Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1895-05-25
HyGH M'CULLoCH DEAD.
A sketch of the Career of the EN-
Cabinet Oflccr

WASHINGTON, d. c.. May "a
Hon. Hugh McCulloch, ex-Secretary OF
the Treasury. died this morning at twenty
minutes to o'clock. at his country place,
near Brightwood. The cause Of death
was a general breaking down OF the sys-
TEN, due to advanced age, aggravated by
lung-trouble. His two sons, daughter,
and a grandson were at his bedside.
Hugh McCulloch was the first man up
10 President Harrisons administration
who had twice held the portfolio Of the
Treasury Department, Secretary William
Window being the only other one. Mr.
McCullOch was born In Maine, but il was
In Indiana where he spent the greater
part Of his lie, and where he received
that schooling In finance as banker
which led TO his appointment as Secre-
tary Of the Treasury by President Lin
coin. Hugh McCulloch was born in Ken
nebunk. Me-, December Z, 1905. He en-
tered Bowdoin College I'm 1924. and two
years later left before graduating, on
account Of il-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 adj
mtted 10 the bar. In 1898 he concluded
that his chances were slim in the small
who have risen 20 distinction, he went
West, and settled In the little town of
Fort Wayne. Ind, and two years after
his arrival was cashier and manager
OF the State Bank OF Indiana. lie con-
tinued in this position until 1855.
when he became president. and acted
as such until May, 1868. He then resigned
TO accept the comptrollershp OF the
Treasury rendered 10 him by Secretary
Salmon p. Chase. This Office had Just
been created by Congress, and Mr.. McCul-
loch was its first head. He at once unR
dertook the organization OF the newly
created bureau, and soon after put into
operation the national banking system
His own reputation for conservatism in
fluenced the managers Of the large State
banks and promoted the conversion OF
the leading credit institutions OF COM
mercial cities into national banks. March
1866, came the resignation of Secretary
W. +. Fessenden, when President Lin
coin appointed Mr.. McCulloch Secretary
OF the Treasury. There was no one more
surprised at the promotion than Mr.. Nc
Culloch. He was sent for by the Presi-
dent, who. In his brusque way, informed
him that he intended making him the
head OF the Treasury. But. Mr. Presi-
dent" said the prospective Secretary
Il DO not feel competent to undertake
so gigantic a task, and especially at this
time, when the administration Of the de-
partment demands such wisdom and ex-
traordinary judgment" Never mind
about that" said Mr.. Lincoln, I'm be
responsible for any mistakes" And with
this Mr.. McCuloch became Secretary
At that time the government was in
great financial embarrassment IL was
still mourning enormous expenses, and
heavy demands were pressing upon a
nearly empty treasury. HIS first and most
important duty. therefore. was 10 raise
by further loans, what was needed to
pay the large amount due TO 500. 600
soldiers and sailors, whose services the
government was in no 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 the obligations OF the
government were materially diminished
and the reduction OF the debt was begun
The next important work was the con-
version OF more than one million dollars
of short-time obligations into n funded
debt This was quietly effected. and in
a little more than two years the whole
debt OF the country was put into a salts
factory state In his annual reports ne
advised the steady reduction OF the ma
tional debt, retirement OF legal-tender
notes, and a speedy return 10 specie
payments, urging that permanent public
debt might be dangerous 70 republican
Institutions. lie believed II was not the
duty of the government 20 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 y. the debt were
sustained by Congress, as were also those
for a short time in regard TO legal-tender
notes. Secretary McCulloch held office
until March 4, 1863 and two years later
left the United States for London. where
he engaged in banking until 1873. Octo-
Der. 1884 he again entered public life.
Walter q. Gresham was then Secretary
OF the Treasury, and on his retirement,
Mr.. McCulloch was appointed by Presi-
dent Arthur, and held the office until the
close OF his administration.
Since his retirement he has lived in
Washington, and on his farm In Mary
land He has contributed articles 10
magazines and publications. and wrote
a series OF letters while in London for the
New York Tribune. which were widely
copied and used by the Republicans In
Ohio for political purposes during the
campaign OF 1910.
MIR. McCulloch Is also the author Of
a book entitled Men and Measures OF
Half a Century" which reviews the po-
litlcal and social changes In that period
with which he was familiar.
Mr.. McCulloch. In the last few years Of
his life embraced many OF the doctrines
OF The Democratic party. He believed In
a low tariff. and wrote several letters
giving his Views on the question. He pos
sessed sound judgment, well-balanced
Temperament and affable manners. In
the troubl0us times of the administration
OF Andrew Johnson. covering all but one
month OF the second term for which Mr.
Lincoln had been elected, Mr.. McCulloch.
while supporting the policy OF Andrew
Johnson. never severed his personal re-
lations with the Republican leaders in