An enthusiastic Republican, Failing was a delegate to the 1864 Republican National Convention which nominated Abraham Lincoln for a second term, and to the 1868 convention that nominated Ulysses S. Grant. From the time he retired from business until his death on August 14, 1877, he devoted his time to religious and philanthropic work. He was a Baptist. He is buried at River View Cemetery, which was founded by his son Henry and other prominent Portland citizens. Failing School was named in his honor in 1882–83, and the name carried over to a replacement built in 1912, which still stands and is currently the National University of Natural Medicine. Failing Street in Northeast Portland carries his family's name.