Lyman J. Gage
Encyclopedia
Lyman Judson Gage was an American
financier and Presidential Cabinet officer.
He was born at DeRuyter, New York
, educated at an academy at Rome, New York
, and at the age of 17 he became a bank clerk. In 1853 he removed to Chicago, served for three years as bookkeeper, and in 1858 entered tile banking house of the Merchants Loan and Trust Company, of which he was cashier in 1861-1868. Afterwards be became successively assistant cashier, vice-president and president of the First National Bank of Chicago, one of the strongest financial institutions in the Middle West.
He was chosen in 1890 to be president of the board of directors of the World's Columbian Exposition
, the successful financing of which was due more to him than to any other man. Following the exposition, he became president of the newly formed Chicago Civic Federation
, which sought to reform city governance. In politics he was originally a Republican, and was a delegate to the national convention of the party in 1880, and chairman of its finance committee.
In 1884, however, he supported Grover Cleveland
for the presidency
, and came to be looked upon as a Democrat. In 1892 President Cleveland, after his second election, offered Gage the post of secretary of the treasury, but the offer was declined. In the free-silver
campaign of 1896 Gage labored effectively for the election of Republican candidate William McKinley
, and from March 1897 until January 1902 he served as Secretary of the Treasury in the cabinets successively of Presidents McKinley and Theodore Roosevelt
.
As Secretary of the Treasury, Gage was influential in securing passage of the Gold Standard Act
of March 14, 1900, which reestablished a currency backed solely by gold. Since this limited the amount of currency
in circulation, it initiated a period, continuing until 1912, in which the Secretary of Treasury was obliged to interact in the money market by introducing into circulation the Treasury surplus. The inability of the Treasury to respond to the needs of the market and the perceived need for a currency which would expand and contract with the needs of the nation, led to the creation of the Federal Reserve in 1913 to regulate the money market
.
Gage resigned in 1902 to become a banker in New York. From April 1902 until 1906 he was president of the 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.
In 1906, Gage indulged his longtime interest in metaphysical
phenomena by purchasing property on and subsequently living at Loma Land, a Theosophist
retreat in Southern California. Though this came as somewhat of a shock to the American public, those who knew him privately were not surprised, as Gage had previously studied spiritualism
, astrology
, and prophesized the death of his own brother through a "psychic
flash".
Gage was one of the 30 founding members of the Simplified Spelling Board
, founded in 1906 by Andrew Carnegie
to make English easier to learn and understand through changes in the orthography
of the English language
.
He died at San Diego, California
, in 1927 and is buried at Rosehill Cemetery
in Chicago.
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
financier and Presidential Cabinet officer.
He was born at DeRuyter, New York
DeRuyter (town), New York
DeRuyter is a town in Madison County, New York, United States. The population was 1,631 at the 2000 census. The town is named after Michiel Adriaenszoon De Ruyter a famous admiral in the Dutch navy....
, educated at an academy at Rome, New York
Rome, New York
Rome is a city in Oneida County, New York, United States. It is located in north-central or "upstate" New York. The population was 44,797 at the 2010 census. It is in New York's 24th congressional district. In 1758, British forces began construction of Fort Stanwix at this strategic location, but...
, and at the age of 17 he became a bank clerk. In 1853 he removed to Chicago, served for three years as bookkeeper, and in 1858 entered tile banking house of the Merchants Loan and Trust Company, of which he was cashier in 1861-1868. Afterwards be became successively assistant cashier, vice-president and president of the First National Bank of Chicago, one of the strongest financial institutions in the Middle West.
He was chosen in 1890 to be president of the board of directors of the World's Columbian Exposition
World's Columbian Exposition
The World's Columbian Exposition was a World's Fair held in Chicago in 1893 to celebrate the 400th anniversary of Christopher Columbus's arrival in the New World in 1492. Chicago bested New York City; Washington, D.C.; and St...
, the successful financing of which was due more to him than to any other man. Following the exposition, he became president of the newly formed Chicago Civic Federation
Chicago Civic Federation
- Summary :The Civic Federation is a Chicago-based non-partisan research organization focused on governments in the Chicago area and the state of Illinois...
, which sought to reform city governance. In politics he was originally a Republican, and was a delegate to the national convention of the party in 1880, and chairman of its finance committee.
In 1884, however, he supported Grover Cleveland
Grover Cleveland
Stephen Grover Cleveland was the 22nd and 24th president of the United States. Cleveland is the only president to serve two non-consecutive terms and therefore is the only individual to be counted twice in the numbering of the presidents...
for the presidency
President of the United States
The President of the United States of America is the head of state and head of government of the United States. The president leads the executive branch of the federal government and is the commander-in-chief of the United States Armed Forces....
