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Charles G. Dawes
Comptroller of the Currency
Dawes was only 33 years of age when he became Comptroller in 1898. But he had already built a reputation as a leading student of U.S. financial history, largely on the strength of his book, The Banking System of the United States, which was published in 1884. It was the first of nine books he wrote in his lifetime.
Dawes served an abbreviated term as Comptroller. But his tenure came at a critical time for the national banking system, which was still recovering from the Panic of 1893. Dawes proposed a series of measures designed to bring depositors back into the banks and increase the availability of banking services in smaller communities that had long gone without them. He also took steps to strengthen OCC supervision, which he saw as essential to restoring public confidence in the banks.
When Dawes left the OCC, he was only 36 years old, and his most important achievements were still ahead of him. He founded and ran a major financial institution, the Central Trust Company of Illinois. When the United States entered World War I, he joined General Pershing’s staff, where he developed an integrated supply and distribution system for the American Expeditionary Force. He was discharged as a Brigadier General.
In 1924, Germany was lagging behind in the payment of reparations required under the Treaty of Versailles, and the Allied nations appointed Dawes to propose ways to restructure Germany’s financial obligations. For developing the plan that bore his name, Dawes was awarded the 1925 Nobel Peace Prize.
He was elected Vice-President of the United States on the Coolidge ticket in 1924, and after leaving office four years later, President Hoover appointed him Ambassador to Great Britain. He later served as a U.S. delegate to various international conferences and as chairman of the Reconstruction Finance Corporation, a government agency created in 1932 to make emergency loans to financial, industrial, and agricultural institutions during the Great Depression.
Charles Gates Dawes died at his home in Evanston, Illinois, at the age of 86.