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MACULLOCH, HUGH (1808-1895) , American financier,. was born at Kennebunk, Maine, on the 7th of December 18o8. He was educated at Bowdoin College, studied law in Boston, and in 1833 began practice 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 opposition to the National Banking Act of 1862, he was selected by Secretary Chase as comptroller of the currency in 1863 to put the new system into operation. His work was so successful that he wasappointed secretary of the treasury by President Lincoln in 1865, and was continued in office by President Johnson until the close of his administration in 1869. In his first annual report, issued on the 4th of December 1865, he strongly urged the retirement of the legal tenders or greenbacks as a preliminary to the resumption of specie payments. In accordance with this suggestion an act was passed, on the 12th of March 1866, authorizing the retirement of not more than $1o,000,000 in six months and not more than $4,000,000 per month thereafter, but it met with strong opposition and was repealed on the 4th of February 1868, after only $48,000,000 had been retired. He was much disappointed by the decision of the United States Supreme Court upholding the constitutionality of the legal tenders (12 Wallace 457). Soon after the close of his term of office McCulloch went to England, and spent six years (187o-1876) as a member of the banking firm of Jay Cooke, McCulloch & Co. From October 1884 until the close of President Arthur's term of office in March 1885 he was again secretary of the treasury. He died at his home near Washington, D.C., on the 24th of May 1895. The chief
York
M'CULLOCH, SIR JAMES (1819-1893), Australian statesman, was born in Glasgow. He entered the house
chief
imposition of duties ranging from 5 to 1o% upon a number of articles which entered into competition with the local industries, thus introducing protection. The mercantile community took alarm at the proposal, and at the general election of 1864 the ministerial policy was warmly opposed. But a majority was returned in its favour, and a new tariff was carried through the popular branch of the legislature. There was no probability of its being assented to by the Council, which, under the constitution, had the power of rejecting, although it could not amend, any money Bill. The government therefore decided upon tacking the tariff to the Appropriation Bill, and compelling the Council either to agree to the new fiscal proposals or to refuse to pay the public creditors and the civil servants. The Council accepted the challenge, and rejected the Appropriation Bill. But M'Culloch and his colleagues would not give way. They continued to collect the new duties under the authority of the Assembly, and took advantage of a clause in the Audit Act which directed the governor to sign the necessary warrants for the payment of any sum awarded by verdicts in the supreme court in favour of persons who had sued the government. M'Culloch borrowed 40,000 from the London Chartered Bank, of which he was a director, to meet pressing payments, and the bank at his instigation sued the government for the amount of the advance. The attorney-general at once accepted judgment, and the governor , who had placed himself unreservedly in the hands of his ministers, signed the necessary warrant, and the Treasury repaid to the bank the amount of its advance, plus interest
whereupon the ministry dissolved the assembly and appealed to the country. The result of the general election was to increase M`Culloch's majority, and the tariff was again sent to the Council, only to be again rejected. M'Culloch resigned, but no member of the opposition was willing to form a ministry, and he resumed office. Eventually a conference between the two houses was held, and the Council passed the tariff, after a few modifications in it had been agreed to by the Assembly. Just at the moment that peace was restored, the governor, Sir Charles Darling, was recalled by the home government, on the ground that he had displayed partisanship by assisting M'Culloch's government and their majority in the Assembly to coerce the Council. In order to show their gratitude to the dismissed governor, the Assembly decided to grant a sum of 20,000 to Lady Darling. The home government intimated that Sir Charles Darling must retire from the Colonial service if this gift were accepted by his wife, but M'Culloch included the money in the annual Appropriation Bill, with the result that it was rejected by the Council. The new governor, Viscount Canterbury, was less complaisant than his predecessor, but after an unsuccessful attempt to obtain other advisers, he agreed to recommend the Council to pass the Appropriation Bill with the 20,000 grant included. The Upper House declined to adopt this course, and again rejected the Bill. A long and bitter struggle between the two Chambers ended in another general election in 1868, which still further increased the ministerial majority; but Lord Canterbury, in obedience to instructions from the colonial office, declined to do anything to facilitate the passage of the Darling grant. M'Culloch resigned, and after protracted negotiations Sir Charles Sladen formed from the minority in the Assembly a ministry which only lasted two months. The deadlock seemed likely to become more stringent than ever, when a communication was received from Sir Charles Darling, that neither he nor his wife could receive anything like a donation from the people of Victoria. The attempt to pass the grant was therefore abandoned, and in July 1868 M'Culloch resumed office with different colleagues, but resigned in the following year, when he was knighted. He formed a third ministry in 1870. During this third administration he passed a measure through both Houses which secured a life annuity
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