The San Francisco call., 1895-05-24
LEAVES A FINE RECORD.
Eminent Services of the Noted
Statesman for the
Nation.
SAVED THE coUNTRY's CREDIT.
The Only Man Who Served Two
Terms as Head of the Treas
ury Departm ent.

WASHINGTON, D. c., May 24.-Hon.
Hugh McCulloch, formerly Secretary OF
the Treasury, died shortly before o'clock
this morning. Death was calm and peace
full, the patient being for some previous
time in o comatose condition. Mr.. Nc
Culloch was over eighty years of age.
Hugh McCulloch was born in Kenne-
bunk, Maine, December I, 1903. He en-
tered Bowdoin in 1924, but leaving on ac-
count of illness in 1926, taught until 1923
and then studied law in Kennebunk and
Boston. In 1888 he went to the West, and
settled in Fort Wayne, Indiana. In 1885
he was elected cashier and manager of 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
post he held until May, 1868.
He then assumed the Office of Comp
troller of the Currency, which was ten
dered him by Secretary Salmon P. Chase,
undertaking the organization of the newly
created bureau in putting into operation
the National banking system. His own
reputation for conservatism promoted the
conversion of the leading institutions OF the
Clll6S llbO NdIlOIdl DduhS.
In March, 1865, on the resignation of Will
liam F. Fessenden, Mr.. McCulloch was
appointed by President Lincoln Secretary
of the Treasury, at which time the Govern
ment was in grave financial embarrass-
ment. 1t was still mourning enormous
expenses, and heavy demands were press
ing upon a nearly empty treasury. His
first and most important duty, therefore
was to raise by further loans what was
needed to pay the large amount due to
100000 soldiers and sailors, whose services
the Government was in a condition to dis
pense with and meet other demands.
This was successfully accomplished and
in less than six months from the time of
his appointment all the matured obliga-
tions of the Government were paid and the
reduction of the debt begun. The next
important work was the conversion of
more than 81 ,0O0, ,000, 900 short-time obliga-
tions into 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 shape.
In his annual reports he advocated q
steady reduction of the National debt, the
retirement of the legaltender notes and a
speedy return to specie payments, urging
that permanent public debt might be dan
gerous to republican institutions.
He believed, also, that it was not the
business of the Government to furnish
US with paper currency, that it had no
power under the constitution to make It's
own notes legal money, and that the paper
currency OF the country should be fur
nished by the banks. His views upon the
subject of the debt was sustained by Con-
gress, as were also for short time those in
regard to the legal-tender notes. Secre-
tary McCulloch held Office till March 4,
1869.
In 1871 till 1878 he was engaged in bank
ing in London. In October, 1884, on the
resignation of Walter Q. Gresham he was
again appointed Secretary of the Treasury
and continued in Office until the expiration
of President Arthur's term, March 4, 1885,
being the only man who had held that
office twice. Since his retirement he has
resided in Washington, D. c., and on his
farm in Maryland. Mr.. McCulloch has
contributed articles on financial and eco.
nomical questions to the magazines and
public journals. a series of letters written
by him in London for the New York
Tribune in 1875 were extensively copied
and were used by the Republicans in 1876
for political purposes.