THE OLD MERCHANTS OF NEW YORK CITY
        Second  Series

By  Walter Barrett, Clerk
     1863

     MERCHANT  DESCRIPTIONS

       CHAPTER  1

      Among the many powerful names enumerated among these "Old Merchants"
since their commencement, who have lived and moved in this great commercial
city for seventy years, who had added to its glory and prosperity, who have
given names to families of which their descendants may well be proud--who
have been remarkable for their extended commerce, their wealth, their bold
operations, embracing a world--as remarkable for their intelligence as for
their integrity, for their capability and their correctness in every
relation of life; of vigorous intellect, of a continued perseverance for
years and years, of unwearied diligence;  yet of how little consequence
beyond their own sphere, or "off change," have any of them been?

         How very few have wielded party influence, or obtained political
power? The exceptions to this rule are so remarkable, that one can count
upon his fingers the names of almost every prominent man, who in the last
half century, among merchants, has been elected to the lower house of
Congress, or even to either branch of our State Legislature.

       J. G. King was in Congress, but from New Jersey, where he has resided
while he was alive. Moses H. Grinnell, of Grinnell, Minturn & Co., was once
in Congress, lower house, but years ago.

      John I. Morgan and Gideon Lee were both in Congress. Fernando Wood was
in the lower house. He was formerly of the firm of Wood & Fairchild. He has
also reached the mayoralty, as have a few other merchants, such as A.C.
Kingsland, Gideon Lee, W.H. Havemeyer, Philip Hone, D.F. Tieman and others.
John Broome, was Lieut. Gov. of the State.

       But two merchants of this city have reached the governorship of a
State, and of these two, I have to record a very curious fact. One came from
Connecticut a poor boy, become a merchant, and afterwards became twice
Governor of the State of New York. This one was Edwin D. Morgan.

      The other was a Connecticut boy originally, but before he came to New
York to be a merchant, had been secretary of the treasury to General
Washington in 1795 to 1799, and then established himself as a merchant in
New York City, and when he retired from business went to Connecticut, and
was twice elected Governor of that state, as E.D. Morgan has been of New
York.
 I allude to Oliver Wolcott, Jr.

OLIVER  WOLCOTT  JR.

      He was the son of the first Oliver Wolcott who was Governor of
Connecticut in the Revolutionary times. Young Oliver, when Washington became
President, took a position as "Comptrollor of the Navy," of which Alexander
Hamilton was Secretary. In 1795, he succeeded Hamilton as Secretary. Shortly
after, Thomas Jefferson became President, in 1801--Oliver Wolcott Jr., came
to New York, and went into business at 52 Pine street, under the firm of
"Oliver Wolcott & Co."  In 1802, he was elected president of the Merchants'
Bank, chartered that year, and was surrounded by such grand old fellows as
Joshua Sands, Richard Varick, Henry A. Coster, Lynde Catlin, Henry Wyckoff,
William W. Woolsey, Peter Jay Munro, and other great names of the city.  To
be a bank director in this city, when there were but four banks, "New York,"
"Manhattan Company," "U.S. Bank," and "Merchants," was an honor, and it gave
a great financial power.

      He resigned the presidency of the bank in 1805, and devoted himself
especially to merchandizing, keeping his store at 52, and his residence in
an old-fashioned dwelling house, 26 Pine Street. He did business until 1814
at the old store, 52. In 1816 he gave up his house, 26, and went to
Litchfield, Conn. It was after that he became Governor of Connecticut.

      While living at 26 Pine street, his beautiful daughter married (in
that house,) William Gracie, of the firm of Archibald Gracie & Son (1810).
Never did bridal couple enter into married life with more brilliant
prospects of happiness than these two. She was beautiful beyond compare. At
this time Archibald Gracie owned a country seat, near Hurlgate. It was
called "Gracie's Point." It overlooked Blackwell's Island___a large, yellow,
wooden building, on the East River, and almost on the bank. Thither the
young couple repaired on the evening of the day they had been married at 26
Pine Street. The festivities were kept up until a late hour. The bride
retired with her bridesmaids, and the happy husband was sent for to see his
young bride___die. She had ruptured a blood vessel. It was a melancholy
affair. Never was there a more high-spirited gentleman than Colonel William
Gracie.  He (many long years afterwards) entered into marriage with Miss
Fleming, a beautiful girl, scarcely less lovely than his first bride. When
he died, about twenty years ago, he left a daughter. Governor Wolcott died
at Litchfield, Connecticut.

      Thus much for our first New York merchant, who became a Governor. Now
for the second, E.D. Morgan..

