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McCulloch, Hugh 1808-

Financier; born in Kennebunk, Me., Dec. 7, 1808; was educated at Bowdoin College; and removed to Fort Wayne, Ind., in 1833, where lie practised law till 1835, when he became manager of a branch of the State Bank of

Hugh McCulloch.

[16] Indiana. He remained in this post till 1856, when the charter of this branch expired, and then accepted the presidency of the newly organized State Bank of Indiana. In 1863 he was appointed comptroller of the currency under the new national banking law, and two years later became Secretary of the Treasury. At this time there was a tremendous financial strain upon the government, on account of the heavy war expenses. In less than six months, however, after his appointment as Secretary of the Treasury, a large amount of the money due 500,000 soldiers and sailors was paid, and besides the payment of other obligations a considerable reduction was made in the national debt. His conversion of more than $1,000,000,000 of short-time obligations into a funded loan in less than two years placed the whole public debt on a satisfactory basis. He was Secretary of the Treasury till March, 1869, and afterwards was engaged in banking in London till 1878. In 1884 President Arthur recalled him to the Treasury Department, where he remained till March, 1885. He died near Washington, D. C., May 24, 1895. Secretary McCulloch was author of Men and measures of half a century.

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