After his term as Vice President, Morton returned to New York and continued his career. He was elected governor of New York in 1894, and served one two-year term. In 1899, he founded the Morton Trust Company. At the 1896 Republican convention, Morton was the favorite son candidate of the New York delegation. He received 58 votes, finishing in fourth place, on the final ballot that nominated William McKinley for President.
Morton continued in the banking business, eventually retiring to Rhinebeck, New York. He died in Rhinebeck in 1920, on his ninety-sixth birthday. His life might have been very different had he accepted that Vice Presidential nomination back in 1880.
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