It was part of an abortive attempt by members of the Liberal Party to establish a breakaway group.
No actual party was ever formed, but the name was frequently applied to the group of dissident MPs by the press.
Russell and Pirani, along with other MPs such as William Collins and George Smith, were dissatisfied with the Liberal Party under Richard Seddon, believing that it had lost its commitment to its founding ideals.
Tensions appeared to rise between its various members, with rumours circulating that neither Russell nor Pirani would concede the leadership to the other.
The MPs whose names had been mentioned in connection with the Radical Party distanced themselves from it, stating that they had never made any commitments.