Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1873-01-16
Credit Mobilier Investig ation.

The testimony of Mr.. Garfield was as fol-
lows:
The first ever heard Of Credit Mobiler
was in 1866 or '67 Il cannot fix the date),
when George FrancesT rain called on meand
said he was organizing company to be
known as the Credit Mobilier of America, to
be formed on the model of the Credit Mobil-
Ter Of France; that the object OF the COM
pany was to purchase lands and build houses
along the line of the Pacific railroad, or
where cities and villages were likely to spring
up; that he had no doubt that money thus
invested would double or treble itself within
year; that subscriptions were limited to
81 900 each, and he wished me to subscribe
he showed me long list of subscriptions
among them was Cakes Ames, to whom he
referred me for further information concern
ing the enterprise l answered that l had
not the money to spare, and if had would
not subscribe without knowing more about
the proposed organization; Mr.. Train left me
saying he would hold the place open for me,
and hoped l would yet conclude to subscribe
The same day l asked Mr.. Ames what he
thought of the enterprise and he expressed
the opinion that the invest would be safe and
profitable. heard nothing further on the
subject for year or more, end it was almost
forgotten, when the same time, | should say
during the long session Of 1868, Ames spoke
of it again. lie said the company had or
gained, MAS doing we'll, and lie thought
would soon pay large dividends. lie said the
same stock had been left or was soon to be
left in his hands to sell, and could take the
amount which Train had offered me by pay
ing $1,000 and the accrued interest. He
said if | was not able to pay for it then, lie
would hold it for me until could pay, or un-
til some of the dividends were payable. |
tn1 ! ti,a i,,,
wonld not agree to take any stock until |
knew from an examination of the charter and
conditions of subscription the extent TO which
should become pecuniarily liable. He said
he was not sure, but thought 4 stakeholder
would be liable only for the par value of his
stock; that he had not the stock and papers
with him, but would have them after while
From the case as presented | probably should
have taken the stock if had been satisfied
in regard to the extent of the pecuniary liabil-
ity. Thus the matter rested for some time,
| think till the following year. During that
time | understood there were dividends due
| amounting to nearly three times the par value
of the stock, but in the meantime l had
heard that the company was Involved in some
| controversy with the Pacific railroad that
Ames right to sell the stock was denied
When l next saw Ames told him had con-
| cluded not to take the stock. Then the mat
ter ended, so far as was concerned, and l
had no further knowledge of the company's
operations until the subject began to be dis
cussed in the newspapers last fall. Nothing
was ever said to me by Train and Ames to
indicate or imply that Credit Mobiler was or
could be in any way connected with the leg
islaton of Congress for the Pacific railroad
or for any other purpose. Ames never gave
or offered me any stock or other valuable
| a nif I nd htaiu al
from him and afterwards | repaid it to him,
a loan of $500. That amount is the only
valuable thing ever received from or deliv-
cred to him. | never owned, received or
agreed to receive, any stock of the Credit
Mobilier or. of the Union Pacific railroad
nor any dividends or profits arising from
either Of them.