The Montgomery advertiser., 1901-07-06
TERM EXPIRES IN 1903
Resignation is to Take Effect
 October |, 1901.
Tn Statement He Says That the Plain Proprieties Demanded That He Give Up His
 Present ohics.

Washington, July 5.-Charles c. Dawes, Comptroller of the Currency has rendered his resignation to tho President, to take effect October l. In answer to an inquiry. Mir. Dawes said:
 T have resigned because of my tn- tention to be candidate before the people of Illinois for United States Senator. It would not be possible for me. during the next year to make . canvass for the Senate and at the same time administer to my satisfac- tion the important and responsible of flee now hold. I am influenced sole- ly in this action by what seems to mo the plain proprieties of the situation"
 Mir. Dawes's term of ofiice would not have expired until January 1, 1903. His letter to the President is as follows:
 Washington, D. C.. July g. 1901. William Mckinley. Executive Man.
 sion. Washington:
 "Sir-fn view of the fact that will be a candidate for the United States Senate from Illinois. I tender my res- ignation as Comptroller of the Cur rency to take effect October 1. next.
 Respectfully.
 Charles G. Dawes" i Mr Dawes entered the of1ice Of Comptroller of the Currency January 1, 1898. succeeding James C.. rI5clxles, and was immediately confronted by the situation in the Chestnut Street National Bank of Philadelphia which was one of the most complicated ever confronting a comptroller. He found 1t necessary in the interest of the cred- itors of the bank to oppose the gen. eral plan of a reorganization commit tee formed by prominent citizens of Philadelphia. and for a time he was severely criticised therefor. His plan was followed. however, and 1t Is new recognized as having saved to the creditors of the bank lien upon other property which was not contemplated by the reorganization committee from which they will probably realize over a million dollars. He frequently ex- pressed himself as In favor of prompt action when convinced that the public interests required 1t, and acted on this principle, notably in the recent case of the Seventh National Bank Of New York. One of his first orders after en- tering office stopped the practice of the employment of National Bank exam iners for the private examination of banks. Early In his term he made a ruling levying a second assessment upon stockholders of insolvent banks where the first assessment had been less than the law allows. and he es- tablished the practice of relating to stockholders such portions of the prior assessment as was determined by fur ther liquidation to have been excessive under the law.
 Comptroller also organized a system of consolidation of insolvent banks in the last stages of liquidation insthe in- terest of economy. So that at the pres ent time thirty-seven receiverships are twG@ k..s~ with greatly reduced expenses. He also has uniformly hastened the liquidation of insolvent banks.
 Upon entering oftice the flag ends largely of the national bank failures of the 1893 pantc were still undlsposed oi. During the last four years he has collected $25. .0s0.eeo cash from these as- sete. which covered every description of property.