Expensive Ex-presidents (May/June 1989 | Volume: 40, Issue: 4)

Expensive Ex-presidents

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Authors: Bernard A. Weisberger

Historic Era: Era 10: Contemporary United States (1968 to the present)

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May/June 1989 | Volume 40, Issue 4

Seven days into his presidency, George Bush held a quick, almost spur-of-the-moment news conference in the White House press room, something like a student voluntarily subjecting himself to what once upon a time was known as a snap quiz. He earned, in my judgment, only a C in history—with an answer misleadingly half-right, but one that opened windows on a larger subject.

 

Ronald Reagan had just reportedly signed agreements to write his memoirs, deliver lectures, and edit collections of his writings, all for a sum estimated as somewhere between three and five million dollars. A reporter asked Bush if he didn’t think his predecessor was “cashing in” on the presidency. Bush replied: “I don’t know that I’d call it ‘cashing in.’ I expect every president has written his memoirs and received money for it… Grant got half a million bucks. That’s when half a million really meant something.”

“Every president” is an exaggeration. No president before Theodore Roosevelt published an autobiography while living. Grant himself was dead when his deservedly classic Personal Memoirs appeared. The story of his desperate effort to make money is actually a mixture of the dubious, the pathetic, and the heroic. Needing security, the hero of Appomattox actually had tried to “cash in” on his name by associating himself, in 1882, with a Wall Street brokerage house, Grant and Ward. Two of the partners illegally mismanaged the funds and dragged the firm into bankruptcy, which ruined a number of their clients and Grant.

Destitute, Grant then signed a contract to do his memoirs and almost at the same time learned that he had a fatal cancer growing in his throat. The sixty-two-year-old general was determined not to leave his widow in poverty. So he wrote steadily and doggedly through eight months of torment, to complete a manuscript that yielded two fat volumes. He was racing with the death angel, and he won. Grant submitted his last corrected proof sometime around July 16, 1885, and died on the 23rd.

The Memoirs were an instant bestseller. Julia Dent Grant ultimately got between $425,000 and $450,000 in royalties, $200,000 of it in a single check on February 27, 1886.

Grant’s fatal venture into the world of stock sales illustrates a general problem of what is and is not proper for an ex-President to undertake after he leaves office. Congress stated the dilemma very succinctly when it got around, in its deliberate way, to dealing with the subject in 1958, after thirty-three presidencies covering 170 years had elapsed. Its report said: “We expect a former president to engage in no business or occupation which would demean the office he has held or capitalize upon it in any improper way…. We believe that a former president should take very seriously his obligation to maintain the dignity of that office … for the remainder of his life.”

Except for Grant’s misjudgment, no ex-president had, as of that