Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1873-03-06
CREDIT MOBlLIrR.
Synopsis OF the Report OF the Poland
Committee TO the House.

/ Committee:
/ After quoting the resolution under which
] they were appointed and acted, the commit
/ tee gave history OF the. connection OF the
/ Credit Mobilier Company with the Union
! pac fic Railroad blythe HoXie and Ames con-
| tracta, the facts in connection with which
have been heretofore published. Tho com
/ mittee then rehear5ed the proceedings OF Mr..
! Amcs in placing some Of the stock OF the
1 Credit Mobilicr, and the different ties which
arise between him, Durant and McComb.
/ Prior to the session OF December, 1867, Amcs
/ had had no negotiations, with Congressman
except Schofeld. The committee say they,
/ cannot entertain any doubts as to the motive
/ and purpose Of Ames in contracting to lot
/ Congressmcn have Credit Mobier 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 TO create in them an interest identi-
| cal with bis own il clearly avowed in hi. let
! ters to McComb. especially III those in which he
/ SAYS he intends ''placing stock where 1t would
do the most good" and ''we went more friends
/ in Congress-" Another letter gives the philo-
sophy OF his action, where he says he ha,
:" found no difficulty III 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
1 with whom lac dealt be did not fear any hostile
legislation from, and the committee believe
! Ames especially designed 10 secure the defeat
| of the efforts Of the Nashburnes Of Wisconsin
and -Iliuois 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
20 hon
duty as to the Senators fully performed The
| committee do not deem 1t 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 oyl-
| dcncc.
In regard TO members OF the present House
tho committee proceeded TO state specially tho
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 Amcs. Dawes
received no other benefit from this transact
ton with Ames than 10 per cent. upon his
money, and after settling with Ames had no
| further interest In the stock,
Tho evidence relative to Schodold is re-
hoarsed showing also, that SchOheld gave up
I his Credit Mobcr, but retained 81 600 IN
Union Pacific. The precise terms Of settle
mCnt are unknown from a lack Of dates, but
since the settlement Schoiield has had no III
/ terest in the Credit Mobcr.
! Bnghams c0nnoCti n with the matter was
settled by Ames's retaining the thirty shares
, OF Credit Nobilicr stock, and accounting to
| Bingham for such dviD eud upon it as Bingham
f, had not already received. Bingham was
treated AZ the real owner Of the stock from
| the time OF the agreement, late IN December,
/ 1867 to the settlement in February, 1872 aud
/ had the benefit OF all dividends upon it.
/ Neither Amos nor Bingham had such records
Of their dealings as 20 be able to give the pre-
| else amount of these dividends,
The committee find that Kelley Of Penn
| syyania had ten shares of Credit MObliCr,
upon the solicitation of Ames, the latter car
rying it for Kelley until the dividends paid tor
it, and on the 23d of January, 1868, Kelley re-
cciyed 1929 from Ame- in a check on the Ser
! gCaut.at-arMs. Subsequent dividends were
| paid IN Union Pacific stock or bon Is. In Sep
temhcr, 1868 Kelley received 1850 from Ames,
which was understood to be an adyauc, to 10
! paid out Of the dividends, but there never has
! has been any adjustment OF tho matter and
! there Is an entire variance IN the testimony OF
/ both as TO what this transaction was. Suisse
| quont conversation and negotiations between
/ them are ia evidence, but the committee does
not deem 1t material.
/ Relative to Garfield, the committee find the
/ same facts as in kclley's case, as to the point
! of the reception of check for 1929. The COM
mittcc do not find that there was any commu-
uoation between Ames and Garfield on the
/ subject till this investigation began. Some
correspondence between Garfield and Ames.
! and some conversation between them during
/ the investigation viii be found in the reported
. testimony.
The committee state that it appears that
Ames did not give any details Of the relations
between the Credit M0bihcr and the Union
Pacific Company, nor did any Of the parties
know that dividends would be paid in stock or
bonds az the latter. The company say the