Morgan soon established a large enterprise in buying and shipping agricultural products, and also in boatbuilding, in which he was joined by his brothers. With his brothers, he also had extensive gypsum beds in
Grand Rapids, Michigan, and a starch-making business at
Oswego, New York. In addition to his business career, Morgan was active in the
New York Militia as inspector of the 2nd Division, which included units from
Cayuga,
Wayne,
Ontario,
Yates,
Tompkins, and
Seneca Counties. According to New York's 1827 militia law, each division was authorized an inspector at the rank of colonel, and each brigade an inspector at the rank of major; from this military service, Morgan derived the title "Colonel" Morgan, by which he was known even after he was no longer active in the militia. He was a director and first president of
Wells Fargo & Company, organized March 18, 1852, by his fellow townsman
Henry Wells, who had been a founder of the
American Express Company in 1850. 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 American Express. By the time Morgan became involved, American Express had its headquarters in
Manhattan. Morgan was first nominated for a seat in Congress in 1850, but he was defeated by 14 votes. 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. ==Later years==