The Morgan family is an American family and banking dynasty, which became prominent in the U.S. and throughout the world in the late 19th century and early 20th century. Members of the family amassed an immense fortune over the generations, primarily through the noted work of John Pierpont (J. P.) Morgan (1837–1913).
Morgan members dominated the banking industry during their time. J. P. Morgan was the de facto leader of this dynasty, having been the most prominent businessman in America at the turn of the century. He revolutionized numerous industries, including electricity, railroad, and steel. Through his business methods, he was highly successful in asserting his power as one of the most influential businessmen in America. Historians describe the Morgan family along with its web of partners to be part of the large American banking empire known as the House of Morgan. It is difficult to place an exact beginning and end date on the dynasty. However, many scholars attribute the death of J. P. Morgan to the end of the banking dynasty. American journalist and historian Ron Chernow wrote about the prominence of this dynasty under Junius Spencer Morgan and J. P. Morgan. In The House of Morgan: An American Banking Dynasty and the Rise of Modern Finance, he chronicles the lives of the Morgans, whose lives are "encrusted with legend... ripe with mystery, [and] exposed to such bitter polemics".
History
The Morgan family came to some prominence in Wales during the 17th century. Born in Llandaff, Glamorgan County in 1616, Miles Morgan was the son of lawyer and politician William Morgan, who would be elected a Member of Parliament in 1628. At the age of 20, Miles sailed for America, along with his brothers, John and James, seeking new opportunities in the New World. Arriving in April 1636, he landed in the Massachusetts Bay Colony. Settling in Roxbury and later Springfield, Massachusetts, Miles met Prudence Gilbert, his future wife. Miles was a soldier during the sack of Springfield. He later worked on a farm and lived a comfortable life. He continued living in the city until the age of eighty-three.
One of his sons, Nathaniel, continued the legacy of the Morgan name by becoming a powerful member of his small town. Nathaniel had many professions in his town, including Fence Viewer, hayward, field driver, constable, surveyor, and assessor. He married Hannah Bird on January 19, 1691, daughter of James Bird of Farmington, CT.
Nathaniel's son, Joseph Morgan, was the fifth of seven children. Born on December 3, 1702, Joseph began to learn to weave at a young age. At the age of 21, he became a soldier in the company of Captain Josiah Kellogg of Suffield. Upon his father's death, he inherited part of Chicopee Field. He married Mary Stebbins in 1735 and raised a family on a farm of two hundred acres. Upon his death, he gave much of his property to sons Joseph, Jr., and Titus.
Joseph, Jr. was elected Lieutenant and later Captain of the 8th Company in the 3rd Regiment of the Hampshire County, Massachusetts militia on April 26, 1776. Upon his death, one of his sons, Joseph III, received 112 acres of land.