William Adams Richardson
William Adams Richardson ( born November 2, 1821 in Tyngsborough, Middlesex County, Massachusetts, † October 19, 1896 in Washington, DC) was an American lawyer and Republican politician and Minister of Finance of the United States.
Study and career
Richardson holds a degree in law at Harvard University, from which he graduated in 1843. After admission to the bar in 1846, he opened an office in Lowell. As such, he was also editor of the auditor and state statutes of Massachusetts, which he presented in 1855 and revised to 1873 annually. In 1856 he was judge of the Probate Court ( Probate Court ) of Middlesex County. After that, he was from 1858 to 1869 Judge of the estate and the bankruptcy court.
From 1863 to 1875 he was a member of the supervisory body ( Overseer ) his alma mater, Harvard University. At the same time he was a professor at Georgetown University. 1873 George Washington University awarded him an Honorary Doctorate of Law ( LL.D. ). Between 1874 and 1896 he was also the author of a commentary on the legislation of the U.S. Congress.
Political career
Treasury under President Grant
At the request of Treasury George S. Boutwell President Ulysses S. Grant appointed him in 1869 as Deputy Minister of Finance ( Assistant Secretary of the Treasury ). Following the resignation Boutwell, President Grant appointed him eventually even on 17 March 1873 as Finance Minister in his cabinet.
During his tenure, there was an economic crisis in 1873, after which the money supply due to the increasing economic development was scarce. Richardson responded with the issuance of 26 million U.S. dollars in bank notes to satisfy the demand for money. The legality of this action was indeed questionable, but there was no intervention of Congress. In the following 40 years it came under other finance ministers again and again to such reactions in economic crises. This was ultimately a basis for the creation of the Federal Reserve System in 1913.
However, the finance minister, he held only until June 3, 1874, when he was forced to resign after the scandal known as Sanborn. Richardson then commissioned a citizen named John D. Sanborn with the collection of tax debts. Half of the taxes collected are kept Sanborn, while he himself zuführte the majority of the other half to the campaign funds of the Republican Party. Successor as finance minister Benjamin H. Bristow.
Ascent to the presidency of the U.S. Court of Claims
Despite his inglorious departure as finance minister, he was appointed a judge of the 1874 still Court of Claims. In 1885 he was appointed to the presidency of this Federal Court, which deals with compensation claims against the government. This office he held until his death.
William Richardson was the nephew of Congressman William M. Richardson ( 1774-1838 ).
Writings
- The Banking Laws of Massachusetts. Lowell, 1855
- Supplement to the General Statutes of the Commonwealth of Massachusetts. Boston, 1860-1882
- Practical Information Concerning the Debt of the United States. Washington, D. C., 1872
- National Banking Laws. 1872
- Supplement to the Revised Statutes of the United States. 1881
- History of the Court of Claims. 1882-1885