New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-02-10
OBITUARY.
JOuN JAY KNOX


John Jay Knox president Of the Bank OF the Re
pablo and exControer Of the Currency, died at lis
home, No. 10 East Forty frstst, yesterday afternoon
at 30 O'Clock. lie had been III scarcely day IN HIS
Ne hut Thursday he took severe cold when soon
developed into pneumonia. He died surrounded Dy
his wife and six children, his brother, the Rev Chsres
Rox his nephews, Harry and Charles Knox, and other
relatives and friends. The funeral will probably take
place on Friday.
lie born in Knoxboro, y. Y. on March 49,
1929 the town Of his birth being named after his
father. lie received liberal education and was
graduated from Hamilton College in 1e49 lie began
his business career in the Bank Of Vernon. at Vernon
y. Y. Of which his father had been president more
than twenty years lie assisted In organizing, under
the free banking law OF the State Of New York, banks
I'm Syracuse and Binghamton. and in this manner be
came familiar With the theoretical and practical work
ing Of that law, In which embodied many Of the
provisions subsequently incorporated IN the National
Bank act. From 1857 20 loG2 he conducted Il bank
Ing business his own account at st. Paul, Mlnn
where he was associated In private banking house
/ with his brother Henry NJ Knox. In January. ls02
he wrote article In Hunts Merchants Magazine
IN which he advocated the passage By Congress OF an
act similar TO the National Banking Act rs 1t now
stands. Many persons have claimed the honor OF hav
ing suggested the system OF banking upon United states
bonds, but the idea seems 10 have originated with
Alexander Hamilton, and 1t led to the establishment
OF the first bank OF the United States. The attention
Of Secretary Chase Nas called to Mr.. KnoNs article
and when the writer Of 1t visited Washington soon
after the passage Of tho National Currency Act and
called upon Secretary Chase he gave him letter to
Hugh Mctuoch, who Controller OF the Currency,
la which he said: This IL the young gentleman OF
whom | spoke TO you" In 1866 he sent to san
Francisco to examine the branch mint In that city
and his report was Published with the following com
pImentary notice by the Secretary In the Finance
Report Of that year: on the third dag Of June last,
Mr.. John Jay Knox of this department. gentleman
Of excellent judgment and business habits, vas sent
TO California to examine into tho condition Of the mint
and Of the Office Of the assistant treasurer In San
Francisco, and TO look after other matters In
that quarter OF interest 10 the department.. His
port contains many valuable suggestions that It has
been thought advisable to append II to the report OF
the director Of the mint"
In he made elaborate report 70 Congress, In
GLIDING q codnca0n Of the Mint and Coinage laws with
important amendments which were highly recon-
mcnded After leaving san Francisco he went to New
Orleans and discovered in the Office 0f tile assistant
treasurer defacaton Of about 100000. The failure
Of the First National Bank Of NcwOreans followed,
and he remained for weeks In that city acting as
Assistant Treasurer Of the United states In 1850 nc
WAS placed in charge Of the mint and colnags core
pondence at the Treasury Department at Washington.
He was appointed Deputy Controller Of the Currency
BY Mr.. McCullOch october 10, 1907, and on April
~ I-72, he was promoted to the Conrollership by
President Grant In 1870 Congress ordered his report
on the mint service containing a codlncati0n OF the
coinage laws with amendments to be printed. The
b. which he prepared passed with fcw mOdliIca
tons under the title Of " The Coinage Act Of 1873,
and an amendment 10 the bill. IN recognition Of his scr
vices, made tho Controller OF tho Currency member
Of the Assly Commission. The bin provided for tho
dscontluuance Of the coinage Of the silver dollar. aud
the accompanying report gave reasons for doing.
lie was confined In the Office Of Controller BY Prcsi
dent Hayes in 1871 and took an active part IN the
arrangements for making the Assistant Treasurer a
member Of the New York Clearing House. and for the
resumption Of specie payments January l, 1917, rs
well ~ In the negotiation With bankers relative TO the
plan for the issue Of IL per cent bonds In lee2 lie
twice accompanied secretary sherman and Attorney
General Dcvcps 10 NewYOrk for the purpose Of negotat
Ing United states bonds TO provide the means for the
resumption Of specie payments He subsequently, by
request OF President Garfield, accompanied Secretary
Window to New York and arranged conference with
syndicate Of bank officers and capitalists. lie was
again appointed Controller Of tho Curreacy By Prcsi
dent Arthur but he resigned IN 1854 70 become pred
dent Of the National Bank of the Republic at Wast
aud broadway.
As Controller Of the Currency he made twelve annual
reports 10 Congress, which have become standard
authorities on financial questions end have been more
widely circulated than almost any other public docu-
mcnt. lie delivered addresses befoIe the American
Iunkers' Association and similar bodies all the
United states and lectured the students of Johns
Hopkins University. Yale. Harvard ard Hamilton Col
lce, besides contributing articles on financial subjects
10 an encyclopaedia. lie published monograph on
d" Tinted states Noi~, or History OF the Various
Issues ~ Paper Money BY the Government Of the United
State" and collected material for history Of banking
In the United StAes lie on the Republican ticket
I'm -7 for the Office Of Controller of this city but was
defeated by Theodore W. Myers. lie WAS member Of
the Union League, Century and University clubs.