River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1873-03-07
CREDIT M0BiLIER.
synopsis OF the Report OF the Poland
Committee TO the House.

After quoting tho resolution under which
/ they were appointed aud acted, the commit
tee gave history OF the connection of the
Credit Mobilier Company with the Union
7 Pac fic Railroad by the Hoxie and Ames con.
! tracts, the facts in connection with which
have been heretofore published. Tho com
mittee then rehearsed the proceedings OF Mr..
Ames in placing some of the stock of tho
Credit blobiier, and the different ties which
arise between him, .Durant and McComb,
Prior 70 the session Of December, 1867, hlnes
had had no negotiations, with Congressman
except Schofield. The committee say they,
cannot entertain any doubts as TO the motive
and purpose Of Ames in contracting to lot
Congressman have Credit Mobiier stock at
par when it was worth double that sum. He
desired to enlist strength and friends in Con-
gress TO resist any encroachment upon the
rights and privileges already secured, and his
purpose 20 create In them an interest denti-
cal with his own is clearly avowed In his LETT
ters to McCOmb, especially in those in which he
says he intends 'Dlacing stock whereof would
do the most good, - aud 1--WE want more friends
in Congress-" Another letter gives the phio-
sophy Of his actien, where no says he has
found no difficulty IN getting men to look
after their own prosperity The committee
are satisfied that Ames feared when the great
profits became known there would be no dan
ger Of Congressional investigation Those
WIN NHOtu ht flGdll ne tllu NOT rear any HOHUle
legislation from, and the committee believe
Ames especially designed 10 secure the defeat
of the efforts Of the Nashburnes Of Wisconsin
and alllnols TO regulate TRANSPORTATION over
the Pacific road and other measures, and they
quote a reference OF Ames to Nashburn in
one OF his letters in support Of this belief. In
taking evidence the names of Senators were in
voved and their cases were investigated, and
that evidence having been sent by the House
to the Senate, the committee considered their
duty as 10 the Senators fully performed. The
committee do not deem it their duty to make
any special finding as to those not members of
the present Congress, leaving the facts for the
House aud the country to judge upon the evil
dence.
In regard 10 members of the present House.
the committee proceeded to state specially the
facts proved by the evidence, which in some
instances is painfully conflicting. They find
that Speaker Blaine did not take any stock
although recommended to by Ames. Dawes
received no other benefit from this transac-
ton with Ames than 10 per cent. upon his
money, and after settling with Ames had no
further interest in the stock.
The evidence relative to Schofield is re-
hearsed showing, also, that Schotield gave up
his Credit Mobller, but retained $1,000 IN
Union Pacific. The precise terms of settle
ment are unknown from lack of dates, but
since the settlement Schofield has had no in
tefeSt IN tne Oredlt MODucf.
Bugham's connecti with the matter was
settled by Amcs's retaining the thirty shares
Of Credit Mobilier stock, and accounting to
Bingham for such dlvi, end upon it as Bingham
had not already received. Bingham was
treated as the real owner Of the stock from
the time OF the agreement, late in December,
1867, to the settlement in February, 1872, and
had the benefit of all dividends upon it.
Neither Ames nor Bingham had such records
~ fbnfr 9iao IA la al To
else amount OF these dividends
The committee lind that Kelley Of Penn
sylvania had ten shares Of Credit MObilier
upon the solicitation OF Ames, the latter car
rying it for Kelley until the dividends paid tor
1t, aud on the 23d of January, 1868, Kelley re-
ceived 1929 from Ames in a check on the Ser
geant-at-arms. Subsequent dividends We're
paid in Union Pacific stock or bon Is. Ia Sep
teInber, 1868, Kelley received $3.50 from Ames,
which was understood TO be an advance to be
paid out of the dividends, but there never has
has been any adjustment of the matter and
there IS an entire variance in the testimony OF
both as to what this transaction was. Suisse
quent conversation and negotiations between
them are in evidence, but the committee does
not deem it material.
Relative 20 Garfield, the committee find the
same facts as IN kelley's case, as to the point
Of the reception of a check for 1929. The COM
mittee do not find that there was any cOmmu-
nication between Ames and Garfield on the
subject till this investigation began. Some
correspondence between Garfield aud Ames,
aud some conversation between them during
the investigation will be found in the reported
testimony.
The committee state that it appears that
I Ames did not give any details Of the relations
/ between the Credit Mobilier aud the Union
/ Pacific Company, nor did any OF the parties
4 know that dividends would be paid i'm stock or
{ Nu gseN frff IL.
Credit Mobller was a state corporation not
subject to Congressional legislation, and the
/ fact thas its profits were expected TO be de-
/ rived from the building Of the Union Pacific
Railroad did not apparently create such an in
+ terest IN that company as 10 disquahty q
holder of Crodit Mobiner stock from particle
/ Uating in any legislation affecting the railroad
! company. Amos assured Congressman, when
questioned on the subject, that their hnldership
+ az stock could not interfere with legislative
\ duties. The committee therefore do not ind
4 as 60 the CCugrcssmcn above named. that
+ thoy were aware OF Ames's object, or that
! they hal any other purpose than profitable
inv estments. II Is apparent that those who
[ ady3gccd their moneys to pay for their stock
4 present more the appearance Of ordinary in
yestors than those who did not feel az liberty
to find any corrupt purpose or knowledge,
I founded un The fact of u0u-payment alone. Ii
I ought also 90 be observed that those gentle
4 men VINO surrendered their stock to Amos
before there was any public excitement on the
subject DO not profess % have done SO upon
any idca otthe Improperly OF holding il, but
for reasons affecting the value OF and security
I OF the investment but The committee believe
I that they must have felt that there was some.
thing ont Of the ordinary course Of business
VI the extraordinary dividends they were re-
! ceiyiug as 20 render the investment itself
suspicious, and this was one Of the motives of
\ their action.
The committee have not been able "a find
/ that any 0t these members OF Congress have
/ been affected IN their official action in conso-
/ Iuence ot their interest IN Credit Mobiier
I stock II has been suggested that tho fact that
none OF this stock was q austeued 90 those with
| whom Amos contracted, was circumstance
/ from which a sense OF improperly II not cor
ruption was TO be inferred. The committee
] believe this is capable of explanation without
I such inference. The committee IN referring
] IA "a VFnstfr.ae AL