Evening star., 1885-07-23
GEN. GRANTS FINANCIAL MISFOE
TUNE.
How He Was victimized by the Mon
tague TigS Of Wall Street.

Gen. Grants financial career was not n Sic
cess He fell in with thieves in strange land,
and was robbed and left naked on the high
ways of Wall street. Not only did be lack busi-
ness training, but he had no business instincts.
He was perfect child in the hands of the
sharks that got hold of him ineNew York
When he went out OF the presidency he a
poor man. He Was in the hands OF his friends,
the politicians say, and outside Of matters
relating to military affairs, he always trusted
to somebody else, having perfect confidence in
those with whom he was brought in contact.
AS he said i'm his testimony taken in the Ma
rine bank case the other day. lac had little
money which he left In the hands of his son
when he went on his famous European trip,
and was toasted all over the world. This money
son increased, that when the General came
home again he found himself possessed Of
q comfortable income. This increase of the
small sum he Had lett behind was revelation
and surprise to the General He had had
nothing to do with the transaction. Somebody
else (his som had taken il in hand, and without
bOthering him with ii had effected the increase.
This circumstance made him an easy victim
for the -traugers that came afterwards particu-
larry SO as they sed his son, who had displayed
such business tact before, to haul him into their
schemes. Young Grants first operations in the
money world naturally brought him in contact
with The many n>h that thrive in these waters.
and though he was successful when he got
in with the right school; like his father, he
was not familiar with the shark species, and
knew Ferdinand Wards brother, and had
found him TO be nice fellow, and when,
through him he became acquainted with Ferdi-
nand me had no di>trust for him In this way
the general and his sons slipped into the Dlact.
pool, to be swallowed up by the big fish. Gen.
Grant had enough money to put soo,ooo in
the firm OF Grant & Ward young Grant having
formed the partnership. and soon after 10 add
to that $4,000. But he did not even take ii, 4,
trouble to learn just what connection he
making with the firm, having an idea
that he was simply special partner, or some
thing of that sort. He trusted his money 10 the
firm, not knowing anything about such mat
tiers, and accepted the reports that it was rapid
ly increasing under Mr.. Ferdinand Wards
SIX llful management He took the prcca ution,
however, as his testimony shows. to make iu-
quiries to satisfy himself that the firm would
not enter into any doubtful enterprises that
might in any way compromise him. He states
i'm his testimony that he refused to have any
thing to do with government contracts because
he did not think it would look just right for him
as an eN-President to have any siIch connection,
and he was assured by Ferdinand Ward that
they had nothing TO do with amy thing of the
sort. and explained to him how they operated
legitimately.
In this way he left his money matters entire
ly in the hands of others. as had been his Gus
tom, and at the time of the failure of The Ma
rine bank and the burst up OF the Gfant-Ward
bubble, he thought himself to be worth about 70
million dollars, having always deposited his in
terest there, and never drawn anything except
the monthly allowance made him as a special
partner.
1t was then that Ward came to him and said
that the firm had a large sum deposited in the
Marine bank, which was having "run, and if
they could save it from suspension, they woild
save their money, and asked him TO borrow
$15O,OOO to deposit at the Marine bank at once
to enable them to meet the demands made
upon them. This, he was told, would be per-
fectly safe, as the bank had ample securities on
time loans to meet al! liabilities, and were
pressed only for ready money. Gen. Grant bnr-
rowed the money from William HI. Vanderbilt
leaving himself absolutely penniless, his prop
erty having to go to pay Tor the loan.