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LYMAN J. GAGE, - When President McKinley selected Lyman J. Gage as secretary of the treasury he chose one of
the most eminent financiers of the century. Mr. Gage was born June 28, 1836, at Dc Ruyter, Madison county, New
York, and was of English descent. He went to Rome, New York, with his parents when he was ten years old, and received
his early education in the Rome Academy, Mr. Gage graduated from the same, and his first position was that of a
clerk in the post office. When he was fifteen years of age he was detailed as mail agent on the Rome & Watertown
R. R. until the postmaster general appointed regular agents for the route. In 1854, when he was in his eighteenth
year, he entered the Oneida Central Bank at Rome as a junior clerk at a salary of one hundred dollars per year.
Being unable at the end of one year and a half's service to obtain an increase in salary he determined to seek
a wider field of labor. Mr. Gage set out in the fall of 1855 and arrived in Chicago, Illinois, on October 3, and
soon obtained a situation in Nathan Cobb's lumber yard and planing mill. He remained there three years as a bookkeeper,
teamster, etc., and left on account of change in the management. But not being able to find anything else to do
he accepted the position of night watchman in the place for a period of six weeks, He then became a bookkeeper
for the Merchants Saving, Loan and Trust Company at a salary of five hundred dollars per year. He rapidly advanced
in the service of this company and in 1868 he was made cashier. Mr. Gage was next offered the position of cashier
of the First National Bank and accepted the offer. He became the president of the First National Bank of Chicago
January 24, 1891, and in 1897 he was appointed secretary of the treasury. His ability as a financier and the prominent
part he took in the discussion of financial affairs while president of the great Chicago bank gave him a national
reputation.
FROM:
A Biographical Record
Of Schuyler County, New York
The S. J. Clarke Publishing Company
New York and Chicago 1903.
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