The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-02-28

was g. 100000, TO which, in 1867, it was voted to
add nfty per cent, which was to be 0iiered 10 the
first mortgage bonds Of the Union Pacific Railroad
Company. In August, 1867, Mr.. Ames contractor
with the Union Pacific company 10 pu doa o S'
miles OF the road Tor the sum or $41,oOo,OOo'
The contract was to be and was by agree
ment with parties before entered int, assigned 70
proits arising therefrom should be divided with
the stockholders OF the Credit MopiIer lnc oon
tract price fer building the ROAD was and
the stock OF the Credit Mobiier was supposed 10 10
possess corresponding value Mr. Ames Wns, ~
the stock OF which he does not appear to nave
been anxious to dispose OF, but was disposed and
WAS active to enter into engagement
CONTRACTS WITH MEMBERS OF CONGRESS-
for stock which he expected to supply from shares
Of the o sne Vice
the Union Pacific Railroad. or shareholder IN the
Credit Mobiier in trust for uses not declared; and
343 shares OF this stock were subsequently delivered
to Ames as trustee TO enable him to perform these
engagements, Ames paying to the company the
the creat stock De-
cember. 1867, was at least double It's par
value, and the dividends subsequently,
This stock was understood to have been contracted
for with members at par, Mr.. Ames, In most OF the
of the motives Of Mr.. Ames in this disposition OF
the stock 1t was his diplomacy to gain frlends 10
Congress, and, getting men to look alter their own
property, so to fOrtlfy the enormous interests
which he was solictous to protect against the
contingency of unfriendly legislation already men,
acing. 1t was not desirable that such purposes
should be described, and statement to the par
ties addressed OF the value OF the stock or the ex
pected returns in eight dividends would be such
disclosure. They were accordingly left to look to
other sources and future events to disclose
THE SIGNIFICANCE OF THE TRANSACTION
on his part.
1t will appear by glance at the evidence taken
before the committee OF the House Of Representa-
tives that Senator COnkng Is IN no manner ar
fected thereby. On the contrary, the
testimony negatives the idea that he
| was at any time the owner OF OF
| in any way interested in the stock
| or otherwise connected with the Credit Mobillel
or the Union Pacific Railroad, and this still further
confirmed by his statement before the committee
| Senator Logan was not q member Of this body al
| the date OF the transaction referred to in thu
| communication from the House Of Represen
| tatives While Mr. Ames may have designed II
| influence the subsequent action OF Mr. Logan as
representative in Congress, there is
| NO PROOF THAT MR.. LOGAN HAD ANY KNOWLEDGE
| OF such purpose. On the contrary, 1t appears al
soon as he discovered that difficulty was likely tt
j arise in the transactions OF the Credit Mobilier
and but few days after ne had received SAID divi
| dends, he promptly returned them to Mr.. Ames
| with the interest. The testimony does not AFFECT
him in any sense which would cali for the action
the Senate, il 1t possesses jurisdiction over acts
| happening before his election to the Senate
question on which, under the finding
OF the committee, it is unnecessary to