The record-union., 1898-03-21
Evidences Everywhere Thai We Are
in a State Of Progress.
In SPITE Of Influences Tending 10 Destroy
Our Financial System.
Remarks % Secretary OF the Treas
ury Lyman j. Gage at the An
nua1 Banquet Given by the
Pittsburg Chamber of Conn
1lcrce.

PITTSBURG. March 20.-Tha annual
banquet OF the Chamber of Commerce
of Pittsburg, given at the Duquesne
Club yesterday, at which Lyman j.
Gage, Secretary OF the Treasury of the
United States. was the principal guest
of honor and speaker proved the most
pretentious and important affair of the
kind ever attempted by this organiZa-
ton. Other banquets given by the
Chamber OF Commerce have been of a
purely local character That of last
night was of a national character and
importance The decorations were the
finest and most artistic ever seen in
the Duquesne Club. and the menu was
elaborate and unique.
The banquet began promptly at
o'clock, with 225 guests seated at three
long tables extending the entire length
of the banqueting hall. The speakers
were seated at the center of the first
table, facing the entrance. Banker
William r. Thompson was the toast
master. President John Bindley of the
Chamber of Commerce delivered the
address of welcome, responding tc the
toast The Chamber of Commercials
Duties and Responsibilities.
Secretary Gage spoke of American
Enterprise; Some of It's Trials and
Achievements" Mr.. Gage said in part:
IF we would promote productivity,
commerce and trade, we should try to
encourage and maintain those cOndi-
tions favorable to the just confidence
of men in men and the confidence
of mans future. The producer OF raw
material parts with his product in the
a. n w
he transfers it Will in due course, be
not only willing but will possess the
ability TO pay for it. Likewise, the
manufacturer disposes Of his wares to
the Wholesale merchant, moved by SIM
liar faith. The wholesale merchant. in
turn. sells to the retailer on credit
terms. in the belief that this man, the
last in the order of distribution, will
find his credits extended in small sums
to the mechanics and laborers, safe and
secure
Whatever disturbs these general
faiths and condolences. unsettles COM
1nerce and disturbs industry. Unnap-
PLY. the diverging influences are num-
erous and by their interposition from
time to time suffering and ruin result
Wars. the fears of war, crop failures,
Widespread industrial revolts, SHOCKS
arising from the betrayal of great hdu-
csa1v duties-these are some of the ad-
verse influences. But none OF these,
nor several of them associated, are as
harmful as are the doubts, less ctfen-
sive. and fears which arise from the
apprehension OF a radical change IN the
money standard, to which al commod-
tiles and all credits stand finally re-
lated
And we find a great party, in blind
disregard of this fact, placing as
foundation stone to their political doc
trine a proposition charged with the
most destructive consequences to our
commercial and industrial life. TINS
proposition is urged upon the people
with a frantic zeal, which would in
spire admiration if enlisted in useful
and noble cause. But it is zeal born
out of non-reason. stimulated by pref
udice and fed by passion. No wonder
that conservative interests unite to
oppose it.
In spite of the unsettling influence
of their doctrine which has again and
again alarmed the forces that make for
progress: which have more than once
sent capital into hiding, crippled in
dustry and sent labor into idlencss, the
evidences are everywhere that we are
in a state of progress.
DO not the most prudential consid-
eratfons dictate adhesion to a money
standard which has been contempOra-
neous with this great progress, if not
an efficient factor therein? Second
only in Importance to a sound currency
is a banking system adequate or capa-
BILE of self adjustment to the public
needs. Yet this proposition is not less
offensive to the three leaders of the
opposition. who lately coalesced in
joint effort to unite all forces hostile
to the present order.
Can we not learn useful lessons
from others? Is the experience of the
world TO be despised? Can the stern
DEGREES carried by the laws of our
economic life be successfully chal-
lenged? Can they be rescinded or re-
peated by wild impulses of the incon-
siderate?
IN a free social state the individual
man is clothed with the responsibility
of self direction. His well-being de-
Ponds upon his ability to comprehend
and his willingness to obey the physi-
cal and moral laws with which nature
has enyironed him. In a government
like our own similar power of self
direction exists. 1t is a high privilege
and carries with it great responsibility.
Like the individual man. the nations
well being depends upon its ability TO
discern and obey the economic ano
moral laws which environ it, We may
congratulate ourselves that in our past
wonderful history we have so well per-
oeived and followed the ways of wis
dom. May we continue to be thus
guided amid the growing complexi-
ties OF the great future"
The speech was listened to with the
closest attention. and the speaker was
heartily appfauded.
Mr. Gage was followed by number
of local orators. and the affair wound
up at about midnight