He began his business career as a grocer in
Hartford, Connecticut. He became a partner with his uncle and served on the city council. In 1836, he moved to New York City and became a successful wholesaler, broker and banker. In 1843, Morgan organized E.D. Morgan & Company, an import house, in partnership with George D. Morgan, his cousin, and Frederick Avery, who left the firm a year later and was replaced by
John T. Terry. Solon Humphreys was taken in as a full partner in 1854 after working several years as an agent in St. Louis, Missouri. Largely through his connections, the firm became the principal agent for Missouri securities. Nearly two-thirds of the bonds issued by the State of Missouri from 1835 to 1860, plus a large share of securities of St. Louis, were sold through the house of Morgan – in all perhaps thirty million dollars' worth. All the while the firm maintained its wholesale grocery trade. Morgan became highly influential in
Republican politics of his time and twice served as chairman of the
Republican National Committee, 1856 to 1864 and 1872 to 1876. In
February 1863, he was elected to the U.S. Senate, and served one term until 1869. In
January 1869, he sought re-nomination, but was voted down by the Republican caucus of State legislators who instead nominated Ex-Governor
Reuben E. Fenton. In
1876, Morgan ran again for Governor but was defeated by Democrat
Lucius Robinson. In 1881, Morgan was nominated by President
Chester A. Arthur as
Treasury Secretary and was confirmed by the Senate, but declined the position. ==Personal life==