A native of Norwich, Connecticut, Corning moved to Troy, New York, when he was 13 so he could be trained for a career as a merchant.

Corning was a delegate to the 1860 Democratic National Convention and to the Peace Conference of 1861, which attempted to prevent the American Civil War.

He left the presidency of the New York Central in 1865, and focused much of his attention on speculating in and developing land he had purchased in the western states.

[7] The Albany Nail Factory eventually became the Rensselaer Iron Works, which under Corning's guidance installed the first Bessemer converter in the United States.

[7] By the time he was 40, Corning had helped found the Albany City Bank, of which he served as president until his death.

[8] When the Utica and Schenectady Railroad was chartered in 1833, Corning was a major investor and served as president and a member of the board of directors.

[1] His time in state politics convinced him that the system of local and regional railroads covering upstate New York was inefficient and could be made far more profitable by consolidation.

[8] In an effort to create efficiencies that would improve profitability, Corning began planning the New York Central Railroad, what eventually became the largest corporation in America.

[8] Though he was a Democrat, Corning appealed for help to Thurlow Weed, the leader of New York's Whigs, who controlled the state government.

[10] In 1861, he was a delegate to the Peace Congress in Washington, D.C.[1] Though he was a Democrat, once the American Civil War began, he supported the Union while also criticizing what he viewed as the excesses of Republican President Abraham Lincoln's administration.

[10] He resigned his seat in Congress before the end of his second term because of failing health and because of his disagreements with Lincoln's prosecution of the war.

[11] In the spring of 1863, Corning organized a public meeting on Lincoln's conduct, which passed resolutions in support of the Union but was critical of several Lincoln policies, including military arrests rather than civilian court trials for individuals accused of desertion or avoiding military conscription.

[12] Lincoln replied in a lengthy letter that set out his views on what the Constitution allowed a president to do during wartime.

"[12] Despite disagreeing with Lincoln on how to prosecute the war, Corning fully supported the effort to maintain the Union.

[13] From the mid-1860s on, Corning reduced the scope of his business dealings, though he remained as president of the Albany City Bank and its successor, and continued as vice chancellor of the University of the State of New York Board of Regents.

[16] He did not manage them successfully, but after his death his sons Edwin and Parker succeeded in restoring the family's wealth.