The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-03-07
The New Secretary OF the Treasury.
SKETCH OF THE SERVICES OF HUGH McuLL0CH
or INDIANA.

SKETCH or THE SERVICES OF HUGH M'CULLOCH,
or INDIANA.
Hugh McCuloch, who was yesterday nominated by the
President for Secretary OF the Treasury in place Of
William Pitt Fcssedcn who resumes his scat in the
Senate as Senator from Maine, Is himself native OF
Maine but has been since 1888 citizen of Indiana Mr.
McCuoch born In Wells, now Kcnnebunk Maine His
father previous to the Of 1872 was extensively en-
gagged In foreign in which I've was quite success
full But the end Of the he found his property largely
reduced by the decay Of his vessels which constituted
considerable part OF It. After the no resumed his
business but only with partial success. His son, the
new head OF the Treasury Department, was one Of a
colony who emgrated principally from Kcnncbunkpo,
TO Fort Wayne Indiana several OF whom still living
there and among It's most enterprisng and prosper
GUS citizens Indiana early made him OF her Judges
but the development of his financial skill led 10
the placing Of him at the head Of the State Bank.
Mr. McCulloch was for two years a student in
Bowdon College He subsequently studied law in
his native State, and afterwards in Boston, Mass
In the spring OF 1885, as already stated, he e
moved 70 the West, and settled at Fort Wayne Ind
where he commenced the practice Of his
law In 1885 he commenced his carer banker and
nnancier TO which he has since devoted himself. In
that year he elected cashier Of the Branch Of the
State Bank Of Indiana Fort Wayne This bank no
ganzcd and managed successfully until the charter ex
director Of the State Bank and did than any
else to give TO us affairs the direction which
made IT, during It's existence one Of the strongest,
best managed, most profitable and popular insii-
tutons in the United States In 1855 the present
Bank OF the State Of Indiana with twenty branches. was
chartered 60 into operation the lst of January,
1857 OF this bank Mr. McCuoch was unanimously
elected President and remained in that position until
May 1885, when he resigned In order accept the appoint
mcnt Of Comptroller Of the Currency at WASHINGTON
the Of Indiana took ut high rank among tho
leading banking institutions ~ the country. In the nan
cia crisis Of 1867 II maintained specie payments and also
continued TO specie during the general suspension OF
1881 until under decision OF the Supreme Court Of the
Satc II authorized 10 redeem its issues In legal ten
der No banking institutions In the United States have
loved higher reputation than these two Indiana banks
and injustice to others TO that this reputation
largely owing to the ability and good judgment OF
Since he became the Comptroller OF the Cure ncy
his reputation has BEEN q national one He took
charge OF tho bureau NJ the inauguration OF the
present national bank system, and has organized and
conducted II against the prejudice and opposition which
OF the state banks Every instruction. blank and form
used In organizing the national banks and In conducting
the business OF the bureau he has prepared and his prs
ont efficient and expert corps Of assistants had 10 be cd
Gated by him In the discharge u their somewhat compli
Gated and highly important, duties II is well known
that at first none OF the state banks would
on ON tho start many new banks had 70 be or.
aps been Otherwise Mr. Mccaoch regretted this and
would gladly havo avoided H. if possible But, regarding
A. he did tho national banking system necessity for
the financial policy Of the government Il
essentially necessary TO demonstrate 70 the bankers
and capitalists Of the country the advantages Of the plan
and thus induce them from motives OF sclfncrcst ~
least yield their prcudces 10 what believed to he
the highest interests OF the ration He has labored day
and night 70 accomplish this end and his success has
besn Commensurate with his labors So rapid and gene
raj has become the conversion OF sae 10 national banks
that for months past but few banks have been
thorzsd and then only In local tiles whore evident
shat new banking capital could be usefuiy employed
Mr. McCulIochs opinion IN regard 70 the financial con
dition Of tho country and the manner In which the ma
uonal banks should b. conducted have been sucieny
shown By The copous extracts from his letters and nsruc
uons which havb already been published In The Herald
Ne has never been very extensively known pcn.s'
cisn but was formerly whist IL termed an osd line wing
He is now thoroughly In sympathy POLITICALLY wnh tne
present admin and his counsel viii Be felt In the
future conduct OF the government Although but little
known a. politician, he we'll known among nnsncers
Ing neress Of the country and enjoys their confidence
10 heh degree. In assuming the duties on his high
once he takes upon himself very heavy burden but " he
shall AZ Ma friends predict and the country fervcnty hope
succeed IN scung tho finances Of the government from
Tho dncultas which previous mismanagement OF the
Treasury Department has brought upon them, be will do
ana receive tho heartfelt gratitude Of the whole
country.
~r she prsaA Rtea sxnsr nrs~ -