Cameron County press. [volume] (Emporium, Cameron County, Pa.) 1866-1922, 1901-07-11
Comptroller Dawes Ten
dered 1t to President.
REASON FOR SO DOING.
Says He Wants to be a Candi-
date for Z. S. Senator.
HE HAS A SPLENDID RECORD
some OF His Rulings and Ideas Have
Been Very Beneficial 10 Banks and
Their Stockholders, Saving Some OF
Them Considerable Money.

Washington, July 6.-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 Mr..
Dawes said: 81 nave resigned be-
cause of my intention to be Il candi-
date before the people of illinois for
the United States senate. 1t would
not be possible for me during the
next year to make canvass for the
senate and at the same time admin
ster to my own satisfaction the inn
portant and responsible office / now
hold. | am influenced solely in this
action by what seems to me the plain
proprieties of the situation"
Mr.. Dawes term of office would
not have expire | until January 1,
1908. Mr.. Daw entered the Office
of comptroller OF the currency Janu-
ary /, 1898, succeeding James IT.
Eckels. and was Immediately con-
fronted by the situatlon in the Chest
nut Street National bank of Phila-
delphia, which was one of the most
complicated ever confronting a comp
troller.
He found it necessary, in the inter-
est of the creditors of the bank, to
oppose the general plan of a reor-
ganiza tion committee formed of
prominent citizens of Philadelphia
and for time he was severely criti-
cized therefor. His plan was fol-
lowed, however, and it is now recog-
nized as having saved to the creditors
of the bank lien upon other proper
ty, which was not contemplated by
the reorganization committee, from
which they probably will realize over
a million dollars. He frequently eX-
pressed himself as in favor of prompt
action when convinced that public in
terests required that action, and has
always acted on this principle, no.
tably in the recent case of the sew
enth National bank of New York.
One of his first orders after entering
the office stopped the practice of the
employment of national bank exam
iners for the examination of private
banks. Early in his term he made a
ruling levying a general assessment
upon stockholders of insolvent banks,
where the first assessment had been
less than the law authorized, and he
esta blished the practice of rebating
to stockholders such portions of the
prior assessment as was determined
by further liquidation to have been
excessive und0r the law. This rul-
ing changed the long established
practice of the office and was upheld
by the courts practically without ex-
ception.
Comptroller Dawes also organized
system of consolidation of insol-
vent banks in the last stages of liqui-
dation in the interests of economy,
so that at the present time 81 receiv-
erships are being administered by
two receivers with greatly reduced
expenses. He also has uniformly
FASTENED the liquidation of insolvent
banks. Upon entering office the fag
ends of the large national bank fall
ures of the 1898 panic were still undis-
posed Of During the past four
years he has collected $25,0OO,O00 cash
from these assets, which covered
every description of property. One
of the most prominent features of
Comptroller Dawes administration
has been his annual report to con-
oress. He came to Office at a time
when the monetary system was of
general interest and the arguments
he advanced in his reports became
the subjects of widespread discussion
in the financial journals of the Uni
ted States and England. He argued
against bank asset currency under
the present national bank system and
opposed with vigor the idea of prior
lien of the noteholder over the de-
positor upon assets of insolvent
banks. During his administration
he has created 7s5 banks.