History of Sparkill, (Rockland County) New York United States of America

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Hugh McCulloch, cabinet officer, was born in Kennebunk, Maine, Dec. 7, 1808; son of Hugh and Abial (Perkins) McCulloch; grandson of Adam and Louisa (Brown) McCulloch, and a descendant of Hugh McGulloch, baillie of Dornoch, Sutherlandshire, Scotland. His father was one of the largest ship-owners of New England, but sustained severe losses duringthe war of 1812-15. Adam McCulloch, his grandfather, emigrated from Scotland about 1766 and settled in Arundel, now Kennebunkport, Maine. Hugh attended Thornton academy, Saco,Maine, and matriculated at Bowdoin college, class of 1829, but was obliged to leave on account of illness. He was a teacher, 1826-29; studied law in Kennebunk and Boston, and in 1833 removed to Fort Wayne, Ind., where he practised law. He was cashier of the Fort Wayne branch of the State Bank of Indiana, 1835-56. When the institution was reorganized as the Bank of the State of Indiana in 1856 he was elected president, serving till 1863. when Secretary Salmon P. Chase made him comptroller of the U.S. treasury. McCulloch stipulated in his acceptance that as soon as he had given the newly-enacted national bank law a start, his resignation would be accepted. The work of reorganization was particularly difficult, as the large eastern banks distrusted the system and disliked to have their individuality absorbed in a national system. This objection was compromised by allowing the banks to retain their former names, prefixing or adding the designation "national." In less than three years the national banking system was in full operation without disturbing the current business of the country. Upon the resignation of William P. Fessenden, Secretary Chase's successor, in March, 1865, Mr. McCulloch was appointed by President Lincoln secretary of the treasury, and he was retained in President Johnson's cabinet. Secretary McCulloch raised the amount due 500,000 discharged soldiers and sailors in less than six months, and also converted $1,000,000,000 of short-time obligations into a funded debt in less than two years. He was opposed to legal-tender notes and advocated the return to specie payments and a steady reduction of the national debt, and his views were sustained by congress. He resigned the office, March 4, 1869, and in 1870 he established in London a branch of the banking-house of Jay Cooke & Co. Upon the outbreak of the great panic of September, 1873, the American firm failed. The London firm was carried through the panic and continued business for some time. He was a member of a syndicate organized in 1877 for the purpose of funding the debt of the southern states. During the administration of President Arthur he declined a position on the tariff commission, but in 1884, upon the resignation of Walter Q. Gresham, he succeeded him as secretary of the treasury, serving until 1885. He was the only secretary of the treasury to hold office under three Presidents. He supported the tariff reform policy of President Cleveland in 1888. He spent his last days in Washington and at his country seat in Maryland. Bowdoin college conferred upon him the honorary degree of A.M. in 1868 and that of LL.D. in 1889. He is the author of a series of letters written in London for the New York Tribune (1875), and Men and Measures of Half a Century (1882). His widow, Susan McCulloch, daughter of Albon and Maria (Platt) Man, was born in 1818, married in 1838, and died at Sparkill, N.Y., July 25, 1898, at the residence of her daughter, Mrs. J. B. Yale. Secretary McCulloch died at his country home, near Washington, D.C., May 24, 1895.

From: Twentieth Century Biographical Dictionary of Notable Americans, Johnson, Rossiter, editor

History of Sparkill, (Rockland County) New York

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