Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1873-02-06
EIr. Bingham and the Credit
s'a.f- =. G1Obilier. ..-....


fore EEr. PclcHd's investigating COM
nittee was substantially as follows:
He said that it was due to himself to
state all his transactions with biz.
Ames; that the first OF these was in
March CT April, 1865; that after consul
tation with Mr.. Ames, he then paid
into the Hubbard Silver Mining Com
| pany, OF which Mr.. Ames was presi-
dent ard JOHN B. Alley treasurer,
| 81 eco; that this comsany had no con-
ncction With Credit NGbilier or Union
Pacific Railroad Company, or Con-
gressionaI legislation; thst the invest
meat was q total loss: that in Decenl-
/ bss, 1857, Mr. Ame5 advised him to
Invest in Credit Mobilier, to which he
answered that he knew nothing of the
company. Mr.. Ames proposed to in
vest for him, and account to him for
dividends, vhereupon he paid to Mr..
Ames, about the 1st of February, 1868,
=, ,000, and took from Mr.. Ames a
written agreement, to the effect that
he should be accounted to for the divi-
dends and proceeds of 20 shares of
Credit Mobilier stock, stating therein
the nominal value of Union Pacific
railroad stock there represented, and
to be accounted for by him. He after
ward, upon the advice Of Ames, con-
! tracted for 81 600 worth OF the stock Of
the Iowa Falls and Sioux City Con-
struction Company for which he paid
| 1850 and Received from Ames writ
| ten agreement to account for the pro-
| ceeds of the same. He never received
any stock of the Credit Mobilier, or of
the Construction Company, or of the
Union Pacific Railroad Company from
Mr.. Ames or any one else. He con-
tracted with Mr.. Ames alone, in good
faith, and as he believed and still be-
Iieves he lawfully might, and upon as
surance Of Mr.. Ame5 Of profitable re-
turns. He no more doubted his right
SO to contract than, in 1865, he doubted
his right to buy thirty shares of nation
al bank stock, as he then did. That,
in 1868, on account of the Credit Mo
bilier, Mr.. Ames delivered to him two
Union Pacific Railroad Company's
bonds of $1,000 each, at ninety-tive
cents on the dollar, for which he paid
to Arnes $500, the balance thereof
$,600-Eas indorsed as credit on the
agreement held by Mr.. Bingham. He
sold these bonds in August, 1869, for
eighty-eight and ene-quarter cents On
the dollar. All subsequent dividends
Or payments on this agreement were in
money or Union Pacific railroad stock
the stock being charged by Mr.. AmeS
to himself, on the face of the agree
ment, at its nominal value, to be ac-
counted for, and the money was III
dorsed thereon as payment.
In December, 1870, Mr.. Ames set
lied the Credit Mobilier contract, and
accounted to him for the Union Pacific
railroad stock therein stated, took up
his agreement, and paid, in March,
1871, the amount found due on said
settlement, which, with the interest
thereon, was 81, $50 Il. Since that set
! tlement he had no interest in the
Credit Mobilier or the Union Pacific
Railroad Company.
In February, 1872, Mr.. Ames took
| mn ord pa;I +ho boJapo, ~, tho oo,,
struction company's contract, s72S or;
he has had no further transactions with
Mr.. Ames. The aggregate amount re-
ceived by him on these two contracts
was Sc, 500. From the inception to the
close of these transactions he had no in
! tination that other members of Con-
gress had contracts or dealings with
Mr.. Ame5 fer Credit Mobiiier or Union
Pacific Railroad stock, or that any 9TH
er member had interest therein, except
Mr.. Hooper, nor did he hear in the
meantime of any controversy as to the
distribution OF the stock of the Credit
Iiobilier. He never heard until Sep
tember or October last, when il was
stated through the public press, that
AIr. Ames was suspected of dealing
c0rruptly in the stock. He knew that
he himself had no corrupt purpose in
dealing with HIr. Ames. He never
made nor authorized any public expia-
nation denying or apologizing for
these transactions. He had done moth
ing which, in his judgment, required
! either apology or explanation. To the
! accusation that the stock was reward
/ for votes Oh a passage of the act of1SS4,
he knew the answer was in the records
CT Congress, which show ne was not
then member Of Congress, and had
nothing to do with the pass ge Of that
act. aH t ifa
To the accusation that the act Of
April 10, 1859, was in the exclusive in
terest of the railroad companies, he
knew the act itself would repel the
SANDER, and made the same part of
his testimony, as it was an act for the
protection OF the interest of the United
States in the Union and Central Pacific
Railroad Companies, and it expressly
provides for the protection Of the Gov
ernment, and requires that the Presi-
dent Of the United States shall with
hold subsidy bonds in suficientamount
to secure the completion of the rosds
as required by law, and that if the suo-
sidy bonds remaining be insufficient,
to make requisition upon the company
for security, and to compel the same;
and also that the Attorney General
rL III, otl,nr. a. ,r