William Adams Richardson
| William Adams Richardson | |
|---|---|
 |
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| 29th United States Secretary of the Treasury | |
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In office March 17, 1873 – June 3, 1874 |
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| President | Ulysses S. Grant |
| Preceded by | George S. Boutwell |
| Succeeded by | Benjamin Bristow |
| Personal details | |
| Born |
November 2, 1821 Tyngsborough, Massachusetts, U.S. |
| Died | October 19, 1896 (aged 74) Washington D.C., U.S. |
| Political party | Republican |
| Alma mater | Harvard University |
| Profession | Politician, lawyer |
William Adams Richardson (November 2, 1821 – October 19, 1896) was the 29th U.S. Secretary of Treasury and federal jurist. Richardson, appointed Secretary of Treasury by President Ulysses S. Grant served from 1873 to 1874. 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. This was to ensure that no gold had to be transferred overseas by ship. Richardson's tenure was marred by the Sanborn Incident, which involved favoritism and profiteering in the collection of unpaid taxes. Pressure mounted for Richardson to be removed; he tendered his resignation, which President Grant accepted. As a face-saving gesture, Grant then appointed Richardson as a Judge on the United States Court of Claims; Richardson remained on the bench for the rest of his life.
William Adams Richardson was born in Tyngsborough, Massachusetts on November 2, 1821. His father was Daniel Richardson who practiced law and was keeper of the post office. His mother's name was Mary Adams of Chelmsford. Richardson was the descendant of Ezekiel Richardson who settled in Massachusetts Bay in 1630. Richardson's mother died in 1825 and his sister became his step-mother the next year.
Richardson studied at Pinkerton Academy and Lawrence Academy at Groton. Richardson then studied and graduated from Harvard University in 1843. He earned his LL.B. from Harvard Law School and passed the bar in July 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.
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