 They were mainly concerned with restoring the credit of Maryland abroad after the depression of 1841–1842 and disposed a bond issue of $8 million.Before moving to New York, Elisha established the bank of Corcoran & Riggs in Washington, DC, which was organized by his son George Washington Riggs and financed by Elisha.When the United States sought a loan to finance the Mexican–American War, the Riggs bank was the only institution to bid for the full amount and lent the government $34 million in 1847 and 1848.