The Daily spy. [volume] (Worcester [Mass.]) 1845-1850, 1848-12-25

CoRcoRAN AND RIGGs, THE AMERICAN
BANKERS. The Washington correspondent of
New-Oreans paper gives the following
count OF the rise and progress OF the now famous,
wealthy, and influential bankers at Washington,
Messrs. Corcoran & Riggs:
The head of our Washington Banking House,
W. w. CorcoraA, is the son OF a poor Irish shoe
maker, who settled in Georgetown, in the Dis
trict of Columbia, upwards Of half century ago,
and was a warm hearted, generous of Erin,
great lover OF liberty, and a genuine disciple OF
democracy. In the struggle between the elder
Adams and Jefferson, he was equally ready with
his purse and shilelah to promote or defend the
cause of the people. By industry and integrity
he amassed handsome fortune. and retired from
business. Such was the esteem by which he
was held by his fellow citizens, that he was cho-
sen mayor, aud held the office until he saw fit to
resign it. In after years the depreciation in
property in Georgetown was so great, that his
estate, which was considered as ample compe-
tence for all his children, became mere pit.
lance. William, the present banker, was the
youngest son, and commenced his career mthe
auction and dry goods business, in conjunction
with brother somewhat older than himself
The affairs turned out disastrousy, and they fail
ed, the partners sacrificing everything to meet
the demands Of their creditors.
Mr.. William Corcoran was then employed to
aid in winding up the affairs OF the old Bank of
Columbia, which had turned over its assets to a
branch of the United States Bank for the bene-
fit of its creditors and am sorry to say it was
not long before this very branch broke, like all
the rest OF that unfortunate concern. 1t was
here probably, that Mr.. Corcoran first learned
the rudiments of money making. While engage
ed in this settlement, he paid his addresses to
daughter OF Commodore Morris, young, lovely
and blooming girl, but the father having VIOLENT
ly opposed the match, on account OF Mr.. C's cir
cumstances, the young lady saw fit to give the
old gentleman the slip, and united her destiny
with Mr. c. She did not live, however, to see
his present affluence, but died early, leaving an
only daughter, now sole heir TO the fathers
| great possessions. Mr.. C. afterwards opened
brokers' office in the city, and managed matters
| with so much skill, that his accumulations were
| exceedingly rapid. In the arrangement OF some
business for Mr.. Elisha Riggs, of New York,
that gentleman became so pleased with the fl
nancial skill evinced, that he placed his son
George W. Riggs, in partnership with Mr.. Cor
coran, with liberty to draw on New York 10 an
unlimited extent This was the commencement
of the celebrated banking house OF Corcoran &
Riggs, and it went on i'll full tide OF success
tul experiments, from Its first formation to the
present time. The first government loan offered
by the present administration was taken by this
hrm, and an enormous sum realized from the
transaction. The house has ever been as liber-
al as successful. 1t gave the handsome donation
OF five thousand dollars to the poor Irish at the
time of the famine, and MIR. Corcoran has since
given ten thousand for the benefit of the poor
widows of his native town, besides numerous
sums in charity to the poor of this city. Such
men deserve the blessings Of fortune to be show
cred on them.
George W Riggs retired from the firm before
the second loan was taken in part by the house
but brother of his taking his place. the original
firm OF Corcoran & Riggs still stands. Mr.. Riggs
is now enjoying Otium cum dignitate on beau.
tliul country seat, about hours ride from
Washington, where he gives up his time to the
pursuits of literature, and the improvement and
adornment of his Eden
Such is brief history OF the origin of the
house OF CorcOran & Riggs, firm that has amass-
ed more wealth, risen higher in public opinion,
and welded more influence, for its short career,
than any other in the United States of America,
or probably in the world.