Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1895-05-30
HON. HUGH M.cuLLocH.

Tho Aged Ex-Secretary Of the Treasury
Has Passed Away-Died ut His Rural
Home In Maryland-He Enjoyed thl
full Operation the National Banking
system-Twice In tho Cabinet.
WASHINGTON, May 25.-Hon. Hugh
ury, died at 2:4O a. m. at his country
place in Maryland, near this city.
Death came while Mr.. McCulloch was
in the comatose state, and was not SO
soon expected even by the family ply
stefan. A general breaking down of
the system, due to advanced age and
aggravated by lung trouble, was the
cause. His two SONS, daughter and
a grandson were at his bedside.
Hugh McCulloch was born in Kenne-
bunk, Me-, December z. 1908. He en-
tered Bowdoin in 1894, but leaving on
account of illness in 1926. taught until
1929, and then studied law in Kenne-
bunk and Boston. In 1888 he went to
the west and settled in Fort Wayne,
Ind. In 1885 he was elected cashier
and manager at the branch at
Fort Wayne of the State Bank
of Indiana. and at the expiration of
its charter, in 1856, he became
the president of the Bank of the
State of Indiana, which position he
held until May, 1863. He then re-
signed to accept the Office of comp
troller of the currency. which was ten
dered to him by Secretary Salmon p.
Chase, undertaking the organization
of the newly-created bureau and the
putting into operation of the national
banking system. His own reputation
for conservatism Influenced the man
ayers of the large state banks and
promoted the conversion of the lead
ing credit institutions of the CONNER
cial cities into national banks.
In March. 1865. on the resignation of
VIM. P. Fessenden Mr.. McCulloch was
appointed by President Lincoln secre-
tary OF the treasury, at which time the
government was in great financial en-
barrassment. It was still mourning
enormous expenses and heavy demands
were pressing upon nearly empty
treasury. Mr.. McCulloch's first i'm
portant duty, therefore, was to raise,
by further loans, what was needed
to pay the large amount due to
500, 900 soldiers and sailors whose
services the government was in
position to dispense with and meet
other demands. This was successfully
and in less than six
months from the time of his appoint
ment all the matured obligations OF
the government were paid and a reduc-
ton of the debt was begun.
The next important work was the
conversion of more than $1,000, 900, 600
short time obligations into funded
debt. This was quietly effected,
and in a little more than two
years the whole debt of the country
was put into satisfactory shape.
In his annual reports he advocated a
steady reduction of the national debt,
the retirement of the legal tender
notes and a speedy return to specie
payments, urging that permanent
public debt might be dangerous to re-
publican institutions. He believed
also that it was not the business of the
government to furnish the people with
a paper currency, and that it had no
power under the constitution to
make it's own notes lawful money,
and that the paper currency of the
country should be furnished by the
banks. His views upon the subject of
the debt were sustained by congress.
as were also for a short time those in
regard to 1egal-tender notes.
Secretary McCulloch held Office un-
til March 4, 1869. From 1870 till 1878
he was engaged in banking in London.
In October, 1884. upon the resignation
of Walter @ Gresham, he was again
appointed secretary of the treasury
and continued in Office until
the expiration of President Arthur's
term, March 4, 1885. Since his retire.
ment he has resided here and on his
farm in Maryland.
Mr.. McCulloch has contributed arti-
cles on financial and commercial quo
tations to the magazines and public
journals. A series of letters written
by him in London to the New York
Tribune, in 1875, were extensively
copied and used by the republicans in
Ohio in 1875 for political purposes.