Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1873-01-15
PUBLIC LEDGER.
oppnrr MoBTLIRR.

The Investigation Of the great bribery
case known as the Credit Mobilier scan
dal continues from day to day at Wash.
ipcton with open doors, and the world
can read the testimony daily in the
pap.rs It was during the war, when q
small.sized Pacific coast contederaey
was appreheuded, that the projectors OF
the Union Pacific railroad, appealing to
The loyal sentiment Of Congress. pro-
cured immense grants Of lands and
bonds TO the enterprise. A few of the
leading stockholders took the contracts
70 build the road and pocket the preht-
They formed an association called the
Credit Mobilier, of which George Fran
els Train had something to say once.
The government held the first mort
gage on the road. The projectors
;ssued second mortgage bonds and
gave them 10 the Credit Mobllier
for building the road. The members oil
the association issued stock and took
care to sell it judiciously to their
friends" in Congress at par value.
Those friends saw fit to vote for Dill
giving the second mortgage in the bonds
az the Credit Mobilier the preference
over the first mortgage held by the Gov
erment. In other words, the poor con
tractors must be paid, whether the Gov
eminent was secured for its prodigal
outlay of the peoples land, money and
credit or not. The stock of the concern
Immediately jumped up two or three
hundred per cent, and the members OF
Congress who owned shares in the Credit
Mobilier or Union Pacific shares
found that this shrewd investment
and honest, square voting-for there
is said to be honesty among
thieyes-returned an immense profit.
This is an outline Of the affair, which
would never have become public but for
the parsimony of Cakes Ames and other
members of the Credit Mobilier, who re-
fused to make a fair divide with Mr..
McComb. He filed bill in equity, which
led to an exposure of the scandalous
transactions which have occupied Sc
much space in the public press. There
is fearful squirming among the guilty
and a desire to squelch the proceedings
but fortunately Mr.. Speaker Blaine, who
is aspiring to the Presidency next time
was able to clear his skirts, and he, with
some others who are likewise innocent
demanded an investigation, and the
others had to submit or acknowledge
their corruption. They are in tight
place, and politics nor loyalty can shield
them. They are all rising to explain
that when they took the stock at par
they did not know it would rise. But it
is notable that their votes soon made il
rise, and they pocketed the gains with
out grumbling. One fact cannot escape
the public mind, and the most ignorant
will understand it readily had they not
been Congressman, and in position to
return favors, they would not have been
selected by the Credit Mobilier to share
with its own members such rich spoils
1t was offered to them and accepted in
their official capacity, outside Of which
they could not have secured share on
any terms, any more than could Jim
Fisk. Some of the books have been pro
duced, bat not ALL The investigation,
however, will be sufficient to impale sew
eral distinguished CongressmeH on a pc
destal of most undesirable notoriety, not
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