The herald., 1898-03-20
AMERICAN ENTERPRISE
THE SUBJECT OF SECRETARY
CAGES SONG
HIS HARP HAS BUT ONE STRING
ruex Softly It Praises the Gold
Standard-Struck Hard It De-
nounces the Silverites
associated Press Special Wire

Associated Press Special Wire
PITTSBURG, March 19.-The annua
banquet of the chamber of commerce OF
Pittsburg, given at the Duquesne club this
evening, at which Lyman j. Gage, secre'
tary 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 Organization. Other banquets CIV
en- by the chamber of commerce have been
of a purely local character. That Of to-
night was of national character and i'm
portance.
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 banquet
ing hall. The speakers were seated at the
center of the first table facing the entrance.
Banker VIM R. Thompson was the toast
master President John Bindley of the
chamber of commerce, delivered the ad-
dress Of welcome responding to the toast
1.-THE Chamber of Commerce: Its Duties
and Respons nsiblities.''
Secretary Gage spoke of American En-
terprise: Some of Its Trials and Achieve
ments."
Mr.. Gage said in part:
'.If we would promote productivity COM
merce and trade, we should try to encour-
age those conditions favorable to the just
confidence of man in man and the conf
dence of man in the future. The producer
of raw material parts with his product in
faith that the manufacturer to whom he
transfers 1t will. In due course, be not only
willing, but will possess the ability to pay
for it. Likewise. the manufacturer dis
poses of his wares to the wholesale mer-
chant moved by similar faith. The whole
sale merchant, in turn, sells to the retailer
on credit terms. in the belief that this man,
the last in the order of distribution, who
finds his credits extended in small sums
to the mechanic and laborer, is safe and
secure.
i. "Whatever disturbs these general faiths
and condolences unsettles commerce and
disturbs industry. Unhappily, the diverg-
ing influences are numerous and by their
interpositon from time to time. suffering
and ruin result. War, the fears of war,
crop failures. widespread industrial re-
volts. shocks arising from the betrayal of
great fiduciary duties-these are some of
the adverse influences. But none of these,
nor several of them associated. are rs
harmful as are the doubts and fears which
arise from the apprehension of a radical
change in the money standard, to which all
commodities and all credits stand finally
related
And vet, we find a great party in blind
disregard Of this fact, placing as founda-
tion stone to their political doctrine a
proposition charged with the most de-
structive consequences to our commercial
and Industrial life. This proposition is
urged upon the people with a fanatic zeal
which would inspire admiration if enlisted
In a useful and noble cause. But 1t is a
zeal born out of non-reason, stimulated by
prejudice and fed by passion. No wonder
that conservative interests unite to op-
pose it.
I'm spite of the unsettling influence of
their doctrines. which have again and again
alarmed the forces that make for progress,
which have more than once sent capital
Into hiding, crippled industry and sent la
bor into idleness, the evidences are every-
where that we are in a state of progress.
not decadence.
do not the most prudential consideea-
tons dictate adhesion to a money stand
ard which has been contempora neous with
this great progress il not an efficient fac
tor therein? %
Second only in Importance to a sound
currency is banking system adequate or
capable of self-adjus tment to the public
needs. Yet this proposition is not less
offensive to the three leaders of the opposi-
ton, 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 car
ried by the laws of our economic life be
successfully challenged? Can they be re-
scinded or repealed by the wild impulse of
the inconsiderate?
I'm free social state the individual man
is clothed with the responsibility of self
direction. His well being depends upon his
ability to comprehend and his willingness
to obey the physical and moral laws with
which nature has environed him. In gov
ernment like our own, a similar power of
self-direction exists. 1t is a high privilege
and carries with it great responsibility.
Like the individual man. the nations we'll
being depends upon its ability to discern
and obey the economic and moral laws
which environ it. We may congratulate
ourselves that, in our past wonderful his
tory, we have so well perceived and fol-
lowed the ways of wisdom
May we continue to be thus guided amid
the growing complexities of the great fill
ture''
The speech was listened to with the clos
est attention and the speaker was heartily
applauded.
Mr.. Gage was followed by a number of
local orators and the affair wound IN at
about midnight.
Missing Woman