The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-07-06
DAWES TO RESIGN
WILL SURRENDER THE CURRENCY
CONTROLLERSHIP on OCT. L.
President Mckinley Receives Notihca-
tion in Letter Written on
Last Wednesday.
Mr.. DAWES IS AMBITIOUS
WAITS THE HON. CHILLY" MAsON's
SEAT IN THE SENATE,
And Has, Therefore, rendered His
Resignation to Enter the Illi-
nois Contest This Fall.
HIS GREAT WORK IN OFFICE
AFFAIRS OF FAILED NATIONAL
BANKS HANDLED CAREFULLY.
Millions of Dollars Saved to Creditors
important Reforms in the
Interest of Economy.
And Has, Therefore, rendered His
Resignation to Enter the Illi-
nofs Contest This Fall.
HIS GREAT WORK IN OFFICE
AFFAIRS OF FAILED NATIONAL
BANKS HANDLED CAREFULLY.
Millions of Dollars Saved to Creditors
-ImpOrtant Reforms in the
Interest of Economy.

W ASElN6ION, July 0.-hI OHdllts VI
Dawes. controller of the currency, has ten
dered his resignation to the President, to
take effect Oct. l, next. In answer to an
inquiry Mr.. Dawes said: Il have resigned
because of my intention TO be a candidate
before the people of Illinois for the United
States Senate. 1t would not De possible for
me, during the next year. to make can
vass for the Senate and at the same time
administer to my own satisfaction the i'm
portant and responsible office 1 now hold.
l am influenced solely in this action by
what seems to me the plain proprieties of
the situation" Mr.. Dawes's term of office
would not have expired until Jan. /, 1903
His letter TO the President, which is dated
July g. follows:
'Sir-In view of the fact that will be
candidate for the United States Senate
from Illinois l hereby tender my resigna-
ton as controller of the currency, TO take
ERECT Oct l, next
Charles G. Dawes took the oath of con-
troller OF the currency on Dec. 80, 1857, sue
ceeding James II. Eckels, who resigned to
accept the presidency of a Chicago bank
Mr. Dawes is an Ohio man. and was born
in Marietta Aug. o. 1866. lie was educated
at that place. attending the public school,
and was graduated at Marietta College with
honors in 1884. He attended the Cincinnati
Law School. and was graduated in 1856
During his vacations in college and law
school. and for a time after his final grad
uation, he was employed as civil engineer,
beoeming chief engineer OF a road now con-
stituting a portion of the Toledo & Ohio
Central Railroad. In April. 1897, he went
to Lincoln. Neb., where for seven years he
practiced law and engaged successfully IN
business subsequently Mr.. Dawes became
interested in the gas business in several
cities. among them Akron, o. He removed
TO Evanston in 1894 and. during the last
Mckinley interests. He is a son of Gen
K. H. Dawes. of Marietta. O., who is an
and was one of the commanders of the old
Iron Brigade Of Wisconsin. The relations
OF Mr.. Dawes and Mr.. Mckinley have been
close and warm.
When Mr.. Dawes entered the office of
controller he was confronted by the situa-
ton in the Chestnut-street National Bank
OF Philadelphia, which was one of the most
complicated ever confronting controller
He found il necessary, in the interest of
the creditors of the bank. to oppose the
general plan of a reorganization committee
phia, and for time he was severely crili-
cised therefor. His plan was followed
however, and II is now recognized 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 frequently
expressed himself in favor of prompt
action when convinced that the public in
terests required action at all, and acted on
his principles notably in the recent case of
the Seventh National Bank of New York.
One of his first orders after entering office
stopped the practice of the employment of
national bank examiners for the private
examination of banks.
Early in his term he made a ruling levy
rnalr rBsalF lFnrc
of insolvent banks where the first assess
ment had been less than the law authorized.
and he established the practice OF rebating
TO stockholders such portions OF the prior
assessment was determined by further
LIQUIDATION 10 have been excessive under
the law. This ruling changed the long
upheld by the courts. practically without
exception. Controller Dawes also organized
system Of consolidation for insolvent
banks in the last stages OF liquidation in the
interests of economy, so that at the pres
ent time thirty-seven receiverships are be-
ing administered by two RECEIVERS Iso with hdn
uniformly FASTENED the liquidation OF in
solvent banks.
Upon entering office the fag ends largely OF
the national bank failures or the 1893 panic
were still undsposed of. During the last
four years he has collected $25, 900 cash
from the assets, which covered every de-
scription OF property. One of the most
prominent features of Controller Dawes :
administration has been mis- annual reports
TO Congress. He came TO Office. at time
when the monetary system of the country
was subject Of general 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 a prior lien of the
noteholder over the depositor upon assets
of insolvent banks.
During his term he prepared a complete
hist of statistics relating TO banking in
the United States. Owing 70 the passage
bank system OF the country has greatly
| Increased. During his administration he
has created 7S5 banks. The number of
national banks now under his supervision
| = ~ nc