In 1836, during the commercial depression, he met with financial reverses which forced him to return to the game of money-getting.

He became president of the American Mutual Insurance Company, which was ruined by the great fire of July 19, 1845.
"A fire has occurred," he recorded in the entry of that date, "the loss of which is probably $5,000,000; several of the insurance companies are ruined, and all are crippled.

My office, I fear, is in the former category.

We have lost between three and four hundred thousand dollars, which is more than we can pay.
"This is a hard stroke for me.

I was pleasantly situated with a moderate support for my declining years, and now, 'Othello's occupation's gone.'" But he met his reverses in a courageous manner, and in 1849 President Taylor appointed him Naval Officer of the Port of New York, a place which he held until his death.
As became his day, Hone was a good trencherman.