The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1872-09-27
mr. oDnBbBF. on! sORRUPTIOH.

t---v-r----I--r------
mr. aDRBnBK. on! gORRUPTIOH.
HIS. sseeeh nj Iaaiassspoiis- The
Il U1isacRaciflc railway. and Credit
sao,SiiieS, Ae. .',' ,2 80, ,i Ha =
Nj. Greeley was introduced by Hon.
D. W. voorhees,. 'Hessid:
People Of INDIANA: The distinguished
gentleman who just addressed you has
ECpronouaced d e,swo watch words Of the
present CANVASS: NTbe first is reconcile
asiou, theseoo is puriAcstions II have
spoken heretoiofe e0n reconciliation. = !
propose 70 Spssk 70 night 10 the interest
Of publication. Z Oar oou otry has re-
Gently, encountered and vanquished the
peraof disunion. She is to-day con-
| ironted with the deadly peril Of corrup>
ttion., The cancer is eating into her
vitals, whereof the essence is purchased
legislation, bribed public servants aud
serious betrnyals of the highest trusts.
L will endsauor to illustrate her present
Psrihby simply recounting TO you unde-
nlable facts whichilluarate this history
OF legislation by Congress, with refer
ence 10 the Union Pacific railway. l
would fix your at ention on this as a
sample OF IL means whereby scheming,
selfish, ayaricious men contriye TO glut
their own greed while they talk OF pub
lie beuifcence. = -..
Ten years ago Congress passed an act
chartering the Union Pacific railway
The act was intended and calculated to
secure connection by railway Of our
Pacific with our Atlantic States, q noble
purpose, and one which cannot bu! be
strongly commended. As it was GER
tain that private capital would not build
road through 1000 miles of mountain
and desert, Congress resolved to aid that
enterprise generously. In the first
place right Of way wss granted, with
the right also to take material from
any part OF the public domain. Next.
large grant was made in aid OF the
Pacific abroad. Thirdly, bonds OF the
Government 10 the extent of $4,000
per mile were lent to the company iu
aid OF this project. and first mortgage
on the railroad taken there or. 1t WAS
thus provided that the road should he
built with public morey for the public
use BY the charter OF the company.
After q few years. this project having
passed into the hands OF capable, grasp
ing men, some Of whom were members
o.: Congress, a new step was taken.
Congress was induced to authorize a
new loan in aid Of this project. and an
equal amount from the government aid,
that ia to say, to the extent OF at leas
$40, 600 per mile, and then a new loan
was authorized to take precedence OF
the government loan. In other words.
Congress relinquished our first mort
gage on the railroad and took second
mortgage, authorizing the company to
make q first mort gage'of equal amount
ahead OF ours. Now. then, our security
was destroyed in this way, go that our
investment was to be Of no avail. In
a little while q private company was
somewhere chartered, entitled the
Credit Mobilier OF America, and that
private company or ring was composed
OF lot of active members OF the
Union Pacific Railroad Company,
some Of them members OF Congress
No list OF the stockholders of the
Credit Mobilier was ever published, or
can be obtained; but these gentlemen
proceeded. to make contracts virtually
with themselves; that is to say, the
same ge ntlemen officiating a. officers OF
the Union Pacific railroad contracted
with themselves as officers Of the Credit
Mobilier of America, to construct the
Union Pacific railroad at enormous
prices, which absorbed vboth.the bonds
lent by government and the private
loan Of the COMPANY of equal amOunt,
which WA made the first mortgage on
all the property Of the road. 10 other
words, these gentlemen contracted with
themselves TO pay themselves twice the
fair cost of entirely building and equip
ping the road, and, building the road
with the proceeds OF the money lent by
the Government, they proceeded to d.
vide among themselves the other bonds.
equal to the amount for which Con-
gress had made q mortgage on the en-,
tire road. By these meaus $4,000 600
were divided among the parties. and all
that money 80 divided we are called
upon to pay. They divided the
bonds, and built the road With
Government bonds which were second
mortgage on that company.
Now, you see these same gentlemen
who engineered through Congress this
project OF making the road cost double
what it should cost, and making half
the cost OF a private dividend among
themselves-these gentlemen now ap-
pear before Congress for still further ad.
vantages. Congress had thus far reserv-
ed to the country such sums as this
railroad earned by carrying the mails
and provisions, &c. for the army OF the
United States; but the company said
mo" They said, ave want TO reserve
half of the money. You can pay over