The Savannah morning news., 1901-07-06
Mr.. DAWES RESIGNS
CONTROLLER OF CURRENCY TO
RUN FOR SENATOR.
BELIEVES HE HAS A CINCH.
HIS RECORD AS CONTROLLER is
FIRST CLASS.

His Administration of the once
Has Been Thoroughly Business
like and Splendid Results Have
Been Obtained-His Resignation
Due to a Sense of PrOpriety and
Because He Could Not Run His
Campaign and Discharge the Du-
ties of His ONCE Satisfactorily.
Washington. July 5.-Controller of the
Currency Dawes has rendered his resigna-
tion to the President, to take effect
Oct. l.
Mr. Dawes resigns his Office in order
to enter the Illinois senatorial contest this
fall.
Mr. Dawes term of office would not
have expired until Jan. l. 1908. His letter
to the President is as follows:
Washington July 8. 1901. William Nc
Kinley. Executive Mansion, Washington.
Sir: In view of the fact that 1 will be a
candidate for the United States Senate
tion as controller of the currency to take
effect Oct. l, next. Respectfully.
Charles G., Dawes"
In answer to an inquiry, Mr.. Dawes n
explanation said:
II have resigned because of my inten-
ton to be a candidate 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 administer
to my own satisfaction the important and
responsible office l now hold / am in
nuenced solely in this action by what
seems to me the plain proprieties of the
situation"
His Excellent Record.
Mr.. Dawnes entered the office of Con-
troller of the Currency Jan. /, 1898, sue
ceeding James H.. Eckels, and was imme-
dately confronted by the situation in the
Chestnut Street National Bank of Phila-
delphia, which was one of the most COM
plicated ever confronting a controller. He
found it necessary in the interest of the
creditors of the bank to oppose the gem
eral plan of a reorganization committee
formed of prominent citizens of Philadel-
phia and for time he was severely cri.i.
cised therefor. His plan was followed,
however, 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 com
mittee, from which they probably will
realize over $,000000.
Reforms Brought About.
One of his first orders after entering
Office stopped the practice of the employ
ment of national bank examiners for the
private examination of banks. Early in
his term he made ruling levying 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 This ruling changed the
long established practice of the office and
was upheld by the courts, practically
without exception. Controller Dawes also
organized a system of consolidation of in
solvent banks in the last stages OF liqui-
dation in the interests of economy, so that
at the present time thirty-seven receiver
ships are being managed by two receivers
with greatly reduced expenses He also
uniformly fastened the liquidation of in
solvent banks. Upon entering office the
flag ends largely of the national bank
failures of the 1893 panic were stll un-
disposed Of During the last four years
he has collected $4,000, 900 dash from these
assets which covered every description of
property.
Created 7S5 New Banks
Owing to the passage of the law Of
March A. 1900 the national banking sys-
tenn of the country has greatly increased.
During his administration he has created
1855 banks. The number of national banks
now under his supervision is 1904. having
assets of $500. 794.S67.