The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-11-07
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s>s.a.a-.'----'.---A
I examiners. The Comptroller of tho
/ Currency fixes the compensation Of re-
| ceivcrs arbitrary. and has the last WORD
as to the pay of all assistants and
| clerks 10 n receiver and as to the com
| pcnsation Tor legal counsel
The question has come up repeatedly
| In recent years in Congress as to
whether there should not be some linn
! itation OH this power. Many men in
Congress believe there ought TO be
some standard or rule that would in
sure Some uniformity in the liking of
compensation of receivers and lawyers
other than the judgment OF the Comp
troller of the Currency.
| 1t has been pointed out that tho
power is one which in the hands OF !,
/ politician might be abused. 1t has
even been charged that il
abused and that politicians have been
permitted to reap large fees as ma
tional bank receivers and as Attorney
for receivers, fees that were not war
| rantcd by the services rendered.
! But this is not the only ground OF
complaint that has always been made
against the administration of the of.
! flee The complaint is heard that II
/ AFFORDS too great an opportunity for
personal ACKNOWLEDGMENT. one has
hut to recall the historical fact that
every Comptroller OF the Currency
with one exception, on leaving that
F.. office has commanded a high salary as
an officer of a national bank, regard
less of whether or not he had had
banking experience before he entered
the office.
! The exception was Charles c. Dawes
who is now the president of the Cen
trial Trust Company, of Illinois. Mr..
Dawes always maintained that a Comp
troller Of the Currency gained an in
sight into the national banking bust
ness of the country through his en-
/! pcrience In that offici that was so val
liable that ne could readily command a
nigh salary from many national bank
ing institutions. because the inforlna-
ton as to the solvency and internal
aHairs OF the banks throughout the
country was simply Invaluable to a
big national banking institution 1t
was Tor this reason that MI Dawes
always argued that he would never
step from the Comptroller's office into
national bank.
His Immediate successor, william
Barrett Ridgcly resigned as Conn
troller to become the president of a
national bank in Kansas City. The
bank had been closed by the Comptrol =
Ter under the authority of law and was
ihttf reorBaniZed and Mr.. Ridgely was
invited to become its president and ac-
cepted. lie prescribed the conditions
In his official capacity as Comptroller
OF the Currency on which tho Kansas
City institution could resume business
Too Much Power.
me complaint in Congress IS that
the exercise OF such "A power as is re
posed IN the Comptroller of the Cur
rency under the law might easily make
IL possible for an unscrupulous man to
dictate the terms OF his employment by
an institution whose destinies wero en-.
urely in his hands as an officer OF
the United States government
James II. Eckels went from the Of
nee OF Comptroller of the Currency to
the- president OF the Commercial Ma
uonal Bank Of Chicago. He was abso-
lutely without any banking experience
AT the time he entered the Comptroi-
Ier's Office, but he was thought com
petent after term IN that Office to i'll :
rect the affairs OF an institution that
had capital stock OF SI.v0O.UO0
Edward $. Lacy, who filled the oflce
OF Comptroller OF the Currency under
President Harrison, became the presI-
dent Of the Bankers National OF chi
c"go at the end OF his term as Comp
trollcr. His immediate successor, \. ~.
Hepburn. who served for Il snort time.
IN the Comptrollcr's Office, went to the
Third National Bank OF New York,
and later to the National city Bank
of New York.
NuInerods receivers and examiners
nave quit thc Federal service after ac
4 curing valuable information as gov
eminent officers concerning the AFFAIRS
Of national hunks. ana are now COM
iortabiy enSconced in the upholstery
I oil national banking Offices and the en-
I 30! mcnt of fine salaries
1t IL not clear Just what Legislation.
/ can De passed 10 prevent IA Comptroller
OF the Currency or an officer connected
< with that bureau OF the government
from accepting an advantageous OFFER
4 Tor private employment at any time
out many leaders In Congress are goiu;
l 10 IND some solution OF this probIem
Recently one OF the officers In IN.
l bureau OF the Comptroller OF the cur
Tency Tesigned 10 accept a place at tho
l head OF national bank at salary OF
1 sl5'ooo a year In addition TO mi,
4 salary he is said to have asked and
l received A cash bonus of 5000 IN.
affairs of this institution have bc.r
4 under the surveillance OF the corcn.
/ troller OF the CURRENCY Office Tor sev
j eral months, and change in the nor
i sonnet of the management OF the baul
is supposed to have been adyis.d iron
Washington.