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Encyclopedia > Hugh McCulloch
Hugh McCulloch
Hugh McCulloch

Hugh McCulloch (December 7, 1808May 24, 1895) was an American statesman who served two non-consecutive terms as U.S. Treasury Secretary, serving under three presidents. Image File history File links Download high-resolution version (700x800, 251 KB)TITLE: Hugh McCulloch CREATED/PUBLISHED: [between 1855 and 1865] Source: Library of Congress. ... Image File history File links Download high-resolution version (700x800, 251 KB)TITLE: Hugh McCulloch CREATED/PUBLISHED: [between 1855 and 1865] Source: Library of Congress. ... December 7 is the 341st day (342nd in leap years) of the year in the Gregorian calendar. ... 1808 was a leap year starting on Friday (see link for calendar). ... May 24 is the 144th day of the year in the Gregorian calendar (145th in leap years). ... 1895 (MDCCCXCV) was a common year starting on Tuesday (see link for calendar) of the Gregorian calendar (or a common year starting on Thursday of the 12-day-slower Julian calendar). ... The United States Secretary of the Treasury is the finance minister of the Federal Government of the United States. ...


Born at Kennebunk, Maine, he was educated at Bowdoin College, studied law in Boston, and in 1833 began practicing law at Fort Wayne, Indiana. He was cashier and manager of the Fort Wayne branch of the old state bank of Indiana from 1835 to 1857, and president of the new state bank from 1857 to 1863. Notwithstanding his early opposition to the National Banking Act of 1862, he was selected by Salmon P. Chase to be the first Comptroller of the Currency in 1863. During McCulloch's 22 months in office, 868 national banks were chartered and no failures occurred. As the first Comptroller, McCulloch recommended major changes in the banking law and the resulting National Banking Act of 1864 remains the foundation of the national banking system. Kennebunk is a town located in York County, Maine. ... Bowdoin College is a private liberal arts college, founded in 1794, located in the coastal New England town of Brunswick, Maine. ... Boston is a town and small port c. ... 1833 was a common year starting on Tuesday (see link for calendar). ... Flag Seal Nickname: The Summit City Location Location in the state of Indiana, USA Government Country  State   County United States  Indiana   Allen Founded October 22, 1794 Mayor Graham Richard (D) Geographical characteristics Area    - City 204. ... | Come and take it, slogan of the Texas Revolution 1835 was a common year starting on Thursday (see link for calendar). ... 1857 was a common year starting on Thursday (see link for calendar). ... 1863 (MDCCCLXIII) is a common year starting on Thursday of the Gregorian calendar (or a common year starting on Saturday of the Julian calendar). ... Salmon Portland Chase (January 13, 1808 – May 7, 1873) was an American politician and jurist in the Civil War era who served as Senator from Ohio, Governor of Ohio, as U.S. Treasury Secretary under President Abraham Lincoln, and Chief Justice of the United States. ... The United States Comptroller of the Currency is the head of the Office of the Comptroller of the Currency. ...


His work was so successful (largely due to his influence with existing state banks) that he was appointed 27th Secretary of the Treasury by President Abraham Lincoln in 1865, and continued to serve in the Presidential Cabinet of Andrew Johnson until the close of his administration in 1869. The presidential seal was used by President Hayes in 1880 and last modified in 1959 by adding the 50th star for Hawaii. ... Abraham Lincoln (February 12, 1809 – April 15, 1865), sometimes called Abe Lincoln and nicknamed Honest Abe, the Rail Splitter, and the Great Emancipator, was an American politician who served as the 16th President of the United States (1861 to 1865), and the first president from the Republican Party. ... 1865 (MDCCCLXV) is a common year starting on Sunday. ... Cabinet meeting on May 16, 2001. ... Andrew Johnson (December 29, 1808 – July 31, 1875) was the sixteenth Vice President (1865) and the seventeenth President of the United States (1865–1869), succeeding to the presidency upon the assassination of Abraham Lincoln. ... 1869 (MDCCCLXIX) is a common year starting on Friday (link will take you to calendar) of the Gregorian calendar or a common year starting on Sunday of the 12-day-slower Julian calendar. ...


Immediately confronted with inflation caused by the government's wartime issue of greenbacks, he recommended their retirement and a return to the gold standard. In McCulloch's first annual report, issued on December 4, 1865, he strongly urged the retirement of the legal tenders or greenbacks as a preliminary to the resumption of specie payments. However this would have reduced the supply of currency and was unpopular during the period of postwar reconstruction and westward expansion. This article is on the monetary principle. ... December 4 is the 338th day (339th on leap years) of the Gregorian calendar. ... 1865 (MDCCCLXV) is a common year starting on Sunday. ... Greenback may refer to: Greenbacks, a colloquial term for the United States dollar, often used when referring to the debate of hard vs. ... A commodity metal, historically gold and silver, backing money or currency. ...


