The age-herald., 1901-07-06
RESIGNATION OF
 CHAS. t. DAWES He Will Become a Candidate for United States Senator GIVES OUT AN INTERVIEW Says He Could Not Discharge Duties of Comptroller of the Currency and at the Same Time Push
 His Candidacy.
GIVES OUT AN INTERVIEW

Washington, July 5.--Charles G. Dawes, comptroller of the currency, has rendered his resignation to the President to take effect October 1, next. In answer to an inquiry MT. Dawes said:
 'T have resigned because of my inten- tion to be a candidate before the people of Illinois for United States Senator. IL would be possible for me during the next year to make a canvass for the Sem ate and at the same time administer 10 my own satisfaction the important and responsible office I now hold. I am in fiuenced solely in this action by what seems to me the plain proprieties of the situation
 Mir Dawes term of office would not have expired until January 1, 1903. His let ter to the President is as follows
 "washington, July 3, 1901. 'Wm. Mckinley Executive Mansion, Washington
 "Sir:-In view of the fact that I will be a candidate for the United States sen- ate from Illinois hereby tender my resig- nation as comptroller of the currency, to take effect October 1, next Respectfully, "CHARLES G. DAWES.' MT. Dawes entered the office of comp trollsr of the currency January l, 1S9ss succeeding James G. Eckles, and was im- mediately confronted by the situation in the Chestnut Street National Bank of Philadelphia which was one of the most complicated ever confronting comptrol- Ter. He found it necessary, in the inter- est of the creditors of the bank, to op- pose the general plan of reorganization committee formed by prominent citizens of Philadelphia and for time he was se- verely criticised therefor. His plan was followed, however, and 1t is now recogn- ized as having saved to the creditors of the bank a lien upon their property which was not contemplated by the reor- ganization committee, from which they probably will realize over a million dol- lars. He frequently expressed himself in favor of prompt action when convinced that the public interests required action at all, and acted upon his principle nota- bly, in the recent case of the Seventh Na- tional Bank of New York.
 One of his first orders after entering of flee stopped the practice of the employ ment of national bank examiners for the private examination of banks Early in his term he made a ruling levying a sec ond assessment upon stockholders of in- solvent banks where the first assessment had been less than the law authorized, and he established the practice of rebat- ing to stockholders such portions of the = prior assessment as was determined by further liquidation to have been excessive under the law.
 Comptroller Dawes also organized a system of consolidation of insolvent banks in the last stages of liquidation in the interests of economy, so that at 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 flag ends large iy Of the national bank failures of the 1893 panic were still undisposed of. Dur ing the last four years he has collected $25 .O00 cash from these assets, which covered every description of property.