Savannah morning news. [volume] (Savannah) 1868-1887, 1885-10-23

' we prlnCipdl rs soon as they cOulu 40 50
legally. As the investment now stood,
however. il was much better than any
other kind of bonds government, State,
or raiiway--for il Weld per cent, and
was perfectly secured.
TO MAKE THE FUND GOOD.
Some remarks by Mr.. HUNTINGTON, Mr..
Gould and Dir. Dillon followed, in the
course OF which those three gentlemen
eIch expressed "a desire to chip IN aud
make the fund $3.50, 900 in reality. NJ.
Gould said he regarded the Wabash in
vestmcnt as a good one.
I'VE have a delicate and responsible
task to % rform. said Mr. Day, ''and in
order 10 accomplish anything with tnis
trust fund We must al agree. The fund
was raIsed to keep Gen. Grant and bis
obligations incurred through the firm OF
Grant & Ward"
MRS. GRANTS WILL.
Mr.. Jones explained that Mrs. Grant
had already made will in which she
gave this fund TO her daughter and to the
wives OF her sons. Such disposition OF
the fund would keep it out Of the hands
OF the creditors of Gen. Grants son, and
the latter were perfectly satisfied with
the DISPOSITION of Mrs. Grants VIII.
Mr.. Sage wanted TO know whether the
executors Of the MORGAN estate proposed
to pay over the SlSS,000 to the trustees OF
the iund.
MIR Dav and John r. Terry said that
they would be glad to pay the money il
they could do so legally. As executors,
however. they could not pay the principal
Of the bonds until there bad been de-
fault in be interest and an unsuccessful
demand on the railroad company for the
a.ment Of the principal. The Wabash
company mad not paid any interest on the
bonds tor more than SIX months past.
GOULD's SHARPNESS.
''Why don't you pay it, then ?" asked
Mr. Gould.
I'VE have paid it," replied Mr.. Day.
Mrs. Grant has not waited an hour for
her money " said Mr.. Jones
Mr.. Gould thought that it would be an
honorable thing for the subscribers to
make up the difference between the $lSS,-
coo and $2l6 600, and make the fund
S250,000 in reality. He WIS willing to pay
his share. Then he believed in putting
the money in the hands of the Trust Com
pany.
THE ORIGINAL IDEA.
81 had supposed" said he, ''that this
fund was to have been perpetual fund
for the benefit OF poor ex-Presidents of the
United States"
THAT w the original idea" said Mr..
Jones; but it had to be dropped. We
found that we could not raise a dollar for
such fund"
Mr. Hoyt conceded with Mr.. Jones in
this assertion. Mr.. Hoyt also spoke in
favor OF giving the fund to Mrs. Grant, TO
he disposed ofby her as she saw fit. From
what ne had seen OF Mrs. Grant he
thought that she was a woman of con-
siderable business caDacitV.
MIR. Huntington and Mr.. Gould thought
that the subscribers had better determine
the manner Of the division of the fund
among Gen. Grants children. Mr.. Gould
did not like the idea Of leaving out Gen.
GRANTS sons in distributing the fund.
SUGGESTED BY THE SONS.
Mr.. Jones stated that Gen. Grants sons
had themselves suggested that the money
should not be given 10 them. Mrs. Grant
had not been Influenced by any persons
outside of her family in making her will,
leaving the fund to her daughter and
daunhters-in-law.
WELL" suggested Mr.. Gould, ''we are
a little better posted about business mat
tiers than Mrs. Grant and her sons. /
think we had better arrange for the final
Of the fund"
Russell sage suggested that the Wabash
inv stment be allowed to stand until the
zen years guarantee OF the Morgan estate
expired, aud that the investment afforded
a larger interest than could be ootainod
by renvestment Of the money.
THE CONCLUSION REACHED.
After a little more discussion, which
developed the fact that perfect harmony
Of sentiment prevailed, the following res
olution, which wass prepared by Judge
Davis and Henry Day, and was seconded
by Sidney Dillon, was adopted unani-
mOusly:
Resolred l. That the fund be placed in the
hand, OF trustees to pay tie income to Mrs
Grant during her fC, aud after her dcceasc
TO the children of Gen. Grant during their re-
spectiVe lives, and on their drcease resnect-
lively that the fund be distributed to their de
scendants per stripes and not per capita
That committee of two he appointed To
prepare a trust deed and submit the terms OF
he same to the donors at future meeting to
be called.
8. That the United States Trust Company
act 8s trustee. and that on the iran fsrrf the
fnnds now in the hands OF Messrs Jones and
Hoyl hey be dischar ed from all further re-
sponsibiiiy snd liability.
That Judge Noah Davis and Henry Day
be appointed as a committee to prepare the
trust d ed.
The meeting then adjourned subject to
the call of the committee.