Omaha daily bee., 1884-10-31
SECRETARY MnCuLLnCH.

4 BClNE AN nlUOI ILOOLls
President Arthur seems especially
car full in his selection of treasury secre
taries and his appointment of Hon,
Hugh MoCuloob, of Indiana, is 70
be commended. without doub. lie is
one of tho able5t American financers oi
the day and his reputation is by no
means confined to the United States, for
his operations in American securities
with the capitalists of Europe have made
his standing in the prominent monetary
markets Of the world recognized and ap.
preciated. Mr.. McCulloch will bring
to the performance of his
duties valuable experience in
an addition to his high qualifications, for
he was appointed secretary of the treas
ury by President Lincoln on March 9TH,
1865, as successor to Salmon p. Chaae,
and held that Office during the johnson
administration. Prior TO the war he was
president of the Indiana State bank and
carried that institution safely through the
black year of 1857 when other western
banks were being swept from their finan.
cial moorings like crafts in a cyclone.
The Inauguration of the national bank
ing system brought Mr.. McCulloch to the
comptrollership of the currency, and to
him really belongs the credit of properly
asrranging and nourishing the system,
which is without doubt the best ever in
stituted in the United States. His
reports to congress were always
model productions, and his sue
cessful effort, to contract tho greenback
currency brought into existence by the
war and bring about gradual resumption !
of specie payment are we'll remembered. |
ln fact Mr.. McCulloch set the machinery |
in motion that accomplished the resump.
ton results of Secretary Shermsn's term.
He was always an opponent of imitation
and continually fought against the main.
tenance of war currency in times of
peace, While his financial policy seemed
1t all times to meet public favor his
views on the tariff were too far away
rom proper protection line, and too
near the fallacious doctrine of free trade
20 harmonize with the sound, patriotic
thinking minds of the country. Whether
le retains the Same views to-day as he
lid in the sixties iB not definitely known,
or he has appeared in the political arena
,ut very little since he left the treasury
nd became the head of the banking
louse of McCuIlooh, Cooke ~ Co., with
in London. The failure of
his firm cost Mr. McCulioch nearly all
lis fortune. He remained abroad until
877, when he then took up his residence
n New York and devoted his tina to
nanciering, being notably successful in
unding the debt of several of the bank.
upt southern states. and the readjust-
lent of that portion of the Virgins
tate debt represented b7 foreign bond.
olders. In 1881 he removed to Wash
,gton. Owing to the facs that he has
OF mingled in politics for many years
lere seems to be no reason of q political
ature for his appointmenb or the
art of the president savo to get
he very best financial material obtain
bio for the guardianship of International
ind. 1t is not probable that his low II
venue proclivities Of days gone by, if n
ey still exist, will asuume such a definite 6
rm betEeen this and tho formation of = 81
w cabinet as to excite the disfayor oi
otectionists. Generally We thinE Tho i
pointment will be considered good 81
le. i'