William Adams Richardson

Who was William Adams Richardson?

William Adams Richardson was an American judge and politician. Richardson served as Secretary of Treasury, appointed by President Ulysses S. Grant, serving from 1873 to 1874. During Sec. Richardson's tenor 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, where profiteering took place over the collection of taxes by John D. Sanborn. As pressure mounted for Richardson's resignation, Richardson resigned, while President Grant quietly appointed him Justice to the United States Court of Claims, where he served on the bench for the rest of his life.