The Newberry herald and news. (Newberry, S.C.) 1884-1903, 1901-07-12


standpoint. DIR. Stokes was not tho
, man to push himself and dcmaud tho
: crH,lit that he deserves for his efforts,
hW the people Of his district know
his worth and of his efforts. ana they
honor and respect him for what hc
accomplished for thcm.
RESIGNATION OF MIR. DAWES
Ills KcmarlSshle Surcrasful Ca rrer as Comp.
troiirr OF tho CURRENCY
Washington, July O. Comptroller
Of the Currency Dawes has tcnderod
his resi- ignation to the President to
take effect October |. Mr.. Dawes
resi- gned his Office in order to enter
tho Illinois Senatorial contest this
fall. His term Of office would not
have expired until january |, 1908.
His letter TO the President is rs fol.
lows:
Washington, July 3, 1901.
William Mckinley, Executive Man.
sion, Washington: In view Of the
fact that | will hc candidate for the
United States Senate from ILLINOIS, |
hereby tender my resignation as
comptroller Of the currency, to take
effect October next.
"Charlcs G. Dawes
In answer TO an inquiry Mr. Dawes,
in explanation, said; II have re.
signed because Of my intention to be
candidate before the people Of
Illinois for the United States Senate.
1t would not he possible for me dur.
ing the next year to make q canvass
for the Senate and at the same time
administer 10 my own satisfaction
the important and responsible office
! now hold. l am influenced solely
in this action by what seems TO me
tho plain proprietics of the situation."
Mr.. Dawes entered the office of
cc:nptroller Of the currency on Janu.
"ry !. lS"N. succeeding James II.
EeEels, a0d was Immediately con-
;ro:,ol by the situation in the Chest
M; Street National Bank, Of Phila-
delphi which WAS one # the most
complicated ever confronting comp
truller. He found it necessary, in
the interest Of the creditors Of the
hauH, 10 oppose the general plan of
q reorganization committee formed
OF prominent citizens of philadelphia,
and for time he was severely criti-
cised therefor. His plan was fol-
lowed, however, and it is now rccop-
nized rs having saved to the credi-
tors Of the bank a lien upon other
property, which WAS not cont emplated
b. the reorganization committee,
from which they will probably re-
alize over million dollars.
One Of the first orders after enter
ing Office stopped tho practice of the
employment Of national bank OK
amlners for the private examination
OF banks. Early in his term he made
ruling levying a second assessment
upon stockholders Of insolvcnt banks,
where the first assessment had been
less than the law authorized, and he
established the practice of rebating
TO stockholders such portions of the
prior assessment rs 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 without excop-
ton. Comptroller Dawes also or
ganized q system of consolidation of
lnsolvcnt banks in the last stages of
liquidation IN tho interests Of econo
my, SO that at the present time
thirty-seven receiverships arc being
administered by two receivers, with
greatly reduced expenses. He also
uniformly hastened the liquidation
OF lnsolvent banks. Upon entering
Office the fag ends largely of the ma.
tional bank failures Of 1893 panic
were.btill uDdisposed of. During tho
last four years he has collected
twenty. five million dollars cash from
these assets, which covered every
description of property.
Owing to the passage of the law
Of March 4, 1900, the national bank
ing system Of the country has greatly
increased. During his administra-
ton he has crcated 1856 banks. The