Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1873-02-21

their knowledge Of tho affairs of the com.
pany were entirely familiar. But there
is no reason to believe that other members
of Congress who took the Credit Mobilicr
stock. knew much about it, or expected
any very unusual profit when they pur-
chased. The committee say in their re-
port that they do not find such members
OF Congress understood the exact rela-
tons between the Credit Mobilier stock
and the Union Pacific, or how owning the
former could touch their duties as legisla-
tors. They did not take the stock with
the idea that there was anything wrong
in It, while Ames snd Brooks did know
they were guilty of gross wrong. The
committee say:
The Committee, therefore, do not find As to
the members of the present House above
| named, that they were aware of the object of
Mr.. Ames, or that they had any other pur-
pose in taking this stock than to make pro-
| titable investment. 1t is apparent that those
who advanced their money TO pay for their
| stock present more the appearance of ordna-
| ~ investors than those who did not; but the
committee do not feel at liberty to find any
corrupt purpose or knowledge found on the
fact of non-payment alone. 1t ought also to
be observed that those gentlemen who sur
rendered their stock to Mr.. Ames before
there was any public excitement on the sub
| ject do not profess to have done SO on any
| idea of improperly in holding it, but fer
reasons affecting the value and security of
| the investment; but the Committee believe
they must have felt that there was something
so out of the ordinary course of business in
the extraordinary dividends they were receiv-
| ing as to render the investment itself suspi-
cious, and that this is one Of the motives Of
their action.
The Committee have not been able to find
that any Of these members of Congress have
been affected in their official action in con-
sequence Of their interest in Credit Mobilier
stock. 1t has been suggested that the fact
that none of the stock was transferred to
those with whom Mr.. Ames contracted was a
circumstance from which sense of impro.
priety, If not Of corruption, was to be inferred.
The Committee believe that this is capable of
explanation without such inference. The
profits of building the road, under the Ames
| contract, were only to be divided among such
holders of Credit Mobilier stock rs should
come in and become parties to CERTAIN condi-
tons set out in the contract OF the transfer to
the trustees, so that a transfer from Ames to
the new holders would cut off the right to
| dividends to the trustees, unless they also
became parties to the agreement, and this the
Committee believe to be the true reason why
no trahsfers were made.
The Committee were also of the opin ion
that there was also q satisfactory reason for
delay on Mr.. Ames's part to close the settle
ments with some of the gentlemen for the
stocks and bonds he had received as divi-
dends en- the stock contracted to them. In
the fall Of 1868 S1r. McComb commenced a
suit against the Credit Mobilier Company and
others, claiming to be entitled to two hundred
shares of the Credit Mobilier stock upon
subscription for stock for that amount That
suit is still pending. If Mr.. McComb pre-
vailed in that suit, Mr.. Ames might be COM
PEELED 10 surrender so much of the stock
assigned to him as trustee, and he was not
his hands until that suit was terminated. 1t
ought also to be stated that no one of the
House above named appear to have had any
knowledge of the dealing of Mr.. Ames with
any other members. The Committee do not
find that either of the above named gentle
men, in contracting with Mr.. Ames, had any
corrupt motive or purpose himself, or was
aware that Mr.. Ames had any, nor did either
Of them suppose he was guilty of any impro.
priety or even indelicacy in becoming pur-
chaser of the stock. Had it appeared that
these gentlemen were aware of the enormous
dividends upon this stock and how they were
to be earned, we could not then acquit them,
and here as well as anywhere the Committee
msy allude to that subject.