EDWARD  D.  MORGAN

      He, too, was a Connecticut boy, born in Hartford, the adjoining county
to Mr. Wolcott, who was from Litchfield. Young Morgan was placed in a very
subordinate clerkship in a store at Hartford city. His duty was to sweep out
the store, go of errands, and do a little of everything. While he was acting
in this capacity, his employer sent him to New York City, a place he had
never been to before, of which he had no previous conception, and probably
no idea of the important figure he would bear in it. While looking about the
city, he met with a cargo of corn that was for sale. It occurred to him that
there was money to be made by it. He at once acted upon the idea, purchased
the cargo, and sent it to Hartford. When he reached that place, he went to
work and sold this lot of corn at a round price, realizing for his employer
a very large profit. After this somewhat bold operation by the junior clerk,
the partners came to the conclusion that there were other ways in which
young Morgan could be made more serviceable than in sweeping out the store,
and they promoted him to more important duties. Not many months after the
visit to New York, he began to think that Hartford was rather too
circumscribed for his growing mercantile ambition (he had no political
thoughts then,) and with his usual promptness he decided to go New York
City. His acquaintances in Gotham were limited, but this did not daunt him.
He possessed the irresistible perseverance and indomitable industry that
would enable him to surmount anything, and he determined to try his fortunes
here. To this city he came in 1830.  He lived in John street, at No. 57,
with David Hale, who had just started The Journal of Commerce, but not being
sure of success, aided on his enterprise by keeping a boarding-house of a
high character.

      Among other youths from Connecticut at that time, George Collins,
Morris Earl, John J. Phelps and Amos R. Eno accompanied Edwin D. Morgan.  At
any rate they came here about the same time, and one or more boarded at
David Hale's.

      Later in life, in 1836 or 1837, E.D. Morgan formed a partnership with
his old crony and townsman, under the firm of Morgan & Earle, at No. 61
Front street and their business was the wholesale grocery. Of course, their
means were very limited, and it was some time before their credit became
fully established, and their custom was for a long time principally from the
section whence they came.

      They added to their profits by being agents of Hartford Fire Insurance
Companies, and as the latter took risks at a very low rate, they did a heavy
business.

      Morris Earle continued in business with Mr. Morgan a year, then the
firm was dissolved, and Morgan was so heartily sick of all partnership
arrangements, that he determined to have no more partners. He continued
business at the same store one year, and then moved from 61 to 63 Front. His
residence was at 45 Pearl; First Ward, and he now commenced to take an
active part in primary politics.

      This, after all, is the grand secret of a man's success in political
life. No matter what party he belongs to, he must, to hold a position and
obtain nominations, be able to hold his own in the primary work, and do a
little for himself.  Good and great men are not so scarce, that they have to
be sought after among the secluded men. When a princely merchant of any
party is sought after, it is because a party or men wish to use him, either
for money, respectability, or some other selfish purpose. No man continues
to be before the public any length of time, unless he is able to control the
primary meetings in his own party, in his own ward; nor could he keep in
public life if he had the eloquence of Clay, or the profoundness of a
Calhoun, without the same foothold.

      Many a merchant of both or all parties has waited in his counting-room
for a nomination to Congress. Such a man may wait until doomsday before he
is nominated for that or any other position. Did such a man stoop to mix
with the rank and file of the people, serve on ward committees, half elect
them, get on general committees, know the masses, learn to pull the strings,
he could eventually be elected anywhere, if his party had power. An
outsider, however high his rank, cannot make up his mind to buy a
nomination, and succeed. He will be cheated.

      Edwin D. Morgan was a very different person. When he was left alone in
business, he commenced speculating in the great articles of sugar and
coffee, and made no efforts to extend his wholesale grocery business.

      In prosecuting these plans, he for many years spent his winters at the
South, particularly at New Orleans. He visited all the great plantations,
and not unfrequently purchased all the sugar of a planter before it started
for market. Being calm and shrewd, he was very successful in all such
purchases, and made money very rapidly. I should suppose he was now about
fifty years old. He is a fine looking man, large and tall, and worth half a
million of dollars.

      In 1844, Mr. Morgan moved his residence to 35 Lafayette Place,
Fifteenth Ward. Little did he dream when he took that house, that upon so
trivial an act, hung his future advancement to an Assistant Alderman's
birth, a State Senatorship, a Governor, and perhaps a President. Quien Sabe?
as the Spaniards say.

      The success of Governor Morgan teaches a great moral lesson, and it is
this____to have a great political success in after years, you must be
faithful and true in the first position the people give you.

      In 1849, the Whig party in the Fifteenth Ward nominated Edwin D.
Morgan for assistant alderman. He was elected of course.  He was upon the
Sanitary Committee of the common council that year of cholera epidemic. He
was remarkable for his attention to his public duties as a member of that
committee. He never failed once to meet with it, during the whole period of
its existence. He made himself very popular with all classes during the
short period he was assistant alderman.

     In the fall of 1849, assistant alderman Morgan was transplanted from
the common council to the state senate, by being elected senator from the
sixth senatorial district. He entered upon his senatorial duties at Albany,
January 1st, 1850. He held it two sessions and in 1851 was re-elected and
served two sessions more until July 21, 1853.

      While senator, he was one of the most influential persons at Albany. A
good merchant must necessarily make a good legislator. The patient
examination that he is obliged to bring to bear upon his mercantile
transactions, he continues to apply to legislative actions.

      Mr. Morgan was a very heavy operator in railroad stocks and interests.
He was deeply interested in the Hudson River railroad company. He was also a
large holder of the Troy and Schenectady road, with his friend James Boorman
(already on our list of published American worthies.) When the Central
railroad stock was consolidated, the T. & S. road was consolidated with that
stock; he and his friend realized a large sum by it.

