The Bennington banner. [volume] (Bennington, Vt.) 1858-1894, 1888-07-05

SKETCH OF THE CAREER OF THE VICE
PRESIDENTIAL CANDIDATE.

SKETCH OF THE CAREER OF THE VICE
PRESIDENTIAL CANDIDATE.
Levi Parsons Morton, who was named
for his mothers brother, Levi Parsons,
the first American missionary, was born
in the year 1924, at Shoreham, W., a
small village on the shore of Lake
Champlain, just opposite Fort Ticonder
oga. He il a lineal descendant of
George Morton, one of the Pilgrim
Fathers, who came to these shores in
the ship Avon in 1923. His father was
pious clergyman, the Rev. Daniel o.
Morton, receiving a salary of only $500
year, but notwithstanding limited
means brought up family of six chill
dren and gave them good education.
The boy began his business life as a
clerk in a Hanover, N. H., dry goods
store. When 81 he entered a dry goods
store in Concord. Four years later, in
1910, he moved to Boston and became
member of the dry goods firm of Beebe,
Morton q Co. His connection with this
firm continued till 1854, when he moved
to New York, and founded the dry
goods house of Morton & Grinnell. This
firm became financially involved at the
beginning OF the war, and compounded
with its creditors at so cents on the dol
lar. Mr.. Morton, not In the least dis
couraged, established banking house
in 1868. He made money rapidly. One
day the late creditors Of the firm of
Morton & Grinnell received an invita-
tion fIom Mr.. Morton to dine with
them. When they sat down to dinner
each man found beneath his plate
check signed by Mr., Morton for an
amount OF money that paid the claim in
full, with interest. Mr.. Morton was not
legally bound to pay the money, and his
honorable conduct in the matter there
fore won him many friends In 1868
George Bliss entered the firm and 1t be.
came known by its present title of Nor
ton. Bliss & Co. The same year, 1868,
Mr.. Morton founded tho London house
OF Morton, Rose & Co, his leading part
ner being Sir John Rose, late Financial
Minister Of Canada. These two bank
ing houses were largely instrumental in
making resumption of specie payment
IN the United States possible. and in en-
abling the Government to fund the
United States debt. The syndicate
formed for this purpose was headed by
Morton, Bliss & Co, and then followed
the names of Drexel Morgan & Co,
Barring Brothers & Co, j. s. Morgan &
Co, Jay Cooke g. Co.. N. NJ. Rothschild
& Sous and Jay Cooke. McCulloch & Co,
The credit of the Government was low
at the time, but the firms named above
successfully floated large issue Of
per cent. bonds, thus decreasing the
rate Of interest on the mass Of the bonds.
| 1t has been estimated that the various
banking firms by their action at this
saved the Government so 900 900. The
firm of Morton, Bliss q Co., has since
been one Of the most conspicuous in
Wall Street. One of its most noted
achievements was the sale of $50 000,-
900 Of New York Central Railroad stock
belonging to William II. Vanderbilt to
English purchasers, the firm being part
of syndicate which accomplished this
task.
Mr.. Morton entered into political life
in 1876 Late in the canvass, much to
his surprise, the Republicans Of the
Eleventh Congressional District nomi.
mated him as their candidate. There
was not sufficient time to make a
thorough canvass, and Mr.. Morton was
defeated, although he reduced the
usual Democratic majority 400 votes.
Mr.. Morton cOurageOusly ran again for