The Portland daily press., 1885-01-12
GEN. GRANTS DEBT.
A Praiseworthy Act Performed by
Mr.. Vanderbilt.
GEN. ANa MRS. GRANT FIRMLY
REFUSE TO ACCEPT.
NEW YORK, Jan. 11.-Mr. Vanderbilt has
wstten the following letter to Mrs. Grant:
NEW YORK IAN TO-

"AtbtsA Inc IolloRln& leJtor TO Mrs. Grant:
NEW YORK, Jan. 10.
Mrs. Ulysses s, Grant:
Dear Madame-So many rnisrepreseptations
have appeared in regard to the loan made by
me to General Grant, and rejecting uniustly
upon him and myself, that it seems proper to
briefly recite the facts. On Sunday, the 4th of
May last, General Grantoalled at nv house
and asked me to loan him $3.50 600 for one day.
gave him my check without question, not be-
caSse the transaction was business like, but
simply because the request came from General
Grent. The misfortuneS which overwhelmed
him In the next "a hours aroused the sympathy
and regret OF the whole country. You and he
sent me within few days of the time deeds of
ycur Joint property to cover this obligation and
urged Lsy acceptance on the ground that this
Was only debt of honor which the General
had personally incurred. and these deeds re-
turned. During my absence in Europe the
os1eral delivered to my attorney mortgages
upon all of his own real estate, household eff
ieets aud sword, and the real estate, household
enscts and swords, medals and works OF art
Nhich We're memorials of his victories and pre-
ssssts from governments all over the world.
I&Ase securities were in his Judgment worth
bhe %10UuUO, and at his solicitation the necee-
sary steps were taken by judgment, etc., to re-
ouce tnese properties to possession, and the ar
ticies mentioned have been this day bought in
by me, and the amounts will be applied in re-
duction of the debt.
Now that 7 am at liberty to treat these
things as my own, the disposition of the whole
matter most In accord with my feelings Is this
II spresent you as your separate estate the
debt and judgment hold against Gen. Grant,
also the mortgages upon his real estate and all
the household furniture and ornaments,
coupled only with the condition that the
swords, commission, medals, gifts from the
United States, States cities and foreign gov
erDments, and all articles of historical value
and interest shall at the Generals DEATH or If
you desire 1t sooner, be presented to the gov
ernment at Washington, where they will re-
nam AZ perpetual memorials of his fame and
OF the history OF his time"
l enclose herewith the assignments to You of
the mortgages and judgments, bill of sale OF
personal property and the deed of trust, in
which the articles of historical interest are
enumerated, and copy OF this trust deed will,
with your approval, be forwarded to the Presi-
dent of the United States for deposit in the
proper department.
Trusting that this action will meet with
your acceptance and approval and with the
kindest regards to your husband,
l am.
Yours respectfully,
w. Fl. VANDERBILT.
Gen. Grant replied as follows:
NEW York CRY, Jan. 10, 1884.
Dear Sir,-Mrs. Grant wishes me to answer
your letter OF this evening to say that while
she appreciates your great generosity in trans
ferring to her the mortgages given to secure
nay debt OF $1b0,O00, she cannot accept it in
whole. She accepts with pleasure the trust
which applies to the articles enumerated in
your letter to go to the government OF the
United States az my death or sooner and her
option In the matter. You have anticipated
the disposition which had contemplated max
ing OF the articles. They will be delivered to
the government as soon as arrangements can
De made Tor their reception of the property.
All the other property will be returned with
tho request that you have 10 sold, and the pro-
ceeds applied to the liquidation of the debt
which l so justly owe you. You have stated
in your letter, with the minutest accuracy. the
history OF the transaction which brought ms
In your debt, and have only to add that re-
gard your giving me your check for the amount
without inquiry, as an act of marked and an
usual friendship. The loan was to me person.
ally. got the money, as / believed, to carry
the Marine National Bank over day, being
assured that the bank was solvent, bat owing
to unusual calls needed assistance until it
could call in its loans. / was assured by Fer
dinand Ward that the firm of Grant q Ward
had over $660000 to their credit at that time 10
the Marine Bank, besides 81, 800, 900 OF un-
pledged securities in their own vaults
canno9 conclude without assuring you that
Mrs Grants inability to avail herself of your
great kindness in no wav lessons either her
sense OF her obligation or my own.
Yours very truly,
q. s. GRANT.
To W. Fl. Vanderbilt Esq.
Mr.. Vanderbilt made the following reply:
Gen. y. S. Grant:
My Dear Sir,-On my return home last night
l found your letter in answer to mine to Mrs
Grant | appreciate fully the sentiments
which actuate both Mrs. Grant and yourself in
declining the parJ Of my proposition relative to
the real estate. regret that she feels it her
duty to make this decision, as l had earnestly
hoped that the spirit in which the offer was
made would overcome any scruples in accent
ing It, But must insist that I shall not be
defeated 10 a'purpose to which have given so
much thought, and which have so much at
heart. l will, therefore, as fast as the money
Is received from the sale of the real estate, de-
Poslt 1t in the Union Trust Company and with
the money thus realized / will at once create
with that company trust with proper provi-
slons for the income to be paid to Mrs. Grant
during her life and giving the power to her to
MAKE !,1 Euch disposition OF the principal by her
Will as she may elect.
Very truly yours
W. H. VANDERBILT.
To Gen. U. S. Grant
To this General Grant replies TODAY:
Dear Sir,-Yoar letter of this date Ia re-
ceived. Mrs. Grant and regret that you cam
not accept our proposition to return the prop
secure debt of honor; but your generous de-
termination compels us to no longer resist,
Yours truly,
U. s. GRANT.
This evening Mrs. Grant closed the cores
pondence in these words:
Upon reading your letter Of this afternoon.
General Grant and myself felt that it would
be ungrscious to refuse your princely and gem
erous offer. Hence his note to you. But upon
rejection find that cannot and will not &C
cepf your munifcence in any form. I beg
that you will pardon this apparent vacilla-
tion and consider this answer definite and
final With great regard and sense of obli-
CATION that will always remain,
am yours very gratefully,
JULIA D. GRANT.