The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-03-30
TREASURY DEPARTMENTS
J. ROYAL ROAD TO WEALTH.
Many Secretaries and Assistant SEQ
retaries Have Resigned to Accept
Lucrative Banking Positions,

REPUBLIC SPECIAL
Washington. March 2s.-There is already
large crop of candidates in the field for
appointment to succeed Assistant Secretary
Milton z. Allies. who will soon leave the
Treasury Department to become vice pres
ident OF the Riggs National Bank of this
city The popularity of the office i, not due
to the $500 annual salary, but to the fact
that the success of many men who have
been executive officials in the Treasury has
caused that branch OF the Government to
be dubbed a royal road to fortune.
MIR. Ailes's change is one of pronounced
benefit to him. for he will be the repre-
sentative of the large interests which the
National City Bank of New York holds in
the Riggs National Bank. There is strong
possibility that Assistant Secretary Robert
b. Armstrong. who is now in charge of all
customs administration. will be appointed
In MI Ailes's place, thus assuming imme-
diate jurisdiction OF fiscal AFFAIR."
Among the best known bankers and finan-
eiers OF the United States there are many
men who have served the Government In
the Treasury Department. but few of them,
II any. were as well known when they en-
tered the Treasury Department as when
John G. Carlisle was large in the public
eye before. he became Secretary OF the
treasury, but in that portfolio and since
ne gained his reputation as a financier.
ana. incidentally. gained greater wealth
than ever in Congress From the Secreta-
Tyship of the Treasury he stepped into New
York business.
banker before President Mckinley asked
him to become Secretary of the Treasury.
a, post which he held longer than any. of
his predecessors, with single exception
Mr.. Gage went directly from the Treasu-v
to the presidency of the United States
Trust Company, at an immense saIaiy.
positions. and especially those of Comp
troller of the Currency and Assistant Sec
rotary in Charge of Fiscal Affuirs. have
been valuable in after-iife to their occu-
pants. Frank A. Vanderiip resigned his
position as financial editor of the Chicago
Tribune to become Secretary Cages pri-
made Assistant Secretary OF the Treasury
and placed In charge of fiscal affairs. which
post he resigned to become connected with
the City National Bank of New York. of
which he is now the vice president. Mr..
Ailes succeeded him.
James II. Eckles came to Washing IN
Comparatively unknown and with little po-
litical influence at the opening of the sec
ond Cleveland administration. As a COM
promise. he was appointed Comptroller OF
the Currency so suddenly he would not be-
lieve 1t when he was informed of the fact.
He served for four years, gaining consid-
cradle national reputation, and resigned to
accept a splendid position with the Com
mercial National Bank of Chicago.
His successor, Charles G. Dawes, was
little known when appointed. but he was
so prominent when he left in 1901 that he
was one of the most formidable candidates
in the recent senatorial fight In Illinois in
which he was defeated by Representative
Hopkins. He is now president OF the Cen
trail Trust Company of Illinois
H. G. Cannon. who was Comptroller of
the Currency many years ago. il well
known from his connection with the Fourth
National Bank of New York, and A. B.
Hepburn of the Chase National Bank OF
New York traces his rise to his occupancy
Of the same post