• Former U.S. Treasury Secretary, Jay Cooke's Partner, Offers Advice On Needed Information

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    HUGH MCCULLOCH (December 7, 1808 – May 24, 1895) served two non-consecutive terms as U.S. Treasury Secretary under three presidents. 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 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.  His work was so successful that he was appointed 27th Secretary of the Treasury by President Abraham Lincoln in 1865 and continued to serve in the Cabinet of Andrew Johnson until the close of his administration in 1869.

    McCulloch left office when Ulysses S. Grant became president in 1869 and became a partner in the London banking house of Jay Cooke and McCulloch & Co.  McCulloch attempted to keep the company afloat after the collapse of Jay Cooke’s American branches.  He briefly returned to the post of Secretary of the Treasury under President Arthur.

    One-page, 5 x 8, ALS, by McCulloch on Jay Cooke, McCulloch & Co. letterhead, to Edwin S. Stuart of Philadelphia, dated August 19, 1873. In part, “...My memory of dates is not sufficiently accurate to enable me to answer your questions. I should regret were it not for the fact that the precise information you need can be obtained on your side of the Atlantic...”

    Light expected toning.

     

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