Online Encyclopedia

LYMAN JUDSON GAGE (1836– )

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Originally appearing in Volume V11, Page 386 of the 1911 Encyclopedia Britannica.
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LYMAN

JUDSON GAGE (1836– )  ,
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American financier, was born at De Ruyter, Madison county, New York, on the 28th of
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June 1836 . He was educated at an academy at Rome, New York, where at the age of seventeen he became a
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bank clerk . In 1855 he removed to Chicago, served for three years as
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book-keeper in a planing-mill, and in 1858 entered the banking house of the Merchant's Loan and
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Trust
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Company, of which he was
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cashier in 1861–1868 . Afterwards he became successively assistant cashier (1868),
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vice-president (1882), and president (1891) of the First
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National Bank of Chicago, one of the strongest
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financial institutions in the
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middle west . He was chosen in 1892 president of the board of
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directors of the
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World's Columbian Exposition, the successful financing of which was due more to him than to any other man . In politics he was originally a Re-publican, and was a delegate to the national convention of the party in ,88o, and chairman of its
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finance committee . In 1884, however, he supported Grover Cleveland for the
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presidency, and came to be looked upon as a Democrat . In 1892 President Cleveland, after his second election, offered Gage the
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post of secretary of the
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treasury, but the offer was declined . In the "
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free-
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silver "
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campaign of 1896 Gage laboured effectively for the election of William McKinley, and from March 1897 until
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January 1902 he was secretary of the treasury in the cabinets successively of Presidents McKinley and Roosevelt . From
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April 1902 until 1906 he was president of the
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United States Trust Company in New York City . His administration of the treasury department, through a more than ordinarily trying period, was marked by a conservative policy, looking toward the strengthening of the gold standard, the securing of greater flexibility in the currency, and a more perfect adjustment of the relations between the government and the National banks .

End of Article: LYMAN JUDSON GAGE (1836– )
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