The National tribune., 1885-01-01
GEN. GRANTS TROUBLES.
The Difficulties in Which the General IL Involved
Through the Failure Of Grant Ward.

The suit brought by Senator Chaffee against
the defunct firm of Grant & Ward to recover
about $500. 900 has brought to light much of the
inner workings of that most extraordinarily
conducted banking concern, and shown the
means whereby Gen. y. s. Grant has become
embarrassed through its collapse.
The first witness In the case was q. s. Grant,
jr., cJmmonly known as "Buck, who is. a
son in-law of the complainant,-w testified
to borrowing $4,000 from his father-in- law,
which he intended to repay on his return from
Europe, but instead of doing so borrowed an
additional $4,000. This money went into the
firm as his individual interest. Ward suggested
that it would be better to use the money of
friends rather than go outside and witness,
after writing Mr.. Chaffee (who was East and
telling him what good thing it was, obtained
his consent to the transfer of the securities.
Ward guaranteed the loan.
The money was supposed to be used in buy
ing Government contracts and making loans TO
railroads at so per cent. profit. Mr.. Chatfee
was TO have so per cent. profit on all loans
made by him to the firm. out Of which " Buck
Grant WAS allowed something.
The witness testified to having between
100000 and 100000 before he went into
business with Ward. and TO his father borrow
ing $150,000 from Mr.. Vanderbilt to stave off
the impending collapse.
1t is this $l5G000 that is now embarrassing
the General, Judgment having been entered
against him in favor of w. H. Vanderbilt for
that sum with interest.
The executions cover houses in Washington
and Philadelphia and farms near St. Louis and
Chicago. The farms alone are valued at $50, 900
and $4,000 respectively, and, with the other
property, are ample to secure Mr.. Vanderbilt,
as Mrs. Grant joins with the General and gives
up her life interest in the property mentioned.
The inventory includes all the presents of
weapons, bric-a- brac, and rare articles made to
the General at different times by friends at
home and potentates abroad, the swords and
medals awarded him by Congress, his pictures
and books, his relies of the war, and even the
engraved cards ordered struck to express the
thanks of Congress.
1t is not, however, likely that any of this
property will be brought to the hammer, as the
old Generals friends-and particularly Gen.
to aid him in his trouble. Cyrus w. Field, the
great capitalist, has interested himself in the
matter, and states that Mr.. Vanderbilt will
throw off $50, 900 if the remaining 100000 is
paid. Mr. Field also states that he has taken
the matter in hand and thinks there will be
no difficulty in raising the money. George w.
Childs and A. J. Drexel, of Philadelphia, have
also put their shoulders to the wheel, and Mr..
w. w. Corcoran, of this city, when approached
on the subject said, alluding o-the sale of Gen.
Grants effects: ''It is impossible that such a
thing can take place. 1t sha' MT take place. 1t
sha'n't. Gen. Grant is too big q man to have
the American people allow such thing to
occur. He has been the President Of the
United States, and such thing must not be-