Early Political Career
Dawes' prominent positions in business caught the attention of Republican party leaders. They asked Dawes to manage the Illinois portion of William McKinley's bid for the Presidency of the United States in 1896. Following McKinley's election, Dawes was rewarded for his efforts by being named Comptroller of the Currency, United States Department of the Treasury. Serving in that position from 1898–1901, he collected more than $25 million from banks that had failed during the Panic of 1893, and also changed banking practices to try to prevent a similar event in the future.
In October 1901, Dawes left the Department of the Treasury in order to pursue a U.S. Senate seat from Illinois. He thought that, with the help of the McKinley Administration, he could win it. McKinley was assassinated and his successor, President Theodore Roosevelt, preferred Dawes's opponent. In 1902, following this unsuccessful attempt at legislative office, Dawes declared that he was done with politics. He organized the Central Trust Company of Illinois, where he served as its president until 1921.
On September 5, 1912, the Dawes' son, Rufus (21), drowned in Geneva Lake while on summer break from Princeton University. Reverend W.T. McElveen read Dawes' tribute to his son. Inspired by his son's charity, Dawes wrote,
"I have taken him with me among the greatest in the nation and looked in vain for any evidence in him of awe or even curiosity. He has taken me, asking me to help them among the poor and lowly of earth."
In his memory, Dawes created residence homes for down-and-out individuals in both Chicago and Boston.
Read more about this topic: Charles G. Dawes
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