, and came to be looked upon as a Democrat. In 1892 President Cleveland, after his second election, offered Gage the post of secretary of the treasury, but the offer was declined. In the free-silver
Free Silver
Free Silver was an important United States political policy issue in the late 19th century and early 20th century. Its advocates were in favor of an inflationary monetary policy using the "free coinage of silver" as opposed to the less inflationary Gold Standard; its supporters were called...
campaign of 1896 Gage labored effectively for the election of Republican candidate William McKinley
William McKinley
William McKinley, Jr. was the 25th President of the United States . He is best known for winning fiercely fought elections, while supporting the gold standard and high tariffs; he succeeded in forging a Republican coalition that for the most part dominated national politics until the 1930s...
, and from March 1897 until January 1902 he served as Secretary of the Treasury in the cabinets successively of Presidents McKinley and Theodore Roosevelt
Theodore Roosevelt
Theodore "Teddy" Roosevelt was the 26th President of the United States . He is noted for his exuberant personality, range of interests and achievements, and his leadership of the Progressive Movement, as well as his "cowboy" persona and robust masculinity...
.
As Secretary of the Treasury, Gage was influential in securing passage of the Gold Standard Act
Gold Standard Act
The Gold Standard Act of the United States was passed in 1900 and established gold as the only standard for redeeming paper money, stopping bimetallism...
of March 14, 1900, which reestablished a currency backed solely by gold. Since this limited the amount of currency
Currency
In economics, currency refers to a generally accepted medium of exchange. These are usually the coins and banknotes of a particular government, which comprise the physical aspects of a nation's money supply...
in circulation, it initiated a period, continuing until 1912, in which the Secretary of Treasury was obliged to interact in the money market by introducing into circulation the Treasury surplus. The inability of the Treasury to respond to the needs of the market and the perceived need for a currency which would expand and contract with the needs of the nation, led to the creation of the Federal Reserve in 1913 to regulate the money market
Money market
The money market is a component of the financial markets for assets involved in short-term borrowing and lending with original maturities of one year or shorter time frames. Trading in the money markets involves Treasury bills, commercial paper, bankers' acceptances, certificates of deposit,...
.
Gage resigned in 1902 to become a banker in New York. From April 1902 until 1906 he was president of the United States Trust Company in New York City
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
. 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.
In 1906, Gage indulged his longtime interest in metaphysical
Metaphysics
Metaphysics is a branch of philosophy concerned with explaining the fundamental nature of being and the world, although the term is not easily defined. Traditionally, metaphysics attempts to answer two basic questions in the broadest possible terms:...
phenomena by purchasing property on and subsequently living at Loma Land, a Theosophist
Theosophy
Theosophy, in its modern presentation, is a spiritual philosophy developed since the late 19th century. Its major themes were originally described mainly by Helena Blavatsky , co-founder of the Theosophical Society...
retreat in Southern California. Though this came as somewhat of a shock to the American public, those who knew him privately were not surprised, as Gage had previously studied spiritualism
Spiritualism
Spiritualism is a belief system or religion, postulating the belief that spirits of the dead residing in the spirit world have both the ability and the inclination to communicate with the living...
, astrology
Astrology
Astrology consists of a number of belief systems which hold that there is a relationship between astronomical phenomena and events in the human world...
, and prophesized the death of his own brother through a "psychic
Psychic
A psychic is a person who professes an ability to perceive information hidden from the normal senses through extrasensory perception , or is said by others to have such abilities. It is also used to describe theatrical performers who use techniques such as prestidigitation, cold reading, and hot...
flash".
Gage was one of the 30 founding members of the Simplified Spelling Board
Simplified Spelling Board
The Simplified Spelling Board was an American organization created in 1906 to reform the spelling of the English language, making it simpler and easier to learn, and eliminating many of its inconsistencies...
, founded in 1906 by Andrew Carnegie
Andrew Carnegie
Andrew Carnegie was a Scottish-American industrialist, businessman, and entrepreneur who led the enormous expansion of the American steel industry in the late 19th century...
to make English easier to learn and understand through changes in the orthography
Orthography
The orthography of a language specifies a standardized way of using a specific writing system to write the language. Where more than one writing system is used for a language, for example Kurdish, Uyghur, Serbian or Inuktitut, there can be more than one orthography...
of the English language
English language
English is a West Germanic language that arose in the Anglo-Saxon kingdoms of England and spread into what was to become south-east Scotland under the influence of the Anglian medieval kingdom of Northumbria...
.
He died at San Diego, California
San Diego, California
San Diego is the eighth-largest city in the United States and second-largest city in California. The city is located on the coast of the Pacific Ocean in Southern California, immediately adjacent to the Mexican border. The birthplace of California, San Diego is known for its mild year-round...
, in 1927 and is buried at Rosehill Cemetery
Rosehill Cemetery, Chicago
Rosehill Cemetery is a Victorian era cemetery on the North Side of Chicago, Illinois, USA, and at , is the largest cemetery in the City of Chicago. The name "Rosehill" resulted from a City Clerk's error – the area was previously called "Roe's Hill", named for nearby farmer Hiram Roe...
in Chicago.