Hamlin Garland

“ It is necessary that the credit of Grant and Ward should deservedly stand very high. These notes, as I understand it, are given for no other purpose than to raise money for the payment for grain, etc., purchased to fill government contracts. Under the circumstances, my dear General, you will see that it is of most vital importance to me particularly that the credit of the firm shall always be untarnished and unimpaired. ”

“ At that time Ward was regarded as the most brilliant young business man on the street. His office was the meeting-place of the most trusted and influential men of affairs, and his standing was of the highest. Every venture he had commended had succeeded, and Grant would have been a singular exception had he refused to go further with such a financier, especially as the president of the Marine Bank was to be a special partner in the firm. Meanwhile young Ulysses had married a daughter of Senator Chaffee of Colorado, and through this connection the Senator became an investor with Grant and Ward. ”

“ 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. ”

“ When he spoke at last, it was in semi-soliloquy, as though he had almost forgotten the presence of his friend:
"I have made it the rule of my life to trust a man long after other people gave him up; but I don't see how I can ever trust any human being again."
The worst was yet to come. A letter was given to the public press by Fish, the president of the failed bank, which apparently connected Grant directly with the methods of Ward. To save himself from condemnation. ”

“ Colonel Fred Grant came out of an inner office at this moment, and said that Mr. Fish had been in, much excited, to say that Grant and Ward's accounts were all overdrawn, and that he would not certify or pay any more of the firm's checks.
Young Ulysses was amazed. "That can't be," he said. "We have over $600,000 on deposit there. Is not that the sum, Mr. Spencer?"
The cashier brought the books; $660,000 was the exact amount.
"Make a test of it," said Mr. Elkins. "Draw a check, and send it over to the bank." ”

“ S. H. Grant, and the young clerk was Ferdinand Ward. Mr. S. H. Grant was not related in any degree to General U. S. Grant.
Ward filled his position acceptably, and had time to figure various speculative opportunities besides. At that time seats in the Exchange were rated low, and, seeing an upward tendency in business, young Ward began buying these seats as fast as he was able to raise the money, and sold them at a profit. He went into a number of speculations, all of which turned out profitably. ”

“ All agreed that the Marine Bank must needs take care of itself.
Mr. Elkins, however, as attorney for Senator Chaffee, who was one of the largest creditors of the firm of Grant and Ward, demanded, on his client's behalf, to be secured. Ward said, "Very well;" but added, "I don't see the need when Senator Chaffee can have his money at any time on demand."
Mr. Elkins insisted, and Ward promised to be at the office early the next morning to turn over sufficient securities to cover the whole amount of the Senator's investment. ”

“ He was uncertain as to what became of immense sums. Some of them appeared on the secret book he kept, and some did not. In a later trial this singular book was put in evidence. It was cabalistic in text. ”