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Banker Bites

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J.P. Morgan was born into an affluent family in April 17, 1837. In 1854, his father Junius Morgan moved their family to London. Pierpont was sent to the Institute Sillig in Switzerland, where he became fluent in French and then to Göttingen University in Germany. Following his father’s footsteps, Morgan entered the financial industry in 1857. After his first wife Amelia Sturges, died of tuberculosis, Morgan married again with Frances Tracy and had 4 children with son J.P. Morgan II taking over the business after he passed. He co-founded the banking firm that became J.P. Morgan & Co. in 1871. Morgan would also lead efforts to save the U.S. Treasury in 1895 and 1907. He died in Rome on March 31, 1913, leaving behind a nationally acclaimed art collection and a steel business that would remain financially well-to-do moving forward.

In 1857 a ship captain docked in New Orleans with a boatload of coffee only to find no buyer. J.P. Morgan used his company’s funds to purchase the coffee, and then sold it to local merchants for a profit. John Pierpont Morgan showed he was a true Captain of Industry through his consistent positive effect on the economy.

J.P. Morgan was a Captain of Industry in many ways. In 1895, he acted as the central banker to help combat the economic downturn. Morgan sold government bonds for gold, which guaranteed to protect the gold reserve. J.P. would also end the Panic of 1907, acting as the central bank along with his associates. He recruited smart lieutenants to investigate which New York banks were effective, and then saved them. Morgan was also a great philanthropist, helping create the Metropolitan Museum of Art in New York. His contributions helped it become one of the world’s best.

There are those that would argue that he was a Robber Baron, but that could be disproved with ease. Some would point to the Lent Carbine affair, where Morgan lent money to a man who bought rifles from the federal government and resold them to it. However, no evidence exists to suggest he was merely anything but a creditor. Another might say that he profited exorbitantly off of the Downturn of 1895. Then again, he did save the economy, and it is not known how much he profited. One might claim after the Panic of 1907 that his trust could control the economy. Be that as it may, his success actually led to the diminishment of investment banker’s external financing.

Sources:

"John Pierpont Morgan." Encyclopedia of World Biography, Gale, 1998. Student Resources In Context, http://link.galegroup.com/apps/doc/K1631004656/SUIC?u=carljcths&sid=SUIC&xid=10a60ec5. Accessed 3 Oct. 2018.

“J.P. Morgan.” Biography.com, A&E Networks Television, 28 Apr. 2017, www.biography.com/people/jp-morgan-9414735. Accessed 3 Oct. 2018.

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Intelligent- One of the wealthiest Americans ever
Generous- Acted as central banker in the Downturn of 1895
Philanthropic- Left behind a nationally acclaimed art collection in the Metropolitan Art Museum in New York
Brave- Willing to take on the challenge of the Panic of 1907
Noble- His success in the Panic of 1907 led to the diminishment of the investment banker