Evening star., 1901-07-06
Mr.. DAWES TO RETIRE
WILL BE A CANDIDATE FOR THE
SENATE.
Some of the Reforms Carried Out Un-
der His Admin LIST ra ton of
the once.

Charles G. Dawes, the controller of the
currency. has rendered his resignation to
the President to take effect October next.
In answer to an inquiry, in explanation Mr..
Dawes said: Il have resigned because of
my intention to be a candidate before the
people of Illinois for the United States Sem
ate 1t would not be possible for me dur
ing the next year to make canvass for
the Senate and at the same time admins
ter to my own satisfaction the important
and responsible office 1 now hold. 1 am in
fiuenced solely in this action by what seems
to the plain proprieties of the situa-
ton"
Mr. Dawes term of office would not have
expired until January 1. 1893 His letter to
the President is as follows:
WASHINGTON. d. c., July 3. 1901
''William Mckinley,
Executive Mansion.
Washington, d. c.
''Sir: In view of the fact that will be
candidate for the United States Senate from
Illinois. ! hereby tender my resignation as
controller of the currency to take effect
"CHAS. G. DAWES"
Mr. Dawes entered the Office of controller
of the currency January l, 1898. succeeding
JAS H. Eckles, and was Immediately con-
frC nted by the situation in the Chestnut
Street National Bank of Philadelphia.
ever confronting controller. He found 1t
necessary, in the interest of the creditors
of the bank. to oppose the general plan OF
reorganization committee formed or
prominent citizens of Philadelphia, and for
a time he was severely criticised therefor
His plan was followed, however, and 1t Is
now recognized as having saved to the
creditors of the bank a lien upon other
property which was not contemplated bv
the reorganization committee. from which
they probably will realize over q million
dollars.
The administration of the controllers
Office under Mr.. Dawes has been conspicu-
ously one of business. and this has brought
to him the unstinted praise of banking ana
business interests throughout the United
States. Mr. Dawes has always been prompt
in the line of duty, as was evidenced in
the matter of the Seventh National Bank
OF New York.
Mr.. Dawes Reforms.
One of Mr.. Dawes first orders after en-
tering 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
ing a second assessment upon stockholders
of insovent banks where the first assess
merit had been less than the law author
ized and he established the practice of
batting to stockholders such portions of
the prior assessment as was determined 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 with
out exception. Controller Dawes also
ganiZed a system of consolidation of in
solvent banks in the last stages of liqtIida
ton in the interests of economy so that al
the present time thirty-Seven receivershipS
are being administered by two receivers
with greatly reduced expenses. He also
has uniformly hastened the liquidation of
insolvent banks. Upon entering office the
fag ends largely of the national bank fail
ures of the 1893 panic were still undisposed
of. During the last four years he has col
lected S25o00O0O cash from these assets,
wAlch covered every description of proper
ty.
Controller Dawes administration has been
to office at a time when the monetary sys-
erai interest, and the arguments he ad-
vanced in his reports became 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 prior lien of the note holder over the
depOsitOr upon assets of insolvent banks.
During his term he prepared very COM
plete statistics relating to banking in the
| nited States. Owing TO the passage of the
law of March 1, 1890, the national banking
system of the country has greatly Increased
During his administration he has created
tSJ banks The number of national banks
now under his supervision is 4,Oi4 having
assets of 5000, 794 367.