The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1895-05-31
HON.. HUGH M'CULLOCH.


Has Passed Away Died at His Rural
Home In Maryland lie Enjoyed the
Distinction of Having Pint 1nto success-
fui Operation the National thanking
System Iwi In the Cabinet
WASHINGTON, Nav a5.-Hon. Hugh
McCulloch, ex-secretary of the treas
! ury, died at gao n. IN. at his country
place in Maryland. near this city.
Death came while Mr.. McCulloch was
i'm the comatosc state. and was not 81
soon expected even by the family ply
stefan. \ general break ing down OF
the system, due to advanced age and
aggravated by lung trou blc. was the
cause. His two sons. a daughter and
IA grandson were at his bedside.
Hugh McCnlloch was born in kennc-
bunk. Me. December :. 1>0s. lie en-
tered Bowdoin in iss4. but leaving on
recount Of illness in lsed. taught until
1929. and then studied la in kennc-
bunk and Boston. In 1898 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 If the State Bank
Of Indiana. and at the expiration Of
its charter, in 1856, lac became
the president ~ the Bank of the
State of Indiana, which position he
held until May. 1868. lie then re-
signed to accept the office of comp
trollerof the currency. VIII ich was ten
dcred to him by Secretary Salmon l..
Chase, undertaking the organization
Of the ne~wly-created bureau and the
putting into operation Of the national
banking system. His own reputation
for conservatism influenced the man
agcrs of the large state banks and
promoted the conversion of the lead
ing credi, institutions Of the CONNER
cial cities into national banks.
In March. 1865. on the resignation Of
Vim. L. Fessenden Mr.. McCulloch was
appointed by President Lincoln secre-
tary Of the treasury. at which time the
government was in great financial EN-
barrassnent. 1t was still mourning
enormous expenses and heavy demands
were pressing upon a 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 noun due T.
500. 600 soldiers and sailors whose
services the government was in a
position to dispense with and meet
other demands. This was successfully
accomplished, and in less than six
months from the time Of his appoint
ment all the matured Obligations OF
the government We're paid and a reduc-
tion Of the debt was begun.
The next important work was the
conversion Of more than II. 900. 600. 900
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 satisfactory shape.
In his annual reports he advocated a
steady reduction Of the national debt,
the retirement II the legal tender
notes and a speedy return to specie
payments. urging that "A permanent
public debt might he dangerous 20 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 its own notes law full money.
and that the paper currency of the
country should be furnished by the
banks. Ills views upon the subject Of
the debt were sustained by congress.
as were also for a short time those in
regard to legal-tender notes
Secretary McCulloch held Office I'M
til March 4. lsGo. From 1870 till ISIS
he was engaged in banking in London.
In October, 1854. 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. ISIS. 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 bv the republicans in
Ohio in 1875 for political purposes.