The Black Hills union. [volume] (Rapid City, Pennington County, Dakota [S.D.]) 1889-1904, 1901-07-11
CURRENCY CONTROLLER
WANTS TO Be SENATOR
Charles G. Dawes Resigns in Order
to Enter the Illinois
Race.
HAS MADE A GOOD RECORD
Has Had Difficult and Embarrassing Prob
lens to Solve During His Incum-
bency, and Has Met Them
satisfactorily.
HAS mADE A GOOD RECORD

Washington. July S.-Charles G.
Dawes, controller of the currency, has
rendered his resignation to the presi-
dent, to take effect October l next.
In answer to an inquiry Mr.. Dawes
said:
Il have resigned because of my in
tention to become a candidate before
the people Of Illinois for the United
States senate. 1t would not be possible
for me during the next year to make
canvass for the senate and at the same
time administer to my own satisfaction
the important and responsible position I
now hold. l 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 L. 1903. His
| letter to the president is as follows:
Washington, July 3, l90l.-William Nc
Klnley, Executive Mansion, Washington
! -. C.-Slr: In view OF the fact that l will
be Candidate for the United States SEN
| ate from Illinois, l hereby tender my res
ignation controller OF the currency to
take effect October l next. Respectfully,
Charles q. Dawes.
! Mr.. Dawes entered the office of con-
,roller of the currency January /, 1898,
T, succeeding James H. EclileS, and was
Immediately confronted by the Situa-
ton in the Chestnut Street National
bank, of Philadelphia, which was one
or the most complicated ever confront
| ing a controller
lie found it necessary, in the interest
! II the creditors of the bank, to oppose
the general plan Of reorganization
committee formed by prominent citi-
zens of Philadelphia, and for a time he
was severely criticized therefor. His
plan was followed, however, and it is
now recognized as having saved to the
| creditors of the bank a lien upon other
nS.fx hi 11,
by the reorganization committee, from
which they probably will realize over
million dollars. One Of his first or
ders, after entering office, stopped the
practice of the employment of national
bank examiners for the private exam
nation of banks. Early in his term
he made ruling levyng a second as
sessment upon stockholders OF insolv-
ent banks where the first assessment
had been less than the law authorized
and he established the practice Of re-
batting to stockholders such portions of
the prior assessment as was deter
mined by further liquidation to have
been excessive under the law This
ruling changed the long established
practice of the office and was upheld
by the courts, practically without ex-
ception.
Controller Dawes also organized a
| system of consolidation of insolvent
| banks In the last stages of liquidation
In the interests Of economy so that at
| the present time thirty-seven receiver
ships are being administered by two re-
| celvers. with greatly reduced 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 1898 panic We're still undisposed
| Of During the last four years he has
! collected $25, 1000 cash from these as
sets, which covered every description
| of property.
One of the most prominent features
| OF Controller Dawes administration
has been his annual reports to con-
| gress, the arguments advanced therein
having become the subject of wide
| spread discussion by the press and
| financial journals of the United States
and England. He argued against bank
| asset currency under our present ma
tional bank system and opposed with
vigor the idea of prior lien of the note
| holder over the depositor upon assets
| of insolvent banks.
During his term he prepared a very
| complete list of statistics relating to
! banking in the United States, and has
| created 785 banks. The number of ma
| tional banks now under his supervi-
l. sion is 4,064, having assets of $780,
| 794,3S7