Evening star. [volume] (Washington, D.C.) 1854-1972, 1873-01-16
THE CREDIT MosIlIeR INVESTIGATION.
Proeeedings OF the Committee Today.

gate the credit mobilier charges. resumed its
session this morning, and Hon. Glenni w. SEQ
field, of Pennsylvania, whose name has been
used in connection with the charges, appeared
before the committee voluntarily and made the
following statement under oath:
Mr.. sCoFIELD's STATEMENT.
For many years 1 have been in the habit Of
investing in bonds or stocks whatever surplus,
however small, might have from year TO year.
In Dece mber, 1866, bought of Mr. Ames some
bonds in the Cedar Rapids and Missouri rail-
getting more. He suggested that should take
this credit mobilier stock. He explained that il
was a contracting company, incorporated by the
legislature Of my state, and he would like to
have some Pennsylvania in it. In brief way
he explained its object. He said he would sell
me some at par and interest from some former
period, at my own risk, or he would guaran-
would give him hall it earned upon that
take $1,000 of it; told him would get the
Was done, however, was called home by severe
illness in my family, and did not return until
some days after New Years. Sometime after,
when met Mr.. Ames and spoke about getting
him the money, he said he thought was too
late, as did not give him the money, he sup
posed had abandoned il, and he Thought il
and then he would ascertain, and get it il he
could. l gave him the money and took
his receipt. This was the last of JAN
nary He subsequently, informed me that
a larger block, and he would have to get il di-
yided. Either at this time, or soon after, told
him had concluded not to take the stock. We
talked the matter over, and finally agreed 10
take some of his railroad securities instead.
Some balance was settled i'm money, and gave
him his receipt. This was during that same ses-
recollect Of any legislation pending OF in pros
peet at that time that Mr.. Ames was interested
In. was next a. Congress when the subsidies
TO the Pacific roads were granted, and voted
tnCf fhn nf a.,f xsx-sr
company's mortgage priority. The legislation
that came up two or three years after was based
upon facts subsequently developed, and could
not, therefore, have been anticipated by me-
Nothing was said about legislation, and certain
ly it vas not thought of by me.
In answer to questions of Judge Poland Mr.
settled early in February, 1858. Thought no
dividends were declared by the company during
the time. Did not remember of receiving any
dividends If there were any they were allowed
the stock was then worth two or three times its
par value. The conversation between witness
and Mr.. Ames was accidental. 1t began on the
street walking down from the Capitol and was
continued I'm the hotel where they both boarded
By Judge Merrick.-Mr. Ames explained how
credit mobilier was managed and its object.
BY Mr.. McCreary.--Did not remember Of any
legislation in Congress in reference TO the road
while he held the stock. IT there had been
would not have Influenced his vote.
By Mr.. Niblack-Mr. Ames said i'm the course
Pennsylvania men in the enterprise as il was
Incorporated by that state.
SENATOR PATrERsoN's STATEMENT
Senator Patterson, of \. H., was then sworn,
and made the following statement:
Gentlemen Of the Committee:-I have had no
transaction with the Union Pacific railroad or
investigation, or which any respectable business
man would think Of criticising; still am glad
to respond to your invitation to be present this
gO% Sef but of all there
is in this matter, so far as 1 am concerned. j
entered Congress after all the land grants and
subsidies to the Union Pacific railroad had been
made. The only legislation which has arisen
since in respect to 1t, the wisdom and policy
Of which any one questions, so far as know
is the act Of 1864, which passed during my first
in respect to the merits of this great work as
am now, but have never regretted the vote
gave at that time. then had but short ac-
guaintance with Mr.. Ames, having never seen
him before 1 entered Congress. AT a later
period We were thrown together and brought into
the relations Of a somewhat intimate friendship
Near the close of the 1861, when no man could
have anticipated any further legislation upon
this subject, and since when, If we except the
the transfer Of the office OF the company to Bos-
ton, there has been none, unless giving a con-
structlon to previous act on question raised
unexpectedly by the Secretary of the Treasury
may be so considered, Mr.. Ames came over to
the Senate and proposed to sell me thirty shares
OF stock in the credit mObilier. He represented
at the time that he did this a friend, looking
to ny interest L asked him to explain to M
what the credit mobilier was, and he did so.
Der of Congress to hold stock. He said he thought
IT was, as they did not expect to ask for any
. further legislation and to give strength to his
view he mentioned several distinguished gentle
men OF acknowledged integrity who had either
taken or proposed to take stock i'm the company.
i then inquired if he thought il would be n
profitable investment: He replied that he did or
he should not have offered it TO a friend. said /
should be glad to take some OF the stock but could
not, as 1 had no money. "When You get some
money which you wish to invest" said Mr.
Ames, [" come to me, and you shall have the
stock" At that time L proposed to take the
stock, and doubtless Mr.. Ames expected should,
bu II never found it convenient to take it before
concluded II was not best to take it, and 80 the
purchase was not consummated, and 1 never
received, directly or indirectly, nor did any one
ever hold for me in trust one penny's worth Of
explicit because 1 have been misrepre-
sented in respect to this thing, and
not because l see any breach of Propriety
chasing or holding this more than paper, wool,
legal tenders, bonds, bank notes, bank stocks or
any other species Of property liable to be affected
not anticipated at the time or the purchase. On
two occasions subsequently purchased of Mr.
Ames stock and bonds in the Union Pacific
railroad, which were placed in the hands of a
friend i'm New York for sale. NV friend sold
them at fair profit. For this stock and bonds
l paid the full market price in money
W myself. 1ueSc transactions were
bona fde purchases, and not exchanges
OF stock or distributions of dividends.
II was small investment, but reasonably pro-
htable, and l regret it was not larger, as Ii was
b0rn honest and honorable, and doubt If there
Is any member of Congress who would DENY the
right or propriety Of such a purchase to-day
This Is the whole Of my connection with Mr..
Ames, or with the Union Pacific railroad
have never purchased or received any property
of any kind which had any connection, direct
or indirect, with my vote or political influence
SENATOR HENRY WILSON
was then sworn, and testified that his wife had
been presented with q, 800 on the anniversary
OF their silver wedding, portion of which was
invested in credit mObilier bonds, which were
purchased for her benefit at the suggestion of
Mr.. Cakes Ames. Witness knew nothing Of the
organization; Ames said he would guarantees il
TO pay ten per cent, and advised witness 30 take
1t. Witness asked Mr.. Ames ut the time If II
vas not likely that the road would be coming 10.
Congress for legislation, a he had made Il a
rule never to have dollars worth of stock in
any road wanting legislation. Mr. Ames replied
ed none. He told Mr.. An,es that II the road
ever should apply for Legislation he would want
his money back, and give the bonds up. sub
sequently witness learned that there were some
dimculties about the concern, and he spoke
70 Mr. Alley, Ames, and others about IL
saying that he wanted to get out of n
Mr.. Ames laughed at the anxiety of witness To
uof n.,< A.,k. "a - wssoCoS W