Clearfield Republican. [volume] (Clearfield, Pa.) 1851-1937, 1873-03-05

PRIME object with Mr. Oakos Amcs,
and the process of securing tho requis-
tic Congressional strength to pass such
an act was entered on. This process
was 10 sell Credit Mobilier stock, then
enormously valuable, to prominent Re
presentalves and Senators at par, al.
lowing them the dividends due on the
stock 'as set-oif on the prrchasc
monty. Thus twenty shares were
sold 20 Vice President Colfax at par
and interest; but as a dividend Of
eighty per cent in Union Pacific bonds
was then due on these shares, Mr..
Colfix was only called on TO nav the
diesrne-- S.swovn tnls dividend and
'"- par of tho otooI., It'd interest,"
added.
This difference was s534.T2, and by
paying this MI Collax became the
owner OF the twenty shares. Oakes
Ames therefore gave him the differ.
ence between s53l.72 and 1000 and
accrued interest, but as the stock was
worth far more than par he really
gave him much more. Taus tho stock
was really worth at the lowest figure,
260, or 5000 for tho twenty shares,
and the net value of the 80 pr cent.
dividend, which was in bonds worth
o., being 81 ,552, the twenty shares
were really worth in the market Sc, 1852
at the loves estimate, and yet MI
Colfax got all this for s534.72, or re-
ally paid no more than 8 per cent. for
his stock In like manner Mr. Dawes
bought ten shares at par, paying ST..
600 there Tor, and in threo weeks
thereafter received dividend oil $3.50,
making tho transaction really stand,
valac paid, $1,000; value received,
real value Of stock, 81, ,600j dividend,
$3.50; total, s2,050; surplus of value
received, 81, $50. Mr.. Dawes, it should
be mentioned, paid all that he had re-
ccved back with the exception of 10
per cent. on his money for the month
he owned the stock. II should also
be mentioned that he did not pay
back until he heard the Credit Mobi-
licr was threatened with litigation
Senator Patterson also owned stock
swore that he had never owned any
and finally had it proven point blank
upon him that he had, and had furth
crmore received dividends thereon.
Other Senators and Representatives
prerert or past, as Logan, Wilson
Harlan, Bingham, Kelly, Scoheld
Alr--.- >-i -.ii-y, -.-.- i;lsewias tnna
pcred with by Oakes Ames in th'
same general fashion us those who's
cases have been more particularly
recitcd, and on the proposition desired
by Mr. Amcs coming before Congress
il was passed forthwith, and is nov
the much mentioned ninth section o
the Amy appropriation act of Marcl
3, 1871. It's sum and substance is L
command the Secretary of the Treas
, ury TO pay over in money to tho Unio'
and Central Pacific Roads one-bal
tho compensation for services "hcre
|, tolore," that is, before March 8, 1871
, or hereafter, that is ever since tina
date, rendered the Government il
other words, half OF that securit,
which tho people of the United State
) were under the act Incorporating th
r Union Pacific 10 have that they woul
|, not be called upon TO pay the loan I
, the Union Pacific, SO far ms the sci
, vices Of that road to the Govcrnmen
could quiet it, was surrendered by tht
0 section. 1t was II plain gift TO the raj
4 roads and so far rs tho Union Paclt
is concerned to the Credit Mobllier-
of from 81 100000 to s6,00o,o00.