Levi Parsons Morton

Politician, banker

• Born: May 16, 1824
• Birthplace: Shoreham, Vermont
• Died: May 16, 1920
• Place of death: Rhinebeck, New York

Significance: Levi Parsons Morton was an American banker and politician. He was the twenty-second vice president of the United States under President Benjamin Harrison and later became the governor of New York. Morton grew up in a family of modest means and worked as a store clerk and manager before building his fortune in imports. He then got involved in banking and became one of the most powerful bankers in the United States. He made many friends in politics through his banking career, earning him the support of many influential names when he chose to enter into politics.

Background

Levi Parsons Morton was born on May 16, 1824, in Shoreham, Vermont. His father was a preacher and traveled from church to church. Morton lived in many places around New England in his early years as a result. Although Morton longed to attain a college degree, his family was unable to afford tuition. He moved to New Hampshire at fourteen and worked as a store clerk for two years. He then took a teaching position at the Boscawen common school, where he remained for several years. Morton left the teaching profession in 1842 and took another store clerk job at the general store owned by W. W. Estabrook in Concord. He worked hard and learned how to keep financial records of profits and losses. He eventually was promoted to store manager. He saved most of his earnings in hopes of purchasing the store from its creditors after the original owners went bankrupt. Morton was able to do so at twenty-one and became a wealthy man over the next few years.

Morton's success earned him an invitation to join the James M. Beebe and Company dry goods firm, Boston's largest importing firm. He later became a partner at the firm and relocated to New York to take over operations there. In New York, Morton decided to open his own dry goods company. He brought goods to the North from the South, and shipped goods to the South from the North. The cotton Morton brought from the South supplied much of New England's textile industry. When the American Civil War broke out, Morton's Southern suppliers cut off ties with the North, which forced Morton to suspend his business temporarily. Although he was able to recover as the war stimulated the North's economy, he decided the import business was too unstable. He chose to refocus his efforts in the banking industry, believing it would provide him more security and wealth.

Morton founded a banking house in 1863 that he later named Morton, Bliss & Co. His banking house gradually earned more prestige over the next decade, and soon he was vying for the opportunity to handle government banking transactions. By 1873, he was considered the foremost investment banker in the nation. Morton made many powerful friends throughout his banking career and became more active in politics. His friends included President Ulysses S. Grant, Senator Roscoe Conkling, and Senator Thomas Platt. He decided to run for a seat in the House of Representatives in 1876 but lost by a narrow margin. He ran again in 1878 and won.

Overview

Morton served only one term in Congress, during which he served on the committee of foreign affairs and advocated the gold standard monetary system. In 1880, Morton was offered the vice presidency under Republican candidate James A. Garfield but turned down the position because he did not believe Garfield would win. Garfield did win, however, and Morton instead lobbied for the position of treasury secretary. Garfield was wary of appointing a banker to the post of treasury secretary. Instead, he offered Morton an appointment as minister to France. Morton resigned from the House in 1881 to accept the position. Garfield was assassinated shortly after this appointment, and his vice president, Chester A. Arthur, became president.

In his role as minister to France, Morton worked to obtain better legal rights for American businesses based in France. Morton also accepted the gift of the Statue of Liberty from French sculptor Frédéric-Auguste Bartholdi on July 4, 1884, and organized its shipment back to the United States. He returned to the United States shortly before the 1884 presidential elections and began fund-raising for the Republican candidates. The Republicans lost the election, however. Morton then campaigned for a seat in the US Senate but failed.

In 1888, Morton was selected to run as vice president alongside Republican candidate Benjamin Harrison. Harrison defeated his Democratic opponent Grover Cleveland despite losing the popular vote. As vice president, Morton became known for his ability to strike compromises in the Senate, and he was willing to negotiate issues even when it meant going against his own party. Morton refused to stop a Democratic filibuster of the Lodge Force Bill, which aimed to authorize federal enforcement of fair elections. Although Morton's Senate colleagues greatly respected him, Harrison chose a new vice presidential candidate for his ultimately unsuccessful 1892 campaign.

Morton was elected governor of New York in 1894. He supported the merging of New York City and Brooklyn to form Greater New York City. He considered running for president in 1896 but his attempt was overshadowed by William McKinley. He did not seek a second term as governor. He returned to the financial world to create the Morton Trust Company in 1897, which later merged with J. P. Morgan's Fifth Avenue Trust. Morton died on May 16, 1920, his ninety-sixth birthday.

Impact

Morton was present for some important events in American history, including the French gifting of the Statue of Liberty and the union of Greater New York City. He exhibited uncommon fairmindedness during his time in politics, a benevolent quality that unfortunately earned him several enemies within his own party. Morton's legacy primarily lies in his banking career, and during his lifetime he was one of the richest and most influential investment bankers in the country.

Personal Life

Morton married Lucy Kimball in 1856. The pair's only child, a daughter, died in infancy. Lucy died in 1871. Morton then married Anna Livingston Reade Street in 1873. The couple had five daughters together.

Bibliography

"Levi P. Morton." Miller Center, millercenter.org/president/bharrison/essays/morton-1889-vicepresident. Accessed 21 Jan. 2018.

"Levi Parsons Morton, 22nd Vice President (1889–1893)." United States Senate, www.senate.gov/artandhistory/history/common/generic/VP‗Levi‗Morton.htm. Accessed 21 Jan. 2018.

"Morton, Levi Parsons." United States Office of the Historian, history.house.gov/People/Detail/18601?ret=True. Accessed 21 Jan. 2018.

"Morton, Levi Parsons, (1824–1920)." Biographical Directory of the United States Congress, bioguide.congress.gov/scripts/biodisplay.pl?index=m001018. Accessed 21 Jan. 2018.

"Vice President Levi P. Morton: Biography & Facts." Study.com, study.com/academy/lesson/vice-president-levi-p-morton-biography-facts.html. Accessed 21 Jan. 2018.