Year: 1874

If the report be true-and there seems to be
reasonable ground for belief in its accuracy
that Secretary Richardson is in precariOus
health, largely induced, as his friends feel,
by keen mental suffering, he will have the
sympathy of the public. 1t is not Mr.. Richard
sons fault perhaps, that he has been unable to
cone with the difficulties of his position. 1t
was his weakness to aspire to it, and his mis-
fortune to have made very lamentable fall
ure. For him as an individual, well-mean-
ing individual, somewhat out of place, there
is nothing but that kindly and charita-
bic feeling which the American people
habitually exercise toward tho unfOrtu-
nate. 1t very often happens to men
OF estimable private character, lacking ca
pacity rather than integrity, to find themselves,
through some innate weakness of their own
or the partiality of others, in situations where
they unwittingly represent an unwhOlesOme
political condition or mischievOus and per-
nicious tendency. This is what seems to us
to have happened to Secretary Richardson.


II was entirely natural for him to accept
responsibilities which his predecessor in office
and the Executive himself deemed him COM
petent to grapple with. He had been second
in the administration of the Treasury during
Mr.. Boutwel's term, and probably believed
himself to be familiar with all the duties Of
the higher place; able to exercise the
larger functions of Chief OF the Depart
ment In this delusiOn Mr.. Boutwell, partici-
pated to such an extent as to advise his selec-
ton, and the President so fully concurred as
to make the appointment 1t makes no differ
ence that the country was greatly surprised at
it, and that Among all classes it was thought
strange and by no means wise appoint
mont. Mr., Richardson could not be supposed
to know that fact, or knowing It, to be led
to distrust himself on that account. lie had
stood next to Secretary Boutwell, IN
that gentleman's management of the finances,
and seeing what he considered to be its
complete success, did not doubt his own ability
to do as well and achieve as much. Doubtless
it had not entered into his calculations that
there was anything more than routine business
to be transacted; it did not occur to him that
there were any such grave possibilities Of
financial disturbance, and perhaps disaster,
as afterward appeared. Affairs had gone
on so smoothly with the issue of irredeemable
promises and the general readiness to accept
them without question or hesitation, that the
uncertainty of that tickle factor of all financial
systems-pubic confdence-did not enter his
mind, nor was he disturbed by any cOnsidera-
ton of the very remote contingency of its
being weakened or Withdrawn.


The time of Mr. Richardson's acceptance of
the Treasury portfolio was one when, not
withstanding everything indicated prosper
Ous condition and the financial outlook seemed
very fair, thoughtful men were looking for
ward to a reaction which they believed inev-
liable, and to be only question OF time.
Sooner than most people anticipated, it
came. Mr.. Richardson was entirely I'M
equal to it. To an Administration which had
no grasp or comprehension OF the situation,
and no craftsmanship to devise policy for
the crisis, the Minister of Finance brought no
reinforcement. The specie RESUMPTION specific,