The times., 1899-11-19

Perhaps the most important ofhce within
the gift OF the Secretary of the Treasury ia
that OF Comptroller OF the Currency Tao
Secretary under the law recommends a man
for the place and the President appoints
him with and by the advice and consent ot
the Senate. The appointments is for Gvs
years, and the Comptroller cannot be r.
moved except fer reasons which the Presl-
dent must submit TO the Senate for consia-
GRAFTON in connection with the nomination
OF the COmptrOller's successor. If the Sen
ate confirms. then the Comptroller who has
not served five years is out OF office. This
happened to former Comptroller Hepburn,
when former President Cleveland romi-
mated Mr.. Eckels.
Up to the time that Mr. Eckels became
Comptroller the Office had always been
filled by some prominent banker. so when
Mr. Cleveland sent Eckels' name to ths
Senate there was a general protest against
his selection from the banking fraternity.
However. il turned out thar Eckels. who
was lawyer. was a competent official. ana
his administration Of the Office was most
satisfactory. In prCof of this ne ignsf
10 accept the.presidency OF the Commercial
National Bank OF Chicago. His successor.
the present Comptroller. Henry G. Dawes.
Is also lawyer. and during the past two
years re has made a record. He is
thorough business man and he is familiar
with every detail connected with the Of
fee
The responsibilities resting on the
shoulders OF the Comptroller are many,
and Of such character that he must Use
extreme caution TO escape a multitude OF
criticisms from every direction Hence. Il
is that sometimes Comptroller Dawes is
said 70 be unfeeltng because he does not
grant the favor asked by a national bank
in trouble.
There are $500 national banks in the
country which viii be increased when
Congress extends the banking laws % Hs-
waii, the Philippines. Cuba. and Porto
Rico The Comptroller must keen in con
stant communication with every one %
them Under the law he must caU for
during the year not less than five reports.
showing the condition Of the national banks
at the close Of business on a certain daT
previous 10 the issue OF the call II any
bank could ascertain this information in
advance il would prove Of great value.
because, having knowledge when the ex-
aminer was coming. the bank could ar
range its reserve. which the law prescFibes
shall be a certain per cent. When the re-
serve fails below the sum fixed By law
then the bank is ordered closed
But in addition to the reports showing
condition OF the national banks the hltr-
nine bank examiners who are under ihs
Immediate direction Of the Comptroller
make two and sometimes more inspections
year Of every national bank in the con-
try. Thus it viii be seen that the Comp
troller Of the Currency befo-e the e1p-ra-
tioH of his term OF office acquires a thor
cugh knowledge of the business con len
Of every national bank IN the country Ee
knows the class Of paper they handle AMI
he learns how the banks stand with one
another. He is also called upon % hand p
and dispose Of iusoIvent hanks and 5hr5
gain an experience offered TO Few men in
financial circles. 1t is because Of this
thorough and extensive knowledge Of ire
details that the leading national banks OF
the country are so eager to have former
Comptr0llers for their presidents. In ths
last twenty years nearly every Comptroller
Of the Currency has stepped into a first
class paying presidency OF a prominent ua-
tional bank The Comptroller Of the Cur
rency is the only officer of the Govern
ment, aside from members OF the Cabinet.
who seends his annual report direct TO
Congress