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Hugh McCulloch (December 7, 1808 – May 24, 1895) 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.
As secretary of the Treasury (1865–69) under Presidents Abraham Lincoln and Andrew Johnson, McCulloch attempted to return the United States to the gold standard by withdrawing from circulation paper money issued during the Civil War. He was thwarted, however, by public opposition to the plan.
- The Editors of Encyclopaedia Britannica
As President of the State Bank of Indiana, Hugh McCulloch first came to Washington to protest Secretary of the Treasury Salmon P. Chase's National Banking System.
The first Comptroller of the Currency was Hugh McCulloch, formerly the president of the Bank of Indiana. McCulloch came to Washington to lobby against the National Currency Act, which was viewed as a threat to state banks like his own.
Hugh McCulloch was born in 1808 in Kennebunk, Maine. He attended Bowdoin College, taught in Boston, studied law, and was admitted to the Massachusetts state bar in 1833. He then moved to Indiana and established a law practice.
Secretary of the Treasury (1865-69), Hugh McCulloch was the third to occupy that post in the administration of President Lincoln.
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As the first Comptroller of the Currency, Hugh McCulloch was a busy man. The National Currency Act of February 1863 called on him to create rules and structure for a new national banking system and the new bureau of the Treasury Department that would supervise it.
