Spirit of Jefferson. [volume] (Charles Town, Va. [W. Va.]) 1844-1948, 1872-09-24
TIE PACIFIC RAILROAD RING.

The Credit sMobilier was a French Bank
instituted by Napoleon I III, in imitation of the
Bank of England, intended to regulate money
ing this magnificent name, certain spectators
obtained,fro the Pennsylvania Legislature,
Chat hot.b of corrupt corporations, a char,
ter for corporation intended to project and
build the Pacific Railroad They had little
or no capital, and the whole idea was to build
the road by the credit of the nation, and own
it themselves. As they progressed, their
ideas expanded, and they determined not only
to build the road a. the public cost, and own
it themselves, but to make laege fortunes in
addition
The Credit Mobilier, removing the scene of
its operations to New York, became the Bank,
or Treasury department of the Pacific Rail-
road. Its function was to supply the sinews
of war. Having no money itself. it resorted
to Congress. This was in accordance with its
original design. Under its manipulations,
Congress subscribed s27 ,OOo, 600 in bonds of
the United States. The cost of the Road was
S25 GOO, 1000, thus leaving a ciesr balance of
$4,000, 900 in the vault of the Credit Mo-
bilier. In addition to this, Congress granted
from the public land. (your land and mine y
$4,000 900 acres, which in their printed cir
cular the Company says is worth from s33 to
$40 per acre. Putting it a. $500 per acre
we have here s65, 100000, which added to
the $1,000, 900 above alluded to, make S67,-
100000 of erstuity to be divided among the
corporators of the Credit Mobilier. The mere
statement of these facts carries with it pre-
sumption of corruption on the part of Com
gress and the Administration. Accordingly
1t has been always stated, and never denied,
that there did exist Pacific Railroad Ring
composed chiefly of members of Congress-
Among the expositons heretofore made we
have, for example, the following clear and ex~
plicit one from Mr.. Chas F. Adams, Jr, in
valume published more than eighteen months
ago.
CIV no then constituted the Credit Nlobilier?
1t was but abother name for the Pacific Rail-
road Ring. The members of it were in Com
they were directors, they were stockholders,
they were contractors in Washington they
voted the subsidies, in New York they re-
celved them, upon the Plains they ex pended
them. and in the Credit Mobilier they divided
them. Ever-shifting characters, they were
ub'qnitous-now engineering a bill, now
bridge,-they received money into one hand
as corporation, and paid into the other as a
contractor. As stockholders they owned the
road, as mortgages they had lien upon it,
as directors they contracted for it's construc>
ilan, and as members of the Credit Mnbilisr
they built it. What is the community TO pay
for it 2"
Such was the statement of Mr.. Adams
published more than eighteen months sso
and which remains as yet wholly uncontra>
dict"d and unimpugued
Recently m"0cr oath Col. Macomb in a
suit against the Credit Mobilier has had oc>
casion to disclose who composed the Ring,
and how they obtained their stock. They
were the leading Radicals of Congress. and
were given 81 many shares of stock for their
votes and influence.
According to the sworn testimony of Col.
Macomb the list is as follows
Shares
n'a'he' OF Ma'ne, 5000
pn'erson. OF New Hampshire, 5000
Wilson. Massachusetts. 1000
Painter. Cfep.) for Quigly, 5000
5. Colfax. Speaker, 600
scofeld and Kelley Pennsylvania each) 2, 600
Eliot, Massachusetts, 3 600
Dawes, Massachusetts, oOOO
Fowler. Tennessee. 9 GOO
Boutwell,. Massachusetts. ooOO
Bingham and Garfield. Ohio (each) 2. 600
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