William Adams Richardson

William Adams Richardson (November 2, 1821 – October 19, 1896) was an American judge and politician. Born in Tyngsborough, Massachusetts, he graduated from Pinkerton Academy, Lawrence Academy at Groton, and attended Harvard University, graduating in 1843. He earned his LL.B. from Harvard in 1846, and was a professor at Georgetown Law School from 1879-1894. In 1873 he was appointed United States Secretary of the Treasury by President Ulysses S. Gr... more

William Adams Richardson (November 2, 1821 – October 19, 1896) was an American judge and politician. Born in Tyngsborough, Massachusetts, he graduated from Pinkerton Academy, Lawrence Academy at Groton, and attended Harvard University, graduating in 1843. He earned his LL.B. from Harvard in 1846, and was a professor at Georgetown Law School from 1879-1894. In 1873 he was appointed United States Secretary of the Treasury by President Ulysses S. Grant. He had served as an Assistant Treasury Secretary under his predecessor, George S. Boutwell. He served one year, from 1873 until 1874. The post-war economy had expanded so quickly that commercial banks became nervous and began calling in their loans. As a result, in the summer of 1873 the money supply tightened drastically, causing the Panic of 1873. Richardson responded by issuing $26 million in greenbacks to meet the demand. The legality of his action was doubtful, but the Congress did not interfere and the crisis was eased. Such cycles... less