The Rugby gazette and east Tennessee news. (Rugby, Morgan Co., Tenn.) 1884-188?, 1885-01-17
VANDERBILT'S OFFER.
That Celebrated Debt and Judg-
ment Presented to Mrs. Grant.
The Offer Firmly Refused, by the Grateful
Lady, and the Millionaire Insists.

New YORK, January 11s--The following
letter was sent Mrs. U. s. Grant by Mr.
VIM. H. Vanderbilt:
"No. $40 FIFTH AVENUE, January 10, 1850
"Mrs, ULYSSES 8. GRANT-Dear Madam:
So many Misrepresentation have appeared
in regard to the loan made by me to Gem
eral Grant, and rejecting unjustly upon
him and myself, that it seems proper
to briefly recite the facts. On
Sunday the 4th of May last, General
Grant called at my house and asked me to
lend him $150,00O for one day. ! gave my
check without question, not because the
transaction was busines-like, but simply the
request came from General Grant. The
misfortunes which overwhelmed him In the
next twenty -four hoyrs aroused the SYM
pathy and regret of the whole country.
You and he sent me within few days time
deeds of your joint properties to cover TINS
obligation, and urged my acceptance on tne
ground that this was the only debt OF honor
which the General had personally incurred
and these deeds returned. During my ab.
sence in Europe the General delivered to
my attorney mortgages tipon all his own
real estate, household effects and swords,
medals and works of art which were memo
rials Of his victories, and presents from
Governments all over the world. These
securities were, in his Judgment, worth
the $l50,O00. At his solicitation the neces-
sary steps were taken by Judgment, etc.,
to reduce these properties to pos
session, and the articles mentioned have
been this day bought In by me, and the
amounts bid applied In reduction OF the
debt. Now that am at liberty to treat
these things as my own, the disposition OF
the whole matter most In accord with my
feelings is this; ! present to you, as your
hold against General Grant; also, the
mortgages upon his real estate, and all OF
the household furniture and ornaments,
coupled only with the condi-
ton that the swords, commits
sions, medals, gifts from the United
States, States, cities, foreign governments
and all articles of historical value and In.
terest shall at the Generals death, or, II
you desire it sooner, be presented to the
Government at Washington, where they
will remain as perpetual memorials OF his
fame and Of the history of his time. l in
close herewith assignments to you
of the. mortgages and judgments,
bill of sale Of personal property psIty
the articles of historical interest are enu-
merated. A copy of this trust deed will
with your approval be forwarded to the
President of the United States for deposite
J in the proper department. Trusting this
action will meet with your acceptafiesys s.ifd
approval, and with kindest regards TO
your husband, am yours respectfully,
"W. H. VANDERBILT"
NEW YORK CITY, January 10, 1885.
"DEAR SIR; Mrs. Grant wishes me to
answer your letter of this evening to say
that while she appreciates your great gen.
| erosity in transferring to her the mortgage
| given to secure my debt of $150,O00, she can
| not accept it in whole. She accepts with
| enumerated in your letter to go to the Gov
ernment of the United States at my death
| OF sooner, at her option. In this matter
you have anticipated the disposition which
| | had contemplated making of the articles.
| Tney will be delivered to the Government
| as soon as the arrangements can be made
| for their reception. The papers relating to
| all other property will be returned with the
request that you have it sold and the pro-
ceeds applied to the liquidation of the debt
which | so justly owe you. You have
stated in your letter, with minutest ac.
curacy, the history of the transaction which
| brought me in your debt. have only tc
| add | regard your giving me your check
| for the amount, without inquiry, as an
act of marked and unusual friendship
| The loan was to me, personally
| got the money as believed, to carry
| the Marine National Bank over day
| being assured the bank was solvent
| but owing to the unusual calls, needed as
| sistance until it could call in it's loans.
was assured by Ferdinand Ward that tht
firm of Grant & Ward had over $660,000 tt
their credit at that time in the Marine
Bank, besides 81 300, ,OOO Of unpledged secur
| titles in their own vaults. | can not con
clude without assuring you that Mrs
Grants inability to avail herself of you
| great kindness in no way lessons her sens
of obligation or my own. Yours, truly,
| "U. s. GRANT.
"W. II. VANDERBILT. ESQ.,"
In answer to this Vanderbilt insists on Mrs
Grants acceptance of the offer and says
81 shall not be defeated In the purpose t
which | have so much at heart. | vii
therefore, as fast as the. money Is received
from the sales of the real estate, depositIiI
the Union Trust Company With the none.
thus realized will at once create with tina
company trust, ,witlSproper provisions fo
an income to be paid Mrs. Grant during he
lie, and giving power to her t.
make such disposition of the principa
by her will as she may elect
Mrs Grant replied that she could not
would not except Vanderbilt's munificenc
in any form. ....