The daily morning journal and courier., 1901-07-06
COMPTROLLER RESIGNS.
CHdS. c. DAWES TO RUN FOR ILLI-
 NOIS SENATORSHIP.

In His Letter to the President He Gives His Candidacy as the Reason of His Resignation His Successful Comp trolIership of the Currency-QuiclS and Decisive Actions in the Cases of Insolvent Banks.
 Washington, July 5. Charles G. Dawes, comptroller of the currency, has tendered his resignation to the presi- dent to take effect October 1 next. In answer to an inquiry MT. Dawes said: q have resigned because of my inten- ton to be a candidate before the peo- pie of Illinois for the United States Senate. It would not be possible for me during the next year to make can- vass for the Senate and at the same time administer to my own satisfaction now hold. I am influenced in this &C., tion by what seems to me the plain proprieties of situation"
 MT. Dawes term of office would not have expired until January i, 1903. His letter to the president is as follows:
 Washington, D. C., July 3, 1901. William Mckinley, President of the United
 States, Washington, D. C.:
 Sir In view of the fact that l will be a candidate for the United States Senate from Illinois I hereby tender my resigna- tion as comptroller of the currency to take effect October l next.
 Respectfully,
 Charles G. Dawes.
 MT. Dawes entered the office of comp troller of the currency January l. 1898, succeeding James H. Eckles, and was immediately confronted by the situa- tion of the Chestnut street National bank, of Philadelphia, which was one of the most complicated ever confronting a comptroller. He found it necessary in the interest of the creditors of the bank to oppose the general plan of a reorganization committee formed of prominent citizens of Philadelphia and for a time he was severely criticised therefore. His plan was followed, how ever, and it is now recognized as haV- ing saved to the creditors of the bank a lien upon other property which was not contemplated by the reorganization committee from which they probably will realize over a million dollars. He Frequently expressed himself as in favor of prompt action when con yinced that the public interests re- quired action at all and acted on this principle, 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 em- ployment of the national bank exam iners for the private extension of banks, Early in his term he made ruling levying a second assessment upon stockholders of insolvent 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 as was determined by further liquida- ton to have been excessive under the law. This ruling changed the long es- tablished practice of the office and was upheld by the courts, practically with out exception. Comptroller Dawes also organized a system of consolidation of InSOlVenL DdllhS III liic lool SN"SSS ON liouidation in the interests of economy, so that at the present time thirty seven receiverships are being admins tered by two receivers with greatly re- duced expenses. He also has uniform ly hastened the liquidation of insolVent banks.
 IJpon entering office the flag ends largely of the national bank failures of the 1893 panic were still undisposed or. During the last four years he has col lected twenty-five million dollars cash from these assets, which covered every description of property. One of the most prominent features of Comptroller Dawes administration has been his 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 became the subject of widespread discussion by the press and financial journals of the limited States and England. He ar pued against bank asset currency un- der our present national bank system and opposed with vigor the idea of a prior lien of the note holder over the depoSitor upon assets ol ihSoiNeii' banks.
 During his term he prepared very complete list of statistics relating to banking in the United States.
 Owing to the passage of law of March IA. 1900, the national banking system of the country has greatly increased. Dur ing his administration he has created seven hundred and ,eightyfive banks. The number of national banks now un- der his supervision is 4,064, having as sets of $5,63O, ,794, ,3S7