The Washington herald., 1914-03-03
HISTORY BUILDERS.
How He Tried to Bring About Re
sumption Of Specie Payments.
Nv DIR. u. j. EDWARDS.

Nv DIR. u. j. EDWARDS.
- HE late Senator Henry l.. Dawes.
who for many years represented the
Western Massachusetts, district In
the Lower House Of Congress and aft
erward served for several terms as
United States Senator. could have
been, had he been willing to listen
to a hint, Secretary OF the Treasury
In the Cabinet OF Gen. Grant For Mr..
Dawes received an intimation shortly
after Secretary Of the Treasury George
=. Boutwell, resigned that Gen. Grant
would be glad to appoint him secretary.
Mr.. Dawes. however, felt that his place
was In Congress. where he had gained
high authority as chairman of commit
tees whose relations with the Treasury
Department were close.
l was walking one morning In the
spring OF 1882 with Senator Dawes, who
apparently Rad come from the White
Hcuse. when I met him just In front Of
the Treasury Building. Something had
occurred In the morning. or perhaps IL
was some vivid recollection brought to
his mind. as we looked at the Treasury
Building which led him to make a re-
mark entirely out Of line with the trifiIng
matter which he had been the subject OF
cur chat.
He said: "I suppose that without ex
ccption there never was a man who en-
tered the Treasury Department TO take
charge of an office Of high authority who
was more astonished than was my friend
William A. Richardson. He was an able
lawyer, whose home was in Lowell
Mass. He had served for a long time
as probate Judge. His career and his
ambition had always been confined strict
Is to his professional work. Suddenly he
received an offer of the post Of Assist
ant Secretary of the Treasury and he
attributed II to the earnest desire Of his
old friend. George s. Boutwell,. who be-
came Secretary of the Treasury at the
beginning Of Grants administration. to
have Richardson associated with him.
Richardson demurred, saying that he
had had no financial training. and was
told that that was not necessary. At all
ferred from his law practice to the Office
of Assistant Secrt ry of the Treasury,
and i don't think he ever got over won
dering how he got there
we never tried to conceal a very
Proper feeling Of pride when, after Bout
well retired. IN 1873. Grant named Rich
ardson as Secretary of the Treasury.
Two or three things that he did have be-
come traditional in the Treasury De-
partment. especially the very clever man
mel in which he. In association with the
Secretary Of State. HAMILTON Fish.
handled the payment by Great Britain to
the United States Of $l5.O00.0oo In gold.
reLresentins the award which was made
by the Geneva arbitration tribunal for
damages on account Of the depreciation
of the Confederate privateer Alabama"
Some time after this conversation with
Senator Dawes. in view Of the fact that
Judge Richardson had been appointed
Chief Justice Of the Court OF Claims.
happened to mention TO a Boston banker
what Senator Dawes had said to me
about Richardson's constant astonish-
ment as he considered himself in con-
Election with his post as Assistant Secre-
tary and then Secretary of the Treasury.
Il was chatting with Judge Richardson
after he retired from the Treasury De-
IA rtment one day when I met him on the
street in Boston" this banker replied. II
asked him II he did not try, about 1874
to initiate a resumption OF specie pay
ment five years before Secretary John
Sherman actually did that.
He gave me very peculiar look.
and then he smiled in a half-deprecat-
Ing way. At last he said: Yes. l did
think that l could initiate a resump
tion of specie payment in 1874 l decid-
ell to let It be known in a quiet way
that ! would redeem government notes
In gold. although I would accept no
offer of that kind in excess OF SO. I
thought in that way we could gradually
and safely extend operations until at
last specie payments were resumed. But,
do you know, the confounded newspa-
pors got hold OF II and published some
thing about IL. Then brokers and specu-
lators would sc. together, some times
ten and some times twenty different per-
sons. each of them having SO certificate
which was presented for redemption in
gold. These Confounded speculators.
having got the gold in that way. i'm
mcdiately went OF and sold 1t. for gold
was at a premium then. The thing had
gone along for some days before l found
cut what was going on. Then / realized
that between the newspapers and the
SPECTATORS I was going to make a fail
ure of IL, so I withdrew the order. But
still think that IL il had been kept
quiet ] should have been able in that
gradual way TO bring about a resumption
OF specie payment"
Copyright. 1914