In 1872, Franklin was approached by a Pennsylvania and New Jersey faction of the Democratic Party to run against Horace Greeley for the party's nomination as President of the United States, a task he declined, citing a need for party unity. He was a delegate to the 1876 Democratic National Convention. During the 1876 presidential election, he served as elector for Samuel J. Tilden. In June 1888, after his retirement from Colt Firearms, he was named as the U.S. Commissioner-General for the Paris Exposition of 1889, when he was made a grand officer of the Legion of Honour. Between 1880 and 1899, he was president of the Board of Managers of the National Home for Disabled Volunteer Soldiers.