The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1872-09-11
GREAT MORAL IDEAS.

The opponents Of the GRANT party are
not obliged 10 confine their charges Of
corruption against that party. or its
managers, to loose general statements ::
they can base them on incontestible evil
dence. Perhaps the disclosures con-
corning a certain corporation, known
Nv the high-sounding title Of the Credit
Mobilier," attest the political and moral
rottenness which obtain in the Radical
leadership, better than anything else.
These disclosures came out in the evi-
ience of one Colonel McCoMB, given be-
tore q Government investigation. The
Cleveland Pldmd5aLsr gives the follow
ing condensed history Of the case:
-eems that a few capitalists, in order to
obtain control of the vast sum of money
certain to be realized from the sale OF
the Government bonds in aid of the
Union Pacific Railroad, purchased the
franchises of Pennsylvania corpora
ton known as the " Pennsylvania Fiscal
Agency" and changed its name to the
Credit Moblier of America Doctor
THOMAS C. DURANT, Of New York City,
was the originator of this scheme, and
organized the 'inside ring" The
most OF the stock OF this con-
Germ was taken by DURANT, Cor
xELius L. LAMBERT and McCoMB This
Was in October, 1864 DURANT, we
should say, was Vice President of the
Union Pacific railroad, and the other
gentlemen were its principal managers.
The Credit Mobilier was organized in
order that an arrangement previously
made, whereby figure head Of the
ring had ostensibly made a contract to
build the first hundred miles of the
road, although the profits realized from
the contract went to his employers-it
was organized, we say, that this ar
rsngemept-which otherwise might
have rendered the ring personally liza.
ble-migbt succeed. The said contract
vas transferred to the Credit Mobilier,
and thus the officers and managers Of
the railroad were enabled to make a
contract with themselves, as the officers
OF the Credit Mobilier, to build and
equip the road. Under this arrange
ment the stockholders of the Credit
Nobilier realized millions OF dollars.
The dividends during 1866 amounted
TO 900 per cent. 4
CAKES AMEs and q few other Boston
capitalists were taken in soon after the
organization of the Credit Mobilier.
And now comes the interesting part
of the story. In 1867 some additional
legislation was wanted of Congress.
OAEEs and OLIVER AMRs, brothers. had
become the leading spirits of the con-
Germ. OAKEs was a member OF Con-
xress. The ring wanted an act passed
SLOWING the Union Pacific Railroad
Company to issue first mortgage bonds,
with the interest guaranteed by the
government to an amount equal to
those issued by the government. But
the government held first mortgage on
the road bed and franchises OF the com-
psny, and this must be retired and the
government made to accept a second
mortgage. This AMEs managed; but
il required q liberal distribution of
Credit Mebilier stock to the leading
Senators and Representatives in Con-
gress.
The following letter from AMEs to
MoCoMB shows how he made the dis
tribution:
WARRINGTON, Jan. ~, 1868.
II. S. McComb:
DEAR SIR:-Yours of the 18th is at
hand, enclosing letter from or rather.
TO Mr.. King. don't fear any investi-
CATION here. What some Of Durant's
friends may do in New York cant be
counted on with any certainty. You
do not understand by your letter what /
have done and am to do with my sales
Of stock. You say more 70 New York.
have placed some with New York, or
have agreed to- You must remember
that II was nearly al placed as you saw
on the listip, New York. and there was
bit biz Of eight m for me to place, !