People who have blamed General Grant fail to reflect on the fact that the famous soldier and able tactician was no better than a raw recruit in the hands of a disciplined warrior when he was placed in contact with Ferdinand Ward’s superior financial tactics.
One great point in the confidence game worked on joint account between Fish and Ward was to obtain men of well known reputation to vouch for the genuineness of the enterprises in which they were engaged. This enabled them to solidify and extend their credit. It was for this purpose that General Grant was inveigled into signing the well-known letter No. 2, addressed to Fish, which has been the subject of so much criticism and comment. Following is a copy of this letter:
No. 2 Wall Street, }
Room 6, }
New York, July 6, 1882.
My Dear Mr. Fish:—In relation to the matter of discounts, kindly made by you for account of Grant & Ward, I would say that I think the investments are safe, and I am willing that Mr. Ward should derive what profit he can for the firm that the use of my name and influence may bring.
Yours very truly,
U. S. Grant.
This letter was written in answer to one from Jas. D. Fish, President of the Marine Bank, saying he had negotiated notes for the benefit of Grant & Ward, to the amount of $200,000. He said in explanation: “Those notes, as I understand it, are given for no other purpose than to raise money for the payment of grain, &c., to fill the Government contracts.”
This letter, signed by General Grant was designated by his counsel as “only an ordinary letter in the course of business,” and that is all it is where a man placed confidence in another as General Grant did in Ward and Fish.