       In 1858, the name of Edwin D. Morgan, New York merchant, was brought
forward in the Republican State Convention as a candidate for Governor.
There were several other candidates, and his name was not apparently as
prominent, or his chances of success as good as some others.

      James M. Cook, the knowing ones all said, would be the Governor
nominated. But they underrated Mr. Morgan, his sagacity, and his management.
Messrs. Schoolcraft and Weed, of Albany, were among his backers. He had all
the Albany influence in his favor. As a matter of course he bore down all
opposition in the Convention, was nominated, and triumphantly elected.

      As the expiration of his first term of two years approached, it was
expected, or, rather, it was supposed, from the course which he had pursued
in vetoing the Susquehanna railroad, that he could not obtain strength
enough in the convention to get renominated. Many of his former political
friends had deserted him, and for a time it really appeared as though his
old opponent, James M. Cook, of Saratoga county, would be the successful man
in the Convention of 1860. But again events showed that Mr. Morgan was too
shrewd and stood too firm to be easily beaten even by his most powerful
opponent. He triumphed over all opposition, and was again nominated, and
again elected___and the last time by a majority of over 50,000.

      Luckily too is it for the state and nation, that in this year of gloom
and rebellion we have an enlightened, patriotic New York merchant for our
governor. Notwithstanding he has been tied up by foolish legislation, he has
worked wonders, and made the people and the State proud of him. In spite of
red tape, he has displayed great executive qualities, and such as will
forever, while we are a nation, and New York a state, command the admiration
of mankind.

      Our New York merchant can map out his own political future. He has
only to say that he will accept political advancement, and he will get it.

MORRIS  EARLE

      After he left the house of Morgan & Earle, he continued in the same
business on his own account. He died ten years ago, worth $100,000. He was a
hard working merchant. He went to his store before seven o'clock, a.m. and
stayed there until late at night. He made his clerks do likewise. In this
manner he shortened his own days, and destroyed the enjoyment of his life.

ABOUT  NEW  YORK  CITY  MERCHANTS

      Merchants as a class, should feel proud of the prominent advancement
of one of their own class____and his faithful performance of duty, leads to
the advancement of others. If the merchants of New York acted in harmony,
they would rule the world.

      With the vast amount of money they control, if it was used with sense,
not a member of Congress, Legislature, or even a Ward constable could be
elected without their consent.

      If the men they sent to Congress from this city were sensible and well
supported, not an act of legislation could be passed by Congress without the
consent of this city.

      Not an ambassador or foreign consul to any nation or part of the world
could be appointed without the consent of the merchants of New York.

      The merchant members of Congress could say to any Administration or
any Congress___"Do this, or the banks we represent, will do so and so. You
shall not have a dollar unless you do as the city of New York, her merchant
princes and bankers speaking through us, say you shall do."

      Did New York city exercise and express her just rights, a Secretary of
the Treasury could not hold power an hour.

      Her members in the House have only to say "her will," and it would be
done, or no more funds would be given for Government use, and it would break
when in conflict with Wall street, the banks and the merchants.

      But what sort of members does proud New York____the greatest
commercial city of the Western world send to represent her mighty
interests___her property of five hundred millions of dollars in specie that
she can raise in a week?  Does she send her money kings or her merchant
princes?

      Does she send a Howland, a Goodhue, a Boorman, a Belmont, a Perit, a
Minturn, a Murray, an Astor, a Law, a Griswold, a Westray, a Vanderbilt, a
Taylor, a Thompson, a Marshall, a Livingston, a Barclay, a Stewart, a
Gracie, a King, a Duer, or any of our grand, good, honest merchants, or
financial names?

      No!
      Who does the queen city send?

      Ben. Wood, the policy dealer and lottery vender, and men fit to be his
associates. I thank God that we have got one merchant from New York as
governor, who does the city honor in return for being honored. A little
salt, to save a bad lot.

      When the merchants of New York are true to themselves, and the high
destiny of the city, no such men as some of those who now represent her will
do so then. Until she sends her best merchants and her experienced
financiers, her true power in the world will never be felt.

      I omitted to mention that Edwin D. Morgan was for some time a director
in the Bank of Commerce; and this calls to my mind a very curious fact about
that institution, with its immense capital. Some years ago a law was passed,
that in all banks of issue the stockholders should be liable to double the
amount of stock they held. For instance, if I owned $1,000 in the Bank of
Commerce, or any other, and it should fail, I could be called upon to pay
$1,000 more. The stockholders of the Bank of Commerce at once refused to go
into any such responsibility. It at once ceased to be a bank of issue, and
has an arrangement with the Bank of the State of New York for such bank
notes as the former requires to carry on its business.

      I believe Mr. Morgan still carries on business in his own name, and
has a son, Edwin D. Morgan, Jr., in business.


Source:  The Old Merchants of New York City
Author:  Walter Barrett, Clerk           Second series
Publisher:  Carleton, Publisher, 413 Broadway
Entered according to the Act of Congress 1863
             _____________________________________

    Researched, Prepared and Contributed by Miriam Medina
                  For the Brooklyn Information Page


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