied human activities, he would II an In
telligent and reasoning being. find occasion for
where men toling in the field, in the shop and in
}he i'c y, be would sec trains Of cars being
The factory and the farm. or speeding away to dis
charge at some distant point their enormous bur
dens. In short. he would find our land a hive Of
industry-a million smoking chimneys. roaring fur
cities. where ali products are gathered IN TO be
thence distributed through all the land In an
abundance luxury or comfort he would ind the
results Of many forms OF invention. art and indus
try
II this visitor were reasoning being he would
want an explanation Of all this. He would want to
know how al THIS enormous exchange OF labor for
products and products for labor was accomplished.
II lie asked one OF our nnab!tants ms question
even one or more nan aNtraS" lnteLlgence-tnc
prompt answer would probably be. Why. money
does il. All these things exchanged for money,
and money Is exchanged Tor all these things.
Everybody wants money, because Il will buy all
these things. and money will buy them; therefore
everybody wants money, II is money that does IL.
dssan from large majority OF people; ye; the
answer would be true only to a very limited de-
gree.
THE LIMITED USE OF MONEY.
Money is not the main active agent that operates
to accomplish this enormous volume OF production
and exchange. Il is true that all exchanges
effected in terms OF money. but the real operating
agent is credit and the instruments which embody
or represent il. Nor. except within narrow limits,
do these varied instruments Of credit meet their
final settlement liquidation in money. Through
the agoncy Of the bank. these credit instruments 10
a large extent. meet and cancel each other without
the use Of money all. It Is not my purpose TO
describe the manner Of the banks operations by
which this result is reached | affirm II rs fact.
and your own general knowledge OF affairs Will
coahrm IL without detail IN illustration or proof
II is my purpose 10 emphasize the superior power
briefly those influences which hinder or help it,
action. There IS Ia sigh; in our country volume
Of money-gol1 and silver alone considered: an
MISUNDERSTANDING like 100000; but in fairly
credits operating IN productivity and exchange. is
equal 70 at least sl5 cco0r II We can picture it
a stream or river We can larry say me rise
and fall Of his stream registers Industrial eXpan-
sion or contraction IT Is fed this eners;zing
stream. not from physical waters coming down
from snowclad mountains. Its sources are In the
minds Of men. It's secret spring is he confidence
future conditions. Born out OF the action OF the
individual mind, it cannot be coerced INTO aGIiyi,S
jet 20 The paralyzilg influences OF doubt and fear
It is equally stimulated by confidence and hope.
CREDIT THE MONEY OF COMMERCE.
It is not misuse OF language to say credit
with its uultiform instruments. IS the rea! money
OF commerce. As transactions Increase Il IN
creases. as Industry halts its volume is reduced
II IS created as transfers Of goods and take
place. II expires cancelled in final settlements
through the bank or in the clearinghouse. II Is
always sufficient % Itself Il asks nothing from
Government except the maintenance OF peace ana
order the enforcement Of justice. or equity ana
the largest conditions u liberty ,...
II therefore We would promote pToductvIy
commerce and trade we should Try 10 fn'E f lie
just confidence II man II man ana nc commence
OF man in tho future. The producer OF raw ma
mauufacttlrer 10 whom he transfers II will in due
course be not only willing. but Will possess the
di,roecs OF his wares 10 the wholesale merchant
moved by similar faith. The wholesale merchant
]
belief tnat this man the last in the order "i cisirl-
butio Will find his credits EXTENDED IN smaII SUMS
TO lie mechanic and laborer SAFE ana secure 49,,
WhateleI dit I 'liIS M r and disturhs Industry
and bv heir intcrposition from time TO time suffer
m ~ r1in result Wars the fears OF war crop
failures widespread industrial revolts, shocks
arising from the neI%Yah 81 advgSrs ,nrnances
mn none Of these. nor several OF them associated
ara 49, harmful as arc the doubts and fears which
arse from The apprehension OF "A radical chance
IN the money STANDARD 10 whlch All cohrhoul''eS
and all credits stand finally related
THE FREE SILVER HEREsY.
And vet VIC find a great party. IN blind disregard
-, t,t. ,ac. placing as d COMMUNICATIONS 10 their
noIitical doctrine 4 proposition charged with the
r,ost destructive consequences TO our commercial
and industrial life This proposition Is urged upon
tho people with a fanatic zeal which would inspire
AM il il a zeal born out % non-reason stimulated by
prejudice and fed 10y passion No wonder that con con
sil,-,be unthinkine rot At ail-he responsibilities
and risks that rest upon the man VINO hy ms mi
rial leadership. Whether II be the large or small
farmer. the large or small mah an, me
~ h1uker-cach OF these, according TO his time
and place. enters an arena fun OF difhcures ana
Tho farmer must employ labor and yet carry the
risk OF droUths and foods. ana axe ms cnhhco OF
fcurer must embark his fortune In his buildings
snd macntncs lie must employ labor and provide
for Us iiity FOR credit obtained a, the bank or
through the rurchasc Of IA" material ne mist
chose who buy them he must, In his turn, extend
the elements OF credit -,
The merchant ls subject 10 t"e A""e general
rules OF action.
1rIt, FUNCTION OF THE BANKER.
,,,a bankers reiation-not less importsnt-is per-
hans more delicate and more involved than either