ALS signed “W. T. Sherman,” four pages, lightly-lined on two adjoining sheets, 5 x 8, 92 Garrison Avenue letterhead, January 14, 1885. Letter to Alfred discussing U. S. Grant’s financial troubles. In part: “I have purposely abstained from writing you about the Grant affair because at Philadelphia I discovered that there was some mystery about the case not revealed to me in New York. I have a letter from Mr. Drexel of Philadelphia in which he says Mr. Child had seen General Grant who was compelled to keep silent for a time when all would be revealed satisfactory to his friends etc…Genl Dodge…said his information came from Genl Grant’s house, and that he himself saw the Sheriff’s office at the house…Now Mr. Depew told me that Mr. Vanderbilt was anxious to get rid of the whole thing and offered to sell his judgement for $100,000 thereby throwing off $50,000 of principal and about $10,000 of interest.
My first conclusion was to get parties to raise this 100 th[ousand], buy off Vanderbilt, hold till Spring, sell the real property…But Mr. Drexel was willing to do anything, everything for Genl. Grant, but nothing for Vanderbilt. As soon as l saw there was a hitch l declared myself out, and that Genl Grant mentally & physically was able to manage his own business, that l would not take another step unless Genl. Grant requested it in writing. I have since seen the correspondence between Vanderbilt & the Grants. Vanderbilt's offer of the whole was an afterthought, but Grant wants to wipe out the whole debt and stand free. He can never hold property with the liabilities of Grant & Ward hanging over him. I am sorry to have given you trouble. ” In fine condition, with two vertical folds to left side and an ink notation at the top of the first page, presumably by the recipient.
In 1881, already on shaky financial grounds, Grant placed almost all of his financial assets into Grant & Ward, an investment banking partnership established by his son with Ferdinand Ward. In 1884, Ward swindled Grant, bankrupted the company, and fled. Depleted of funds and living off his retirement pay from the Army while also fighting throat cancer, Grant struggled to pay back a personal loan from William H. Vanderbilt. In this letter by his Civil War champion General Sherman, we see his lifelong friend attempt to help him out of his tough spot: “My first conclusion was to get parties to raise this 100 th[ousand], buy off Vanderbilt, hold till Spring, sell the real property… Mr. Drexel was willing to do anything, everything for Genl. Grant, but nothing for Vanderbilt.” A poignant letter showing that the friendship forged on the battlefield twenty years earlier remained strong until the end. Pre-certified PSA/DNA and RR Auction COA.
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