The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-07-06
DAWES HASQUIT
COMPTROLLER OF THE CIRRExcv
SENDS HIS RESIGNATION TO
PRESIDENT M'KINLEY
HE WANTS TO BE a SENATOR
And Proposes to Devote His Time to
Fixing Fences for the Cam
pnign in Hi
nais.
GOOD RECORD IN HIS OFFICE

WASHINGTON, July 5.-Mr. Charles G..
Dawes, comptroller of the currency has
rendered his resignation to the president
TO take effect Oct. 1 next In answer TO
an inquiry, -lr. Dawes said:
Il have resigned because OF NV tpteu-
lIoil 10 be candidate before the peoDie
or illinois for the United States senafn
1t would not be possible for me d,,rj,'o.
tile next year, to make canvass for the
senate and at the same time adminfst.r
10 my own satisfaction the Important
ana responsible Office | now hold am,
influenced solely in this action b,, wiz
situation" ''0
Mr.. Dawes term Of office would not
nave expired until Jan. /. 1903 His let
Ter TO the president Is as follows.
Washington. July g. 19G.-Wniam Nc
kinley Executive Mansion. Washineton
-; C-Slr; In view Of the fact that I
VIII De a candidate for the United States
senate from Illinois, l hereby tender my
resignation as comptroller of the cur-
rency, to take effect oct. / next Re
spectfully,
Charles G. Dawes"
SUCCEEDED ECKELS
Mr.. Dawes entered the Office of comm
troller of the currency Jan. l. 1885. sue
ceeding James II. Eckels, and was immc-
diately confronted by the situation in the
Chestnut Street National bank. OF PbiIa-
delphia, which was one Of the most com
plicated ever confronting comptroller
lie found it necessary I'm the interest
OF the creditors OF the bank to oppose
the general plan Of reorganization
committee formed by prominent citizens
or Philadelphia, and for a time he was
severely criticised therefor His plan
was followed, however, and It is now
recognized as having saved to the cred
llors OF the bank lien upon other prop
eFly' which was not contemplated bv
the reorganization committee from
which they probably will realize over "a
million dollars. He frequently expressed
himself as IN favor Of prompt action
when convinced that the public inter-
ests required action at all, and acted
on this principle notably I'm the recent
case Of The Seventh National bank OF
New York. One of his first orders after
entering Office stopped the practice II
the employment of national bank exam
lncrS FOR the private examination or
banks. Early in his term ne made
ruling levying a second assessment up-
on stockholders Of insolvent hanks
where tine first assessment had been less
than the law authorized, and he estab-
llshed the practice Of rebating 10 stock
holders such portions Of the prior as
sessnent as was determined by further
liquidation to have been excessive nm
der the law This ruling changed the
long established practice OF the office
and was upheld by the courts practically
without exception.
HAS DONE GOOD WORK.
Comptroller Dawes also oraanized \
system of consolidation Of lnsolvent
banks in the last stages Of LIQUIDATION IN
the interest Of economy. so tnat at tho
present time thirty-seVen recelvcrships
are being administered by two receivers
with greatly reduced expenses. lie also
has uniformly hastened the liquidation
Of insolvent banks.
Upon entering Office the fag ends large
ly Of the national bank failures Of tho
1893 panic were stll undlsposed OF. Dur
ing the past four years he has collected
$A5,OOOOOO cash from these assets, which
covered every description Of property.
one Of the most prominent features OF
Comptroller Dawes administration has
been his annual reports to congress He
came to office al time when the mon
etary system Of the country was a sub
ject Of general interest, and the argl-
ments he advanced in his reports be-
came the subject Of widespread discus
sion by the press and financial journals
or the United States and England. He
argued against bank asset currency un-
der our present national bank system
and opposed with VigOr the idea of e
prior lien Of the noteholder over the de-
positor upon assets Of insOlyent 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 4, 1900, the
national bank system Of the country has
greatly increased. During his admins
tration he has created 785 banks The
number Of national banks now under fi1s
supervision is 1904, having assets OF
s., $50 74, ,387.