Wyandot County Republican. [volume] (Upper Sandusky, Ohio) 1869-1903, 1873-01-23
v1ce.Presfdent C0Ifax and the Credit.
Ewk u M0hiller.

Vice.Presfdent Colfax and the Credit
TEaW M0bllier.
When recently before the Credit Mo
bilier Committee, Mr.. Colfax, after &
brief preliminary statement, was sworn
and gave his testimony in written form as
follows:
= ST state explicitly that no one ever
gave or offered to give me any shares OF
stock in Credit Mobilier or Union Pacific
+, Railroad. / have never received nor had
rendered to me any dividends, in cash,
Z IN either of said organizations, and nei
|. ther Mr.. Ames nor any other person con
+ nected with either of said organizations,
: ever asked me to vote for or against any
!. measures affecting the interests of it,
either directly or remotely, or to use any
personal or official influence in theil
favor. Idesire, however, to state that
all the circumstances through which,
probably, my name came to be associated
with this organization. Five years ago
about the time of the holiday recess,
was conversing on the floor of the House
with MIR. Ames in regard to the Pacific
Railroad, in favor of the building of
Z which had previously made hundreds
OF public addresses. In the course of
this conversation he asked me if would
not like to purchase some stock in the
Credit Mobilier. Up to that time knew
nothing of its capital or profits, and in
CURED of him as to its objects and value
Of its stock. AS near as can recall this
conversation after lapse of so many
years, j was informed by him that it was
p legally incorporated company, COM
posed of the principal stockholders
of the Union Pacific Railroad, who
were themselves building the road instead
or letting it out to contractors who al
ways expected large profits for their
risk and their advances OF money for
supplies. ! told him after his explana.
ton that it looked like good and safe
Investment for one of limited means, and
would be willing to purchase twenty or
thirty shares at fair prices if had money,
but added frankly that could not pay
for them until two or three months after.
ward, as my housekeeping expenses in
opening months of session were much
larger than the average. He replied that
. he would contract to sell me twenty
shares at par If would, in addition,
agree to pay the interest until final pay
ment. / inquired what per cent it
would pay, and he replied that there had
been large dividends, but as the road was
pushed farther into the interior, the n
they would be very surely remunerative.
The Union Pacific Railroad had no legis-
lation that l know of pending before
congress at that time. nor did suppose
there could be any in future, as the last
amendment to their charter, authorizing
. the issue of first mortgage bonds, which
should have priority Of government had
been enacted in 1864, over three years be-
fore this conversation In feeling that
any questions arising under their charter
would be judicially settled, and suppos-
ing at any rate that had the same right
toe purchase this stock, as to buy
stock in National Bank, char
factory, T told him would agree to
purchase twenty shares at par and inter
est, to be paid for as soon as I had money.
Some weeks or months afterward, at the
same session, I paid Ames about $500
cash on this contract of purchase, being
all the money! had, but received no div
idend nor certificate of stock, in whole or
in part. My impression is that he told
me that one or two dividends had been
earned, but they were not in cash and
were as yet unadjusted. Certainly l
did not receive any, and was not offered
any in cash, or bonds, or stock, then or
since. A few months or weeks after this,
l heard q rumor that unpleasant contrO-
versies existed amongst the largest stock
holders, which were certain to involve or
engage them in prolonged litigation The
very day heard this rumor told Ames
that no profits, present or prospective,
could induce me to buy into a lawsuit
as plaintiff or defendant in a court of
justice, that l must therefore recede en-
tirely from the transaction between us.
did not want stock of any kind
on any terms that would make me
party to litigation. He answered to this
and nothing was said as to money paid, my
anxiety being not to get into a law suit
All these things occurred at the same ses-
sion of Congress five years ago, which
closed in the summer of '68. Next year,
or the year after, Ames suspended pay
ment- in consequence, as was said, of
financial lnvolvements connected with
the Pacific Railroad, and his cred
Itors gave him an extension on
his liabilities, but regretting his
failure and its cause, I told him to dis
miss from his mind the small amount of
money between as. I suppose but for
this he would have repaid the money I
had paid him. 4 may repeat, therefore,
that neither stocks nor bonds were given
to me, nor offered to be given to me that
never received dollar in bonds, stocks
or money or dividends that I did con-
tract to purchase twenty shares of stock
IN stock company at par and interest,
but that after partial payment I with
drew entirely from what l regarded as an
incomplete contract, from repugnance to
being involved in litigation, and that in
stead of being enriched by it $1,000 or
xSO. OOO as has hppn charuad ON vol