Fisherman & farmer. [volume] (Edenton, N.C.) 1887-19??, 1901-07-11
DAWES RESIGNATION
Comptroller of the Currency to Fun
For the Senate,
LETTER TO PRESIDENT M'KINLEY
Declares lie Could Not Take His Cam
Nass ard Hold His Office at the
Same Time.

Washington, D. c.. Special-Corr.
ptrolI"T of the Currency Dowe, bo-
rendered his resignation to the Presi-
dent to take effect October / Mr.
Dawes resigns his office in order tr
enter the Illinois senatorial contest
'uas i;.}i
Mr. Dawes term Of cttice would
Mt have expired until January I
1908. His letter to the President ie
a. f;;io'v::
'Waali":t"r, H. r., Jrly 3. 1901.
Nl' N'\:n'rE. L>.,tU;:vc Mansion,
Wa>I'iEcton. l.. l.:
Sir: In view OF the :act that I will
ht "1'''ilriatC Tor lta Unified Statoe
Senate from Illinois, hereby te0de,,
H'| resignation as Comptroller Of the
Currency to take effect October /
TCHt.
Respectfully.
"CHAS. G.. DAWES"
In answer to an inquiry, Mr.. Dawes
IA ''i "a j:t;n1 SaiH L have ~r~,,c:,-
- h"f"rHc Of my mention to b. :
candidate before the people Of Iii.
nolS for the United States Senate. Il
would not be possible for NE dur
ing IT." noAt . IT to make a canvas
;1r tn" Senate and at the same time
administer to my own satisfaction
fh" important and responsible office
now mold. am Influenced solely in
this action hy what seems to me the
HlaiA pro3rict1cs OF the situation"
Mr.. Dawes entered the office Of
Compstroller OF the Currency January
l. 1893, succeeding James II. Eckles,
2ad was immediately confronted by
yp2 situation in the Chestnut Street.
National Bank, Of Philadelphia, which
was one Of ti,e most complicated ever
confronting a Comptroller. He found
II necessary in the interest Il tho
creditors Of the bank to ODDOse the
general plan of a re-OrganizatiOn
committee formed Of prominent Citi.
IONS Of Philadelphia and for a time
he was severely criticised therefor
His plan was followed. however, and
II IS NOW rcC0@n :Icd as having saved
TO the creditors OF the barx a lien
upon n1Acr property which was not
contemplated by the reorganization
committcG from which they probably
will realize over $1000,OOO.
One O. his first orders after entering
fhtc stopped the practice Of the en-
n}oynent Of rational bank examiners
ter tie private examination Of banks.
Early III his term ne made a ruling
EP!Ning q second assessment upon
Stockholders Of the defunct banks
where the assessment had been less
tEan the law authorized and he es-
taf ii&hCd the practice of rcbating to
stockholders &dcl portions of the
prior asses sameHt as was determined
by further liquidation to have been
excess under The law. This ruling
banged ihe long established practice
0f the Office and was upheld by the
courts, practically without exception.
Comptroller Dawes also organized a
system Of consolidation of ins0lvent
hanks in the last stages Of liquidation
in the interests of economy. SO that at
the present time 81 receiyerships are
being administered by two receivers
with greatly reduced expenses. He
also uniformly FASTENED the liquida.
tion of insOlvent banks. Upon entering
Office the faS ends largely of the na.
tiODal bank failures of the 1898 panic
were still undiSpOSed of. During the
last four years he has collected So
Geo eco Ca~h from these assets which
covered every description Of property.
Owing to the passage of the law OF
March i, 1900. the national banking
system of the country has greatly in
creased. During his administration
h. has created 7S5 banks. TIL" :, m
lc! II Dlt.Oh7! benks now under MS
S'H q vision Is 1864, faying assets If
$3.50 794,367.