The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1884-05-15

nau advanced. Inc UcSL Information
now puts their gross liabilities at not ial
from $40 100000 No estimates can be
made of their assets exclusive OF loans
made on securities they have repledged
No statement is yet ob.ainablc respect
ing the condition of tho Marine Bank
and the prospect of final payment to
depostors will be a mere matter Of guess.
work until the bank examiner reports.
"An enormous amount Of unsecurcd
liabilities Of the firm exist, comprising
notes and simple receipts for money re.
ccivcd for speculation. The story told
regarding the operations Of the firm is as
follows: The firm started with the pres
tigc Of Gen. Grants name TO aid mem.
bcrs in securing capital and in Inspiring
confidence in their ability and position.
Actual money WAS raised on notes that
the ex.Prcsidcnt and JAS. -. Fish had
endorsed.
"To what extent the responsibility OF
the conduct Of affairs rests on Fish and
upon Ward entirely cannot be learned.
II is not believed that Gen. Grant or u.
$. Grant, Jr., paid close attention to de.
tails. The copartncrship agreement pro.
yided that each member could withdraw
$4,000 mouth, it is said, the profits
above that sum being retained as capital
Neither Of the Grants is believed to have
paid closer attention to details than the
regular drawing Of his allowance.
"The scheme carried out to obtain
most funds WAS based upon advances
made by the firm to contractors for
Indian and other supplies to the Govern.
nent, the firm taking assignments of
claims and collecting on them when the
! contracts were approved in regular course
OF Government procedure. BY reprcsen.
tations respecting these contracts heavy
sums were obtained on notes or receipts
given by the firm. High rates of inter.
est were paid, and in many cases advan.
ces were secured for only few months
Confidence in the house, however, caused
many to let their money be unclaimed
for long time. 1t is stated on good
authority that there are outstanding
nearly two million dollars of these un.
secured obligations held between two
individuals. 1t is said that the liabili.
ties Of this character will amount to
about $4,000, 600"
Gen. Grant, however, will still have q
little property left as appears from the
following statement Of Mr.. George Jones,
of the New York Times, who says:
Gen. Grants fund of $3.50, 900 is alb.
solutely safe. don't know where his
enemies find their lies The fund is IN
vested in Toledo and Wabash second
mortgage bonds, the interest payable
quarterly, and guaranteed, principal and
interest, by the heirs of the late Govern.
or T.. ID. Morgan. Hitherto we have
paid the interest annually and the 1st of
May Of each year has found the General
in possession of $l5, ,l4D, interest in full
on the investment. Hereafter We shall
pay him quarterly, not only because he
needs the money but because we do not
mean that any one else shall lay hands
on it. Gen. Grant could not touch
dollar Of the principal even if he desired
to do so, any more than could. He can
will it, however mt his death to his
heirs. was with Gen. Grant on Sun
day last, and he was in complete ignor-
ance OF the impending disaster. Other
than this fund he does not possess Il dol.
lar, aud more than that he is deeply and
almost irretrievably in debt. What he
did in Wall street, he did for his sons;
and it seems too sad that this man, who
has sion1 sn much Tor his cnuntsy, should
be left in his old age dependant Of the
nation he helped to save"