United States Secretary of the Treasury from 1873 to 1874, under President Ulysses S. Grant. Tenure as Secretary of the Treasury During Richardson's tenure the Panic of 1873 swept the nation and caused a depression that lasted five years. Richardson responded by controversially releasing $26,000,000 in paper money reserves in an inflationist measure to help alleviate the effects of the general panic. There was debate whether Richardson had the authority to do so, however, Congress had not passed a law to forbid such an action. Richardson secured the $15,000,000 award from the Alabama Claims through the retirement of United States bonds held in Europe. This was to ensure that no gold had to be transferred overseas by ship. 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 of expansion and panic continued for the next thirty years, however, and were the basis for the creation of the Federal Reserve in 1913. Richardson's tenure was marred by the Sanborn Incident, which involved favoritism and profiteering in the collection of unpaid taxes. Pressure mounted for Richardson to be removed; he tendered his resignation, which President Grant accepted. As a face-saving gesture, Grant then appointed Richardson as a Judge of the Court of Claims. Federal judicial service Richardson was nominated by President Ulysses S. Grant on June 1, 1874, to a Judge seat on the Court of Claims (later the United States Court of Claims) vacated by Judge Samuel Milligan. He was confirmed by the United States Senate on June 2, 1874, and received his commission the same day. His service terminated on January 20, 1885, due to his elevation to be Chief Justice of the same court. Richardson was nominated by President Chester A. Arthur on January 15, 1885, to the Chief Justice seat on the Court of Claims vacated by Chief Justice Charles D. Drake. He was confirmed by the Senate on January 20, 1885, and received his commission the same day. His service terminated on October 19, 1896, due to his death in Washington, D.C. He was interred in Oak Hill