Born in Cazenovia, New York, he graduated from Harvard College in 1863 and Harvard Law School in 1865. He worked as a lawyer with the firm of Hand, Hale, Swartz & Fairchild until 1874 when he becamde Deputy Attorney General of New York. He was elected to the higher office of Attorney General of New York and served from 1876 to 1877. He returned to the law, working in that profession until 1885, when he was appointed Assistant U.S. Secretary of the Treasury. During his time as Assistant, he often represented Secretary Manning. When Manning resigned, Mr. Fairchild became acting secretary. He was appointed U.S. Secretary of the Treasury and served in Grover Cleveland's administration from 1887 until 1889.