Rice refused to stand for reelection, and then left politics for a time, devoting himself to his business interests. In 1872, after the Boston fire, he served on a relief committee that assisted in dealing with its aftermath. In 1871, Rice was one of a number of contenders for the Republican nomination for Governor of Massachusetts, a contest which was dominated by Benjamin Butler and won by William B. Washburn. In 1875, he won the nomination, and defeated incumbent Democrat William Gaston in the general election. He served three one-year terms before retiring from politics for good.