Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1873-02-07

antee them ten per cent on their money.
Many members of Congress TOOK the stock,
innocently supposing, as they have all tes-
tilted, that there was no more wrong in the
transaction than in their Investment in the
stock of national bank or factory. Some
of the members kept their stock and re-
ceived dividends on it; others, hearing of
the difficulties in which the road was be-
coming involved, returned their shares to
Mr.. Oakes Ames, or rather rescinded their
contract to take them.
WHAT OTHER PEOPLE SAY ABOUT IT.
The Boston Advertiser, a high-toned pa
per, which is not in the practice of shield
ing corruptionists, stands by Mr.. Ames. 1t
says:
"T'o our personal knowledge Mr.. Oakes
Amos, at the same time that he was selling
stock to such members of Congress as cared
for il, he was freely offering IL to our prom
inent hnancers. 1t was declined by sew
eral bank presidents and dbankers,-certain-
ly for no moral reasons,-who were at the
same time eagerly taking up stock in other
western enterprises. To one gentleman,
with whom Mr.. Ames had business rela-
stock at par within sixty days; and as
within that the market price had advanced
TO 10, the gentleman avaled himself Of
the option, aud sold the stock. Mr.. John
|. Blair of New Jersey, who has aniasseda
large fortune in railroad contracts, stated
at a dinner z ven him in this city that "the
Union Pacific was too big for him" and he
had declined all interest. 1t should be adj
ded moreover, that all the legislation in be-
half of the Pacific railroad was passed be-
fore the Credit Mobilier company was con-
necied With it at all, and from three to four
| years before the transactions with men,
bers of Congress now under Investigation.
As the building of the road went on, it was
found that the difficulties had been greatly
exaggerated, and that the cost of crossing
! the mountains was much less than had
been feared, aud very large profits were re-
| allied. 1t was the old story of Columbus
making the egg stand upon the little end.
| Anybody could see it after it was done.
"This device of contracting company is
| by no means peculiar to the Union Pacific.
The Central Pacific had Contract and
Finance Company of exactly the same ma
ture, which realized much larger profits
than the Credit Mobilier. The only differ
ence isthat there have been no Durant and
McComb to drag it before the public. Nu-
merous roads in Iowa and Wisconsin have
been built upon exactly the same princi-
pie. We are no defenders of this sort of
railroad building. Much good, we hope,
may result from the overhauling. But the
overhauling of a single enterprise, from
which the country has received and is dali
| ly receiving rich returns for its investment,
while a score OF others not yet finished are
going forward to-day unrebuKed under the
very noses of our censors, will be likely to
prove neither edifying nor profitable to the
country
The Washington correspondent of the
Springfield Union says:
"The evidence shows that many Con-
Cressmen and others, having a little money
to invest, were accustomed to 60 to Oakes
Ames to buy some sort of railroad stock or
to ask bis advice concerning investments
as he was supposed to have superior knowl-
edge Of such matters. And when Ames
took the Credit Mobiier stock to ''place''
ing them favor by letting them have an
interest in so profitable concern, and asc
doubtless he knew it would be good for the
company to have these men for stockhold-
erS. Count on the fingers of one hand the
thrifty business men of your acquaintance
who would not have been guilty of equal
shrewdness, If they had the opportunity
The men taking the stock bought it a
they would any other, simply because they
supposed it to be a good investment; and
those who dropped it did so because they
gathered some doubts as to its safety, oil
the agreeableness of holding it, and not be.
cause there was any legislation pending, oil
that they were aware of any bribery"
Many other people and papers believe
the whole thing to be case of unmitigateC
bribery, corruption and theft throughout
The y. y Evening Post comments as fol
lows:
"The Pacific railroad might have beer
built for about s3O,OOO,OOO, but the amour
actually expended was about twice tha
sum, the difference being the enormous
profit which the stockholders in the Credi
Mobiier company put into their pockets
) This monstrous breach of public trust wa
, only possible because the work was in on,
sense public work, founded irst on gif
, Of public lands, and second payment il
: money or its equivalent of certain sun
t per mile for every mile of road built. Tn
= managers of the Union road organize,
) themselves into company under anothe
= name, contracted with themselves to bull,
! the road at double what the road ought t
; cost, bought the silence and connivance q
Q men whose sworn duty and WHOSE duty a
f men of honor and as gentlemen it was t
4, protect the public interest, and put thirt
r millions of dollars in their pockets, all al
= solutely stolen from the government unde
= false pretenses. That is the simple and un
/ questioned truth about the Credit Mobile
= business when stripped of all verbiage an
= varnish."
G Washington specials say that an exam
$ ination of the votes of those members c
r the House who took Credit Mobilier stoc
o from Oakes Ames make complete answe
to the charge that 1t influenced their cours
f in regard to Legislation pertaining to tn
t road. Each one of them, except jaime
o Brooks, voted for the act instructing tn
t Attorney-General to inquire whether bot
r the Central and Union Pacific roads ha
= not forfeited their franchise, and drectin
G the Withholding Of bonds until the matte
y was decided. Mr.. Brooks opposed tbs
o part of the bill which was supposed to b
a in the special interest OF the road in a s,
speech. Mr.. Wilson of Iowa was the al
4 thor of the clause securing the govern
# ment's lien on the interest due, Mr.. Bou
/ well forced the collection of the interes
: and caused Oakes Ames to fail for n Iaro