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
[
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.
