Wilmington daily gazette., 1872-09-12
Credit Mobliiev Of America

The mon Pacitic Railroad Camp,ry.
chartered 10y C"nsre.s, constructed and own, ,,,.
eastern "iViSioh 81 the line "f iailway I,achinu
from Oalaha to san Francisco. The "IJui'i,
Pacihc' portion OF the larger, reaching from,
Omaha 10 Ogden. near Salt Lake Civ Tna
other END belongs TO the Central Pacific Com
lany.
Each Of these corporations was libera,lv suh
sidized by Congress 1t was first grant.d the
right OF way through the Public Lands. will
authority to take timber, stone and other m,re,
lals from any portion OF these land free. II
charge. 1t wa- next loaned the bonds of ,h..
United Stat at tile rate of SIG, 600 $50 600 and
$4,000 per mile, according as the WORK wa,
presumed to be mo-e or leg. difEcnl,. and !,
was further subsidized by liberal grant of prl,.
lie Lands. -s =.
The payments Of the bonds advanced or loan.
ell TO each Company by the Unted States VA,
originally secured BY first mortgage ON ,h,
respective roads and their s,pnr:enances; hur
congress was III 'ehgth induced 10 allow the
Companies TO issue bonds OF their own .t .nn Il
amounts with those loaned by the United s,;,t-
and these Company bonds we're allowed to rn,,.
stitnte first mortgage. taking precedence of
those loaned by the United STATES Since then
the Companle. pay promptly the inleres. ON
their own bonds, but refuse or neglect To pay
that interest falling dne on the bonds or III.
oniteo states, which IN consequence has to liz,
paid out Ofthe L. $. Treasury The Comnan;a.
do not even pay 80 much of that interest ns they
can by conveying mails. army supplies &C.. f,r
the Government. They allow half OF that +,
apply Oh The interest," the other halt the Gov
erniheht mas To pay them regularly. Mr.. Boul.
well demurred to this, but Congress sust,ineI
me companies, and he pays accordingly.
Inc Constructions OF the Union (nol .he Cen.
hp RlIlr
euected through contracts with An in.id." "Riue"
or corporation known as '"Ihe Cre,ii, MohiIisr
"of America" No list of the stock hol,l.r. nn
account OF the operations OF profits of th,s
company was ever yet publshed; bnt thai ia,
u'Vh'e','is have been enormous i, generally un.
destOol. e'' W.
ihefe s'heen Il quarrel am yilg certain #
'hoae tet'e4h"hiers relntiye TO d,yisnt oY m.
spoils' One u the'r has been j,dfcMlly exam.
ined' and b i. made statements ON oath .efo,lv
impeachlng the integrity of certain leadin,
memners ol Congress therein named H.. sw,aI.
'oa' 'he hon. OAkts Ames Of Aiassach, ~lt- " no
was " once Representative in Congress. Char
n,A" OF the House Committee IN Railroads
resident oi the pnion Pac,ic, Riiiroad Com
ra"V, ana master spru Of The Credit Mobi-
iisr Of America" showed.him , lis, If n.r.on.
to whom ia had assigned lOou TO 1000 sh,trs
o' aock IN "Fhe Credit Mobilier" aforesaid.
anu le'!ers apparently written by him are eive,,
wnich indicate that these shares were II. dis
T,ou.sa 1naa Y influence corrup,Iy the .ar,iqa Of
"ons!ess III favor of the Companies alt;,.,ai.l.l
a., ms y no partisan ,Iioorback, go, up to in
a,;e aience the election. II. is sworn iesinony ~
onoe" III the tsrrrsseof Very gn,vp judicial rro
lar W. have one s1ory only. Mr.
oaHeS Ane. should mex. he heard ixan o,. oath
aau s'''ect to cross examination like the witness
" VINO mas already spoken. Mr. Blaine, III, n. |
- =. Zines says, haa "-lnelc e," the Who'll. mat.
w. W., ~ lar as he Is concerned, by broad den,a!
". w moi th!nk Il can be- "squelched' in tha,
way pnt each will treat il as he sees iii. We
ouse ;ns;. no One, enter mp nu judgemeat, but
,As's' 'hat broad denials viii not answer. The
aa payers OF the country, who are every yea,
hlIlfea TO pay large sum of interest ON the |
Gnu. nus loaned to the Union Pacific Railroad
~ s"pany wiil insist thai 81 he Credit Mobiiier
,h., america he thoroughly investigated, and
1 ~ whatever sums have h.en paid 10 members
i. ~ ooagfrss, or 10 Others for their benefit, shall
sonsl" pI. paek Inta The Treasury. where i, right
IN f'!y belongs Let all tue facts come out II