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

had advanced. The best information
now puts their gross liabilities at not far
from SIC, 100000. No estimates can be
made of their assets exclusive of loans
made on securities they have repledged.
No statement is yet obtainable respect
ing the condition of the Marine Bank,
and the prospect of final payment to
depositors will be mere matter of guess.
work until the bank examiner reports.
"An enormous amount of unsecured
liabilities of the firm exist, comprising
notes and simple receipts for money re.
ceived for speculation. The story told
regarding the operations of the firm is as
follows: The firm started with the pres
tige of Gen. Grants name to aid men,
bers in securing capital and in inspiring
confidence in their ability and position.
Actual money was raised on notes that
the ex-President and Jas. D. Fish had
endorsed.
"To what extent the responsibility of
the conduct of affairs rests on Fish and
upon Ward entirely cannot be learned.
1t is not believed that Gen. Grant or U.
S. Grant, Jr., paid close attention to de-
tails. The copartnership agreement pro-
vided that each member could withdraw
$4,000 a month, 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
ment, the firm taking assignments of
claims and collecting on them when the
contracts were approved in regular course
of Governn ent procedure. By represen.
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. It 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 liabill::
ties of this character will amount to
about $4,000, 0,000."y -,
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. I 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 E. ID. Morgan. Hitherto we have
paid the interest annually and the 1st of
May of each year has found the General
in possession of sl5,l40, interest in full
on the investment. Hereafter ne 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 a
dollar of the principal even if he desired
to do so, any more than could. He can
will it, however, at his death to his
heirs. I was with Gen. Grant on Sun.
day last, and he was in complete ignor-
ance of the impending disaster. Other
than this fund be does not possess dol.
lar, and 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 done so much for his country, should
be left in his old age dependant of the
nation he helped to save"