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500 At Ward's suggestion, young Ulysses, early in the deal, offered to pay to General Grant $3,000 per month for the use of his money, but gave him the option of leaving it in the business if he wished. To this the General replied: "I don't think I can afford to do that. If you don't make that much, I don't want you to make up the deficit; and if you make more, it is rightfully mine. I would rather you paid me what my money brings in, be it a small sum or a large one." Ward's method was not to advertise much, "merely to let a few friends know" that the firm was doing an exceedingly profitable business by loaning money to men who had contracts. He was careful to say to General Grant and his sons that the firm was not handling any contracts with the Government, and warned Mr. Spencer, his cashier, to be careful about that also.

The regular transactions of the firm, and the only ones appearing in the books to which the Grants had access, were of a different nature, like loaning money to the Erie Railway, purchases of city bonds, and other equally safe and stable investments. These loans gave tone to the firm and inspired confidence. "It is my plan," said Ward, "to build up a great firm that shall live after Grant and Ward, its founders, have passed away."

Ward was a man of most exemplary life. He lived well, but quietly, and had no bad habits. He seemed a thoughtful man, and his peculiarities apparently marked him as a man born with a special genius for great financial enterprises. He seemed to be capable of the most colossal affairs, and men of the highest business qualifications shared in this belief. In these days it would be said his influence was hypnotic.

In this fashion the firm swam prosperously on. U. S. Grant, Jr., received occasional statements from Ward, which he laid before his father. These papers the General returned without examination, for he had arrived at unquestioning faith in his son's business ability. Profits had been large. The firm, from operations in stocks, bonds, and railway contracts, soon had a bank account of nearly a million dollars, and handled vast sums of money. From a capital of $400,000, the firm, in a little more than three years, was rated at fifteen millions. Ferdinand Ward, in his own fashion, outside the firm of Grant and Ward, had entered upon the most gigantic enterprises, apparently with unfailing success. Of these outside ventures the Grants knew nothing. Ulysses Grant, Jr., had access only to the one set of books wherein the Wall Street business was recorded. He knew scarcely a tenth of Ward's investors. He did not know that his own law partners were interested in Ward's affairs. The record of the huge debts of the firm was in books kept secret by Ward and Fish.

One Sunday afternoon in early May, 1884, Ward called at General Grant's house and asked to see both the General and young Ulysses. He announced that late on Saturday Mr. Tappan, the city chamberlain, had drawn on the Marine Bank for a very large sum which the bank held on deposit for the city, and that the bank's reserve was perilously low. "It is necessary," said he, "to put some money in before the clearing-house opens to-morrow morning, in order that the bank may make a proper showing."

To this young Grant very naturally replied: "Why should we borrow money to aid the Marine Bank?"

Ward for a moment seemed puzzled, but answered after a moment's hesitation: "We have $760,000 on deposit there, and it would embarrass us very much if the bank should close its doors."

"They are good for it, are they not?"

"Oh, yes; but there would be delay before we could get our money, and it might give us trouble."

Having convinced them both of the need of aiding the bank, Ward at last proposed that General Grant go out and borrow $150,000. Young Grant said that it was not easy to raise such a sum on Sunday afternoon, and to this Ward replied: "I know that; but I know the General can borrow it if anybody can."

The General at length consented to go forth in aid of the Marine Bank. After calling upon one or two men who declared themselves unable to help him, he drove to the house of Mr. H. Vanderbilt, and explained the matter to Mr. Vanderbilt at length. It was not for himself, but for the Marine Bank, he said in conclusion.

Mr. Vanderbilt took young Grant's view of it. "I care nothing about the Marine Bank, General Grant. To tell the truth, I care very little about Grant and Ward; but to accommodate you personally, I will draw my check for the amount you ask. I consider it a personal loan to you, and not to any other party," he said pointedly. General Grant took the check, and returned to Ward, who was waiting. Ward thanked him, and putting the check in his pocket, left the house. The next morn-