The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1884-12-30
THE DEBT TO VANDERBILT.
Inside History of the Manner in Which thC
Indebtedness Was Contracted.


Inside History of the Manner in Which the
Indebtedness Was Contracted.
Philadelphia Special
It is learned on the best authority that before
coming to Philadelphia General Sherman visited
Chauncy NJ Depew, Mr. Vanderbilts lawyer
and learned from him that Mr. vanderbilt's ac-
ton was not taken with the object of protecting
General Grants property from other creditors
The ex-President, in fact, has no personal LA
bilities outside of those to which he is subject
through being silent partner in the bankrupt
firm of Grant & Ward The truth of the whole
matter is that Mr. Vanderbilt although he is
worth $3.50, 000 wants the money from Gen
eral Grant and be has taken the easiest way to
get it. His consent to reduce the debt to $780,
900 is not as magnanimous as it would at first
appear, Were he compelled to pursue the regu-
lar way of obtaining his money by execu tons
and be resisted, many suits would ensue that
would prove costly. General Grant has con-
fessed judgment for the full amount of the debt
and Mr.. Vanderbilt is now willing TO accep
Sc 23cents on the dollar for tho personal debt
The creditors of Grant g. Ward would be de-
lighted to get % cents on the dollar for their in
vestment
The inside history of the way in which Gen
eral Grants indebtedness was contracted was
brought out at to-days conference, and has
never been told in all of its particulars On the
Sunday informing before the failure Ward took a
coupe and drove to the ex-Presidents house, and
there made the statement that the Marine Bank,
in which the firm had 500. COO. a tribe en-
sarrassed and the firm desired to make a de
,osit of 81 900 600 to make that the difficulty
would be tided over To aid in this scheme
Ward desired General Grant to raise $3.50, 900,
and suggested that the best way to do so was
imply to exchange checks for that amount with
af fp1a t1- Ws,1 tod F1,,.t
General Grant had $3.50 600 in the firm, and that
his check could be cashed at any time. General
Grant agreed to the proposition, and went to his
friend, Victor Newcombe. Mr. Newcombe was
at church He next called on Mr. Randall
father-in-law Of Commodore Garrison. but Mr.
Randall was not at home Ward then urged
that he go to Vanderbilt
'But," objected the General, 81 never Dor
rowed cent from Mr. Vanderbilt or anybody
else in my life"
Eyes, but this is not borrowing" argued Ward
ut is simply an exchange of checks"
General Grant went to Mr.. Vanderbilt and
stated the case to him. Mr.. Vanderbilt as an
accommodation to General Grant exchanged
checks. The next day the failure came. The
blow was terrible one but the General thought
he could congratulate himself on one thing at
feast-that Mr. Vanderbilts money had been
returned to him before the crash came But it
had not Ward had kept the Grant check in his
pocket
Now Mr.. Vanderbilt demands his money. and
these executions cover NOT only the farms and
houses, including the one in this city, on Chest
nut street, above Twentieth, valued at 1923, 600.
but the personal effects, the value of which
General Grant placed at 500, 600 These effects
comprise all the gifts he received while abroad
the gold box containing the key granting him
the freedom of London, tho sword presented to
him by his comrades in arms, and even the
bed onwhich he sleeps.
Gen. Grant is now sxty-two years old His
health is failing, he is lame, and his throat is
giving him much trouble, yet he makes no com
plant because Vanderbilt presses him He says
to his friends that the money is due, and Mr.
Vanderbilt is right to demand his own He
knows nothing of the effort his friends are max
ing to relieve his financial embarrassment and
confidently expects that his property will be put
under the hammer 1t will not be. however
Even If it we're, all Of his relics and personal