The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1895-05-24
HONORABLE CAREER.
High Offices Held by the Dead States
man.

man.
Hugh McCulloch was born in Ken
nebunk, Me-, December Z, 1908. He en-
tered Bowdoin in 1924, but leaving ON
account of Illness in 1926. taught until
1929, and then studied law in Kenneeunk
and Boston. In 1888 he went to the West
and settled In Fort Wayne, Ind. In
1885 he was elected cashier and man
ager of the branch at Fort Wayne of
the State Bank of Indiana, and at the
expiration of its charter in 1856 he be-
came the President of the Bank of the
State of Indiana, which position he held
until May, 1869. He then resigned to
accept the office of Comptroller of the
Currency, which was rendered to him by
Secretary Salmon p. Chase, undertake
ing the organization Of the newly Gre
ated bureau and the putting into opera
ton of the national banking system.
His own reputation for conservatism in
fiuenced the managers of the large Stats
banks, and promoted the conversion of
the leading credit Institutions of the
commercial cities into a national bank.
HIS PLAN OF RETRENCHMENT.
In March. 1856, on the resignation of
William P. Fessenden. Mr.. McCulloch
was appointed by President Lincoln
Lincoln Secretary of the Treasury, at
which time the government was i'll great
financial embarrassment. 1t was still in
curing enormous expenses and heavy
demands were pressing 1pon a nearly
and most important duty, therefore, was
to raise by further loans what was
needle to pay the large amount due 10
500, 900 soldiers and sailors, whose ser
vices the government was in a position
to dispense with, and meet other &C.
mandss; This was successfully liyy a aeeoms
from the time of his appointment all
the matured obligations sof the govern
ment were paid. and a reduction or the
The next most important work was the
conversion of more than 81, 900, 900 900 of
short time obligations into funded
a little more than two years the Whole
debt of the country was put into a sat
HIS VIEWS ON PAPER CURRENCY.
In his annual reports he advocated a
steady reduction of the national DEBT,
the retirement of the legal tender notes,
urging that a permanent pubic DEBT
might be dangerous to republican lnst1-
t~utions. He. believed also that It was
furnish the people with a paper cur
rency. and that it had no power under
the Constitution to make It's W notes
rency of the country should be furnish
ed by the banks. His views upon the
subject of the debt were sustained py
Congress, as We're also for a short time
those in regard to the legal tender notes;
Secretary McCulloch held office until
March 4, 1869. From 1871 till 1878 he was
engaged in banking in London. In Oe-
tober, 1884, upon the resignation OF wal
ter O. Gresham, he was again appoint
ed Secretary of the Treasury, and con,
tinued in office until the expiration OF
President Arthur's term, March =, 1855,
being the only man except the late Mr..
| Window that has held that office twice.
| Since his resignation he has resided here
and on his farm in Maryland.
Mr.. McCulloch has contributed articles
on financial and commercial questions
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 were
used by the Republicans in Ohio in 1875
for political purposes.