The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1901-07-12

at the same time administer to my own
satisfaction the important and responsible
office now hold. 1 am influenced solely in
this action by what seems to me the plain
proprieties of the situation
Mr.. Dawes term of office would not
have expired until January 1, 1893.
His Services.
Mr.. Dawes entered the office of comp
troller of the currency January /, 1898, sue
ceeding James H. Eckels, and was imme-
diately confronted by the situation in the
Chestnut Street national bank of Philadel-
phia, which was one of the most compli-
Gated ever confronting a comptroller. He
found 1t necessary in the interest of the
creditors of the bank to oppose the gen.
eral plan OF a reorganization committee
formed by prominent citizens of Philadel-
phia, and for time he was severely criti-
cised therefor. His plan was followed,
however, and it is now recognized as hav-
ing saved to the creditors of the bank a
lien upon other property which was not
contemplated by the reorganization COM
mittee, from which they probably will
realize over million dollars. He frequent
ly expressed himself as in favor of prompt
action when convinced that the public in
terests required action al all, and acted on
his principle, notably in the recent case of
the Seventh national bank of New York.
One of his first orders after entering Of
flee stopped the practice of the employment
of national bank examiners for the private
examination of banks. Early in his term
he made ruling levying a second assess
ment upon stockholders of insolvent banks
where the first assessment had been less
than the law authorized, and he established
the practice of rebating to stockholders
such portions of the prior assessment as
was determined by further liquidation to
have been excessive under the law. This
ruling changed the long-eStablished prac-
tice of the office and was upheld by the
courts, practically without exception.
Comptroller Dawes also organized sys-
tenn of consolidation Of insolvent banks in
the last stages of liquidation in the inter-
ests of economy, so that at the present
time 81 receiverships are being admins
tered by two receivers, with greatly re-
duced expenses. He also has uniformly
FASTENED the liquidation of insolvent banks.
Upon entering office the flag ends largely of
the national bank failures of the 1893 panic
were still undisposed Of During the last
four years he has collected $25 900, coo cash
from these assets, which covered every de-
scription of property One of the most
prominent features of Comptroller Dawes
administration has been his annual reports
to congress. He came to office at time
when the monetary system of the country
was subject of gen raj interest, and the
arguments he advanced in his reports be-
came the subject of widespread discussion
by the press and financial journals of the
United States and England He argued
against bank asset currency under our
present national bank system and opposed
with vigor the idea of prior lien of the
note holder over the 6epositor upon assets
of fnsolvent banks. During his term he
prepared a very complete list of statistics
relating to banking in the United States.
Owing to the passage of the law of March A.
1900, the national bank system of the coun-
try has greatly increased During his adj
mlnistration he has created 49, banks. The
number of national banks now under his
supervision is 1854, having assets of $780,
794,3S7.
Dawes Probable Successor.
Indianapolis, Ind, July s.-The News
Saturday afternoon said it learns of
good authority that Charles G. Dawes
has recommended A. d. Lynch, now
head of the insolvent bank depart
ment in the comptroller's office, as
his successor as comptroller of the
currency. Lynch is from Indianapo-
lis.
To Appoint Senator to Succeed Kyle.
Omaha, Neb., July S.-A special to
the World-Herald from Sioux Falls,
S. D., says: Hon. A. B. Kittredge,
prominent attorney of this city and
ex-republican national committeeman
from South Dakota, will be appoint
ed by Gov. Herried to fill the va
cancy caused by the death a few days
ago of United States Senator James
H. Kyle.