The county record. [volume] (Kingstree, S.C.) 1885-1975, 1901-07-11
LETTER TO PRESIDENT MKIyLEY,
Declares He Could Not Take His Cam
yass ard Hold His Office at the
Same Time.

not haze expired until January l.
1898. His letter to the President is
as f:;lows:
Washington. Il. G.. July 3. 1901.
WIl M'N:Iivy. L:.ttu;:vc Mansion,
Wa*HiESton. L. -:
Sir: In view Of the TACT that will
hv i ca;:didatr Tor The -iaitet States
Senate from Illinois. l hereby tender
my resignation as Comptroller CT the
Currency to take effect October ]
next.
Respectfully.
"CHAS. G.. DAWES"
In answer to an inquiry, Mr.. Dawes.
In -,t.A t:t;"" sLiG L have reI?S:.-
el because Of my mention to b !
candidate before the people Of Hi
nois Tor the United States Senate. 1t
would not be possible for me dur
ing thr ncAt year to make canvass
COR the Senate and at the same time
administer to my own satisfaction
the important and responsible Office
| nov hold. | am Influenced solely in
this action hy what seems to me the
plain prOprietios OF the situation"
Mr.. Dawes entered the Office Of
Compstroller OF the Currency January
l, 1898, succeeding James H. Eckles,
and was Immediately confronted by
the situation in the Chestnut Street
National Bank, of Philadelphia, which
was one of the most complicated ever
confronting Comptroller. He found
it necessary in the interest - lic
creditors Of the bank to oppose the
general plan of a reorganization
committee formed Of prominent citi
zens CT Philadelphia and for time
he was severely criticised therefor.
His plan was followed, however, and
it is now recognized as having saved
to the creditors OF the bank lien
upon osher property which was not
contemplated by the reorganization
committee from which they probably
will realize over s1,00O,000.
One OF his first orders after entering
cfl;ce stopped the practice Of the en-
pioymert Of rational bank examiners
fer the private examination Of banks.
Early IN his term he made ruling
leyying q second assessment upon
stockholders of the defunct banks
where the assessment had been less
than the law authorized, and he es-
tallishcd the practice of rebating to
stockholders &uci! portions OF the
prior assessment as was determined
by further LIQUIDATION to have been
excess under the law. This ruling
changed the long established practice
of the office and was upheld by the
courts, practically without exception
Comptroller Dawes also organized
system Of consolidation Of insolYent
banks in the last stages Of liqufuation
in the interests CT economy, so that at
the present time 81 receiverships are
being administered by two receivers
with greatly reduced expenses. He
also uniformly fastened the lquida-
tion of insolvent banks. Upon entering
Office the fag ends largely Of the ma
tional bank failures Of the 1893 panic
were still undisposed Of. During the
last four years he has collected S25.-
100000 cash from these assets which
covered every description Of property.
Owing to the passage of the law OF
March 4, 1900, the national banking
system of the country has greatly III
creased. During his administration
he has created 7S5 banks. Tho ''-n-
Lcr II uaici.l! bsrks now under mis-
sru crriS;ru IS 4,O6i, having assets VI
$3.50, ,794,S67.