William Adams Richardson

This article is about the secretary of the treasury. For the Illinois senator, see William Alexander Richardson . For the California entrepreneur, see William A. Richardson .

William Adams Richardson (November 2, 1821 – October 19, 1896) was an American lawyer who served as the 29th United States secretary of the treasury from 1873 to 1874. During his tenure, the Panic of 1873 swept the nation and caused a depression that lasted five years. He controversially responded by issuing $26 million in greenbacks , which averted the crisis, although there was debate as to whether he had the authority to do so. His tenure was marred by the Sanborn incident in 1874, which involved favoritism and profiteering in the collection of unpaid taxes. He was later appointed a judge, and subsequently the chief justice, of the United States Court of Claims .

Contents

• 1 Education and career

• 2 Federal executive branch service

  • 2.1 Tenure as Secretary of the Treasury

• 3 Federal judicial service

  • 3.1 Other service

• 4 Family

• 5 Works

• 6 References

• 7 Sources

• 8 External links

Education and career

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Born on November 2, 1821, in Tyngsborough , Massachusetts , Richardson studied at Pinkerton Academy and Lawrence Academy at Groton . Richardson received an Artium Baccalaureus degree in 1843, and an Artium Magister degree in 1846, both from Harvard University and a Bachelor of Laws in 1846 from Harvard Law School . He passed the Massachusetts' bar in July 1846.

Richardson entered private practice in Lowell , Massachusetts in 1846. Richardson entered partnership and practiced law with his older brother Daniel Samuel, who had a large practice in Lowell. As the junior law partner, Richardson was considered to be a painstaking methodical office attorney.

He served in the militia, first as a judge advocate with the rank of major and later as an aide to Governor George N. Briggs with the rank of lieutenant colonel . He was a Justice of the peace for Middlesex County , Massachusetts from 1847 to 1854. He was a bank President in Wamesit, Massachusetts from 1852 to 1853.

He was president of the Common Council of Lowell from 1853 to 1854, and president of the Mechanics' Association. He was appointed to revise the statutes of Massachusetts in 1855, and subsequently chosen by the legislature to edit the annual supplements of the general statutes, which he continued to do for 22 years. He was a judge of the Middlesex County Probate Court from 1856 to 1858. He was a judge of the Middlesex County Probate and Insolvency Courts from 1858 to 1872. He was an overseer of Harvard from 1863 to 1875.

Federal executive branch service

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Bureau of Engraving and Printing portrait of Richardson as Secretary of the Treasury.

Richardson was a United States Assistant Secretary of the Treasury from 1869 to 1872. He was Acting Attorney General for the United States Department of Justice in 1870. He was United States Secretary of the Treasury from 1873 to 1874, under President Ulysses S. Grant .

Tenure as Secretary of the Treasury

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During Richardson's tenure the Panic of 1873 swept the nation and caused a depression that lasted five years. Richardson responded by controversially releasing $26,000,000 in paper money reserves in an inflationist measure to help alleviate the effects of the general panic. There was debate whether Richardson had the authority to do so, however, Congress had not passed a law to forbid such an action. Richardson secured the $15,000,000 award from the Alabama Claims through the retirement of United States bonds held in Europe.

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