In accordance with this suggestion an act was passed, on March 12, 1866, authorizing the retirement of not more than $10,000,000 in six months and not more than $4,000,000 per month thereafter. This act met with strong opposition and was repealed on the February 4, 1868, after only $48,000,000 had been retired. The battle over its revival raged for the next fifty years. McCulloch was also disappointed by the decision of the United States Supreme Court upholding the constitutionality of the legal tenders. March 12 is the 71st day of the year in the Gregorian Calendar (72nd in leap years). ... 1866 (MDCCCLXVI) is a common year starting on Monday of the Gregorian calendar or a common year starting on Wednesday of the 12-day-slower Julian calendar. ... February 4 is the 35th day of the year in the Gregorian Calendar. ... 1868 (MDCCCLXVIII) was a leap year starting on Wednesday (see link for calendar) of the Gregorian calendar or a leap year starting on Friday of the 12-day-slower Julian calendar. ... The Supreme Court Building, Washington, D.C. The Supreme Court Building, Washington, D.C., (large image) The Supreme Court of the United States, located in Washington, D.C., is the highest court (see supreme court) in the United States; that is, it has ultimate judicial authority within the United States... Page I of the Constitution of the United States of America Page II of the United States Constitution Page III of the United States Constitution Page IV of the United States Constitution The Syng inkstand, with which the Constitution was signed The Constitution of the United States is the supreme...


During his tenure, McCulloch maintained a policy of reducing the federal war debt and the careful reintroduction of federal taxation in the South. The U.S. Southern states or the South, also known colloquially as Dixie, constitute a distinctive region covering a large portion of the United States, with its own unique heritage, historical perspective, customs, musical styles, and cuisine. ...


Soon after the close of his term of office McCulloch went to England, and spent six years (1870-1876) as a member of the banking firm of Jay Cooke, McCulloch & Co. Motto: (French for God and my right) Anthem: Multiple unofficial anthems Capital London Largest city London Official language(s) English Government Constitutional monarchy  - Queen Queen Elizabeth II  - Prime Minister Tony Blair MP Unification    - by Athelstan AD927  Area    - Total 130,395 km² (1st in UK)   50,346 sq mi   - Water (%) Population... Jay Cooke (August 10, 1821-February 8, 1905), American financier, was born at Sandusky, Ohio, the son of Eleutheros Cooke (1787-1864), a pioneer Ohio lawyer, and Whig member of Congress from that state in 1831-1833. ...


From October 1884 until the close of President Chester A. Arthur's term of office in March 1885 he was again secretary of the treasury, the 36th in the line. During his six months in office at that time, he continued his fight for currency backed by gold, warning that the coinage of silver, used by then as backing for currency, should be halted. 1884 (MDCCCLXXXIV) is a leap year starting on Tuesday (click on link to calendar) of the Gregorian calendar (or a leap year starting on Thursday of the 12-day-slower Julian calendar). ... Chester Alan Arthur (October 5, 1829 – November 18, 1886) was an American politician who served as the twenty-first President of the United States. ... 1885 (MDCCCLXXXV) is a common year starting on Thursday. ...


He died at his home Holly Hill near in Prince George's County, Maryland near Washington, D.C. in 1895 and is buried in Rock Creek Cemetery in D.C. Prince Georges County is a suburban county located in the U.S. state of Maryland immediately north, east, and south of Washington, D.C. It is home to the USDA Beltsville Agricultural Research Center, NASA Goddard Space Flight Center, Andrews Air Force Base, the University of Marylands flagship... Nickname: DC, The District Motto: Justitia Omnibus (Justice for All) Location of Washington, D.C., with regard to the surrounding states of Maryland and Virginia. ... 1895 (MDCCCXCV) was a common year starting on Tuesday (see link for calendar) of the Gregorian calendar (or a common year starting on Thursday of the 12-day-slower Julian calendar). ...


The chief authority for the life of McCulloch is his own book, Men and Measures of Half a Century (New York, 1888).


References

  • This article incorporates text from the Encyclopædia Britannica Eleventh Edition, a publication now in the public domain.

Encyclopædia Britannica, the 11th edition The Encyclopædia Britannica Eleventh Edition (1910–1911) is perhaps the most famous edition of the Encyclopædia Britannica. ... The public domain comprises the body of all creative works and other knowledge—writing, artwork, music, science, inventions, and others—in which no person or organization has any proprietary interest. ...

External links

Preceded by:
William P. Fessenden
United States Secretary of the Treasury
18651869
Succeeded by:
George S. Boutwell
Preceded by:
Walter Q. Gresham
United States Secretary of the Treasury
18841885
Succeeded by:
Daniel Manning
United States Secretaries of the Treasury Seal of the United States Department of the Treasury
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  Results from FactBites:
 
Hugh McCulloch Summary (1007 words)
Hugh McCulloch was born on Dec. 7, 1808, in Kennebunk, Maine.
In McCulloch's first annual report, issued on December 4, 1865, he strongly urged the retirement of the legal tenders or greenbacks as a preliminary to the resumption of specie payments.
McCulloch was also disappointed by the decision of the United States Supreme Court upholding the constitutionality of the legal tenders.
OCC: About the OCC (147 words)
Hugh McCulloch, president of the State Bank of Indiana, was appointed the first Comptroller of the Currency by President Lincoln.
McCulloch, once a foe of national banking legislation, organized the agency and launched the national banking system.
The Office of the Comptroller of the Currency was created by Congress to charter national banks, to oversee a nationwide system of banking institutions, and to assure that national banks are safe and sound, competitive and profitable, and capable of serving in the best possible manner the banking needs of their customers.
  More results at FactBites »

 
 

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