The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1895-05-24

In a comdtose condition.
Hugh McCulicch was born at Kenne-
bunk, Me. December :. 1875. He entered
Bowdoin in 1874, but, leaving on account
OF illness I'm 1876 taught school until 1kea
and then studied law in Kennebunk and
Boston. In 1888 he went 10 the West and
settled IN Fort Wayne. Ind. In 1895 he
was elected cashier and manager OF the
branch at Fort Wayne of the State bank
OF Indiana. and az the expiration of Ats
charter in $50 he became the president
of the Bank OF the State of Indiana.
which post he held Until May. 1853 He
then resigned TO accept the office OF comp
troller OF the currency. which was ten
dered 10 him by Secretary Salmon L.
Chase. undertaking the organization of
the newly created bureau, and the put
ting into operation OF the national bank
ing system. His own reputation for con-
servatism influenced the managers of the
large state banks, and promoted the con-
version OF the leading credit institutions
of the commercial cities into national
banks. In March. 1865, on the
resignation of William p. FeSSen-
den, Mr.. McCulloch was appointed by
President Lincoln secretary OF the treas
ury, at which time the government was
in great financial embarrassment. 1t
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
10 pay the large amounts due to 10000
soldiers and sailors, whose services the
government was In a condition 10 dis
pense with. and to meet other demands.
This was successfully accomplished. and
IN less than six months from the time OF
his appoin tment all the mGtured obliga-
tons of the government were paid, and
the reduction of the debt was begun. The
next most important work was the con-
version of more than 81, 900, 600 600 of short
time obligations into a funded debt.
This 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 re-
ports 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 4 pcrma-
nent public debt might be dangerous to
republican Institutions He believed. also,
that il was not he business of the govern
ment TO furnish the people with paper
currency; that IL had no power under the
constitution TO make It's own notes lawful
money, and that the paper currency of the
country should he furnished by the ma
tional banks. His views upon the subject
OF the debt were sustained by congress, as
were also for short time those on the
legal tender notes Secretary MeCulloch
held office until March 4. 1859. From 1871
till 1873 he was engaged in banking in Lon
don, establishing there the banking house
OF Jay Cooke, McCulloch & Co, with
which he continued until the disastrous
condition OF business IN the United States
led 10 the suspension of Jay Cooke & Co.
In 1873. The London house was then re-
organized under the name of Me-
Culloch & Co. In 1874 Mr. Nc
Culloch returned TO this country.
on October 2s, 1884, on the resignation OF
Walter g. Gresham. he was again APP
pointed secretary of the treasury, and
continued in office until the expiration az
President Arthur's term. March T. 1885.
being the only man that held that Office
twice. Since his retirement he had resided
in Washington City and on his farm in
Maryland. Mr.. McCuloch contributed
articles on financial and economical ques-
lions TO the magazines and public jour
nails. series OF letters written by him
In London to the New York Tribune in
1875 were extensively copied. and were
used by the Republicans in Ohio in 1873
for political purposes. Hugh McCulloch
directed the financial policy OF the gov
eminent from the day he entered its
service, though he did not become secre-
tary of the treasury until 1865. When he
succeeded Gresham, In 1854, there was
general rejoicing.