Hugh McCulloch
American financier and politician (1808-1895) · United States · On the map · Writers · Died at 86
Hugh McCulloch was an American financier who played a central role in financing the American Civil War. He served two non-consecutive terms as U.S. Treasury Secretary under three presidents.
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Bureau of Engraving and Printing portrait of McCulloch as Secretary of the Treasury
Hugh McCulloch
$20 banknote with McCulloch's portrait on it, Friedberg #639
Death bed of Abraham Lincoln, April 15, 1865, Hugh McCulloch is at the end of the bed on the left, with Mary Todd Lincoln, Capt. Robert Todd Lincoln, Salmon P. Chase, surgeon Charles Leale, and others
Portraits of Hugh McCulloch, Cornelius Vanderbilt, John Adams Dix, Jay Cooke, Charles Francis Adams Sr., William H. Seward and Reverdy JohnsonAbout this person
He was originally opposed to the creation of a system of national banks, but his reputation as head of the Bank of Indiana from 1857 to 1863 persuaded the Treasury to bring him in to supervise the new system as Comptroller of the Currency from 1863 to 1865. As Secretary of the Treasury from 1865 to 1869 he reduced and funded the gigantic Civil War debt of the Union, and reestablished the federal taxation system across the former Confederate States of America. He tried but failed to make a rapid return to the gold standard.
