Career
Morgan soon established a large enterprise in buying and shipping agricultural products, and also in boat-building, in which he was joined by his brothers. With his brothers, he also had extensive gypsum beds at Grand Rapids, Michigan, and a starch-making business at Oswego, New York.
He was a director and first president of Wells Fargo & Company, organized March 18, 1852, by his fellow townsman Henry Wells, who had first founded American Express in 1850 with two associates. Wells Fargo was developed specifically to offer express mail, shipping and banking services to California, where thousands of people were being drawn as the Gold Rush spurred migration and development.
In 1854 Morgan founded the United States Express Company to provide similar express mail services for the Southern states. It connected with Wells Fargo at St. Louis, Missouri.
Also, from about this time until his death in 1881, Morgan was a director of the American Express Company, which had been founded in Albany in 1850 to offer express mail and banking services throughout New York state. By the time Morgan became involved, American Express had its headquarters in Manhattan.
Morgan was elected to Congress in 1852 as a Whig, in 1854 as an Opposition Party candidate, and in 1856 as a Republican. He represented New York's 25th congressional district from March 4, 1853 until March 3, 1859. In 1855-56 he was chairman of the Committee on Patents. Morgan was one of the Members of Congress who rescued Charles Sumner from the assault by Preston Brooks on May 22, 1856.
Early in his Congressional service, Morgan resigned as president of Wells Fargo but remained a member of the board of directors. He was not a candidate for reelection in 1858. On July 20, 1858, he resigned his seat on the Wells Fargo board, and N.H. Stockwell was elected to succeed him. In November 1858, however, Thomas M. Janes resigned, and Morgan was again elected to the board.
Read more about this topic: Edwin B. Morgan
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