The New York herald., 1872-12-23

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further information in regard to the transac-
tions between the Union Pacific Railroad and
the Credit Mobilier, which will no doubt be of
interest and value to the present stockholders
OF the former company, as well as to the
Congressional Investigating Committee. The
original contract made with Oakes Ames for
the construction and equipment of six hum
dred miles of the road the assignment Of the
contract two months afterwards to the famous
ring of trustees and the Credit Mobilier; the
singular conditions attached to the contract
and assignment, are now placed before the
public for the first time. Taken in connection
with the list Of shareholders in the Credit
Mobilier, published in last Saturdays HERALD,
and the Developments already made before the
investigating committee at Washington, they
will afford fair insight into the secret work.
ing Of the stupendous job, and into the means
| by which it was made such a magnificent
success. The contract was entered into on
| August 16, 1867, and the assignment was made
on October Is following 1t appears from the
list of stockholders of the Credit Mobilier as
already published by us, that the first divi-
dend of twelve per cent, in first mortgage
bonds and stock Of the Union Pacific Railroad,
was made as early as December 10, 1867, or
! less than two months after the transfer of the
contract was completed.
We have no doubt that the facts thus
brought to light will be thoroughly sifted by
the innocent stockholders of the Union Pacific
Railroad and that the question of the legality
of transaction by which the large profits, ap-
parently belonging legitimately to that COM
pany, were diverted into another channel and
shared between favored few, will be properly
tested in the courts Indeed, Mr.. Richard
Schell, in q conversation with HERALD re-
porter, states that a suit is likely to be brought
at once against the Credit Mobilier stock
holders, although he dsclaims any inten-
ton to take part personally in the litiga-
ton. He doubts, indeed, whether the
officers Of the Union Pacific Railroad will
act in the matter in their official capacity; but,
as any stockholder has a right to sue, there is
no question that the action for the recovery Of
the amount alleged to have been misappro-
priated will be brought, and that the plaintiff,
whoever he may be, will be backed up by the
whole strength of the corporation In the
meantime ex-President Durant may have it in
his power to throw much valuable light on
the mysterious and intricate transactions Of the
managers Of the adventure if it should please
him to do so, and it would be curious to learn
whence came the dividends so lavishly distrib-
uted to the stockholders of the Credit Mobilier
| so soon after the date of the Oakes An;es con-
tract and transfer
| We must insist however, that no new inter-
est in the foreshadowed suits between the vic
timized Union Pacific stockholders and the
fortunate Credit Mobilier ''ring' shall be per-
mitted to divert attention from the investiga-
ton pending before the Congressional Commit
tee. Hitherto there has been no great conf
dence felt in the result of the committees
labors probably, mainly on account of its un-
fortunate determination to hold its sessions
with closed doors. As we have remarked here
tofore, some persons familiar with our Con-
gressmen have fancied that o committee
better qualified to conduct such an investiga-
ton might have been formed, but no one has
imagined that there would be any dishonest
attempt to suppress or distort evidence on the
part of its members. Congressman Cox pos
sesses and deserves in an eminent degree
the confidence of all parties at Washington
and elsewhere and the fact that the CON-
mittee was of his selection is sufficient proof
as to its integrity. But something more than
an honest intention is required of those who
have been assigned such an important duty.
They have sharp, unscrupulous men to deal
with. If the charges made are well founded
their own immediate friends and associates
are implicated in disgraceful and illegal
transaction. They must bring to bear upon
their labors inexorable frmness stern de-
termination and unceasing watchfulness,
if they would discharge their trust fully and
faithfully. If there has been doubt as to
their qualifications IN these respects, they
have only themselves to thank for it, The
Credit Mobilier scandal was of too important
character to be hushed up or smothered
over by mere whitewashing process and the
people were not satisfied that the evidence
should be concealed from them When the
seal of secrecy was placed upon the
investigation it is not to be wondered
at that an uneasy suspicion crept into
the public mind. 1t is to be hoped that it
will be removed by a reversal of the action of
the committee and the opening of its sessions
There is no reasonable doubt as to the implica-
ton Of some Senator'S and Representatives in
what, in plain language, is Congressional
bribery and corruption. The trick of allow
ing brothers, sons, wives and sons-in-law to
receive the price of purchasable vote, in
the hope Of hoodwinking the people
and escaping responsibility is no longer
available. 1t is now thoroughly under
stood and can deceive no person. The COM
mittee are bound to discover what members of
Congress or other public officers received the
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