Evening journal., 1914-03-03
NEW NEWS OF YESTERDAY
How he Tried to Bring
About Resumption Of
Specie Payments
~ Holland.
By Holland.

The late Senator Henry l.. Dawes.
who for many years represented the
Western Massachusetts district IN
the lower House OF Congress and
aftorward 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 General Grant. For
Mr.. Dawes received an intimation
shortly after Secretary Of the Treas
ury George s. Boutwell, resigned that
General Grant would be glad to ap-
point him secretary. Mr.. Dawes,
however, felt that his place was in
Congress, where he had gained high
authority as chairman of committees
whose relations with the treasury de-
partment were close.
was walking one morning in the
spring of 1882 with Senator Dawes
who apparently had come from the
White House. when I met him just
in front Of the treasury building
Something had occurred in the morn
ing. or perhaps II was some vivid
recollection brought TO his mind, as
we looked at the treasury building
which led him to make a remark
entirely out Of line with the trifling
matter which he had been the subject
of our chat.
He said: Il suppose that without
exception there never was a man
who entered the treasury department
to take charge of an Office Of high
authority who was more astonished
than was my friend william A. Rich
ardson. He was an able lawyer,
whose home was in Lowell, Mass. He
had served for "A long time as pro-
bate judge. His career and his am
bltion had always been confined
strictly TO his professional work
Suddenly he received an offer of the
post of assistant secretary Of the
treasury. and he attributed it to the
earnest desire of his old friend,
George S. Boutwell,. who became sec
retary OF the treasury at the begin
ming 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 events. Richardson found HIM
self transferred from his law practice
to the Office of assistant secretary of
the treasury, and ! don't think he
ever got over wondering how he got
there.
I'VE never tried TO conceal a very
proper feeling of pride when, after
Boutwell, retired, in 1878, Grant
pamed Richardson as secretary Of
the treasury. Two or three things
that he did have become traditional
in the. treasury department. especi-
ally the very clever manner in which
he. in association with the secretaSs
OF State, Hamilton Fish. handled the
payment by Great Britain to the
United States of fifteen millions IN
gold. representing 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, I'm view Of the
fact that Judge Richardson had been
appointed chief justice of the court
of claims, l happened to mention to
a Boston banker what Senator Dawes
had said to me about Richardson's
constant astonishment as he consid-
cred himself I'm connection with his
post as assistant secretary and then
secretary of the treasury.
ct was chatting with Judge Rich
ardsOn after he retired from the
treasury department one day when
met him on the street i'm Boston. 3"
this banker replied. II asked him il
he did not try, about 1874. to initiate
resumption of specie payment five
years before Secretary John Sher-
man actually did that
HE gave me very peculiar look,
and then he smiled in a half depre-
eating way. At last he said: Yes.
did think that ] could initiate a re-
sumption Of specie payment in 1874.
/ decided to let II be known IN q
quiet way that ! would redeem gov
ernment notes in gold although
would accept no offer of that kind in
excess of $40. / thought IN that
way we could gradually and safely
extend operations until at last specie
payments we're resumed. But, do
you know the confounded newspapers
got hold of Il and published some
spectators would get together.
some times two and some times
twenty different persons, each Of
them having a ten-dollar greenback
which was presented for redemption
in gold. These confounded specu-
lators, having got the gold in that
way, Immediately went Or and sold
it. for gold was at a premium then.
The thing had gone along for some
days before l found out what was
going on. Then I realized that be-
tween the newspapers and the specu-
lators J was going to make a fail
ure OF IL. so / withdrew the order.
But ! still think that If ii had been
kept quiet ! should have been able
in that gradual way to bring a re-
sumption of specie payment
Copyright. 1914. by +. j. Edwards.
All rights reserved0
Tomorrow Mr.. Edwards will tell Of
General Buffers Joke About Specie
Payments"