The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-05-25

aggravated by a lung trouble. His two
sons. daughter and grandson were at his
bedside.
Hugh McCulloch. was born in Kenne-
bunk. Ne. Dec. Z. 1905 He entered Bow
doin College in 1924 and two years later
left before graduating on account of 81
health, when he at once began to teach
school, which he continued until 1929, and
then took up the study of law, and within
three years was admitted to the bar. In
1888 he concluded that his opportunities
were slim in the small Maine town. and,
like many other men who have risen to
distinction, he went west, ana settled in
the little town of Fort Wayne Ind. AMI
two years after his arrival was cashier
and manager of the State Bank of Indi-
ana. He continued in this position until
1856. when he became president, and acted
as such until May 1868. lie then resigned
to accept the Controllership of the treas
. ury, rendered to him by Secretary Salmon
+. Chase. This office had just been created
by congress, and Mr.. McCuloch was it's
first head. He at once undertook the or
ganization of the newly created bureau
and soon after put into operation the ma
tOnal banking system. His own reputa-
ton for conservatism influenced the man
ayers of the large state banks and pro-
NOTED the conversion of the leading credit
tional banks. March, 1865. came the resig-
nation of Secretary w. =. Fessenden
when President Lincoln appointed Mr.
McCulloch Secretary of the Treasury
| There was no one more surprised at the
promotion than Mr. McCulloch He was
sent for by the President who, in his
brusque way, informed him that he in
tended making him head of the treasury
But. Mr.. President" said the prospective
secretary Il do not feel competent to un-
dertake so gigantic a task, and especially
at this time, when the administration Of
the department demands such wisdom and
extraordinary judgment" Never mind
about that" said Mr.. Lincoln. I'm be re-
sponsible for any mistakes tAm with
this Mr.. McCulloch became secretary
At that time the government was IN great
financial embarrassment 1t was still in
curing enormous expenses and heavy de-
mands were pressing upon nearly empty
treasury. His first and most i'm
portant duty, therefore, was to
raise by further loans what
was needed to pay the large amount due
to 100000 soldiers and sailors, whose ser
vices the government was in no condition
TO dispense with and meet other demands
This was successfully accomplished, and
in less than six months from the time of
his appointment the obligations of the
government were materially diminished
and the reduction of the debt was begun.
The next important work was the CONVEX
sion of more than one million dollars of
short time obligations into a funded debt
This was quietly effected, and in a little
more than two years the whole debt of the
country was put into a satisfactory state.
In his annual reports ne advised the
steady reduction OF the national debt, re.
tirement of legal tender notes and
speedy return to specie payments, urging
that permanent public debt might be
dangerous to republican institutions He
believed il was not the duty of the govern
ment to furnish the people with paper
money, and that it had no power under
the constitution to make its own notes
lawful money, and that paper currency
of the country should be furnished by the
national banks. His views on the subject
of the debt were sustained by congress
as were also those for a short time in re-
gard 20 legal tender notes. Secretary Nc
Culloch held office until March 4. 1863, and
two years later left the United States for
London whore he engaged in banking
until 1878. October 1884, he again entered
public life Walter O. Gresham was then
secretary of the treasury. and on his re-
tirement Mr.. McCulloch was appointed by
President Arthur. and held the Office until
the close of his administration.
Since his retirement he has lived in
Washington and on his farm in Maryland
He has contributed articles to magazines
and publications and wrote a series of
letters while in London Tor the New York
Tribune, which were widely copied and
used by the republicans in Ohio for polit-
ical purposes during the campaign of 1875.
Mr.. McCulloch is also the author of a
book entitled Men and Measures of Half
a Century" which reviews the political.
and social changes in that period with
which he was familiar.