Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1873-02-26
Political.
Judge Poland's Report.
THE CONNECTION oP CoNGREssMEN WITH CRED
1T MoBfL1ER.
WAsnrNnrnS Ern- Is.

WASHINGTON, FED. Is.
The Credit Mobiier Committee Of the
House submitted their report to the House
to-day. After the resolution under which |
they we're appointed and acted, the COM
mittee gave history Of the connections Of
the Credit Mobilicr Company with the Union
Pacific, by the llo1ie and Ames contracts
the facts in connection with which have
been heretofore published. The committee
then rehearse the proceeding Of Ames in
placing some Of the new stock Of the Cred |
it Mobilier, and the difficulties which arose
between him, Durant and McComb. Pri- |
or to the session Of December, 1867, he |
had had no negotiations with Congressman |
except SchoGeld The committee say they
cannot entertain any doubt as to the mo-
tive and purpose Of Ames in contracting
TO let Congressman have Credit Mobilier
at par, when it was worth double that sum.
He desired to enlist the sympathy Of his
friends in Congress to resist any encroach
mcnts upon the rights and privileges al
ready secured, and his purpose to create in
them an interest identified with his own,
is clearly avowed in his letters to McComb,
especially 10 these in which he says he in
tends placing stock where it would do most
good, aud ave want more friends in Con-
gress" Another letter gives the phioso-
ply Of his action where he says he has
found no difficulty in getting men to look
after their own property
The committee are satisfied that Ames
feared when the great profits became known,
that there would be danger Of congressional
investigation. Those with whom he dealt
he did not fear any hostile legislation from,
and the committee believe Ames specially
designed to secure the defeat Of the efforts
Of the Washburnes, Of Wisconsin and llli-
nois, to regulate transportation rates over
the Pacific road and other measures aud
they quote a reference Of Ames to Wash
burne in one Of his letters, in support Of
this belief. In taking evidence, the names
of Senators involved and their cases were
investigated, and that evidence having been
sent by the House to the Senate, the com.
mittee considered their duty as to Senators
fully performed. The committee do not
deem it their duty to make any special
finding as TO past members of Congress,
leaving the facts for the House and the
country to judge upon the evidence. lu
regard to members of the present House.
the committee proceed to state specially the
facts proved by evidence, which, in some
instances, is painfully conflicting. They
find Speaker Blaine did not take any stock,
although recommended to by Ames. Mr.
Dawes received no other benefit from his
transaction with Ames than ten per cent
upon his money, and, after settling with
Ames, had no further inter ,st in the stock
The evidence relative to Schoield is also
rehearsed; also showing that Schofeld gave
up Credit Mobilier, but retained $1,000
10 Union Pacific. The precise terms Of
the settlement is unknown from lack of
data, but since the settlement Schofeld has
had no interest in Credit Mobiler. Bing-
ham had thirty shares, which he returned
to Ames, for which the latter settled with
the former but the amount OF dividends
received by Bingham there is no record of
The committee find that Mr. Kelly, o
, Pennsylvania, had ton shares of Credi
r Mobiier, upon the solicitation OF Ame'
e the latter carrying it for Kelly until tn
d dividends were paid on it, and on the 23r
e of June, 1868, Mr.. Kelly received S32
Ie from Ames, in check on the sergeant-a
e. arms, Subsequent divideads were paid
'e the Union Pacific stock or bonds. Ia Sc
e tember, 1868, Kelly received $3.50 fro
vance 70 ba ra;S ,soou o,, ns S;;J1 ~ ue a" a. =
@ 49, hos novor FL - oa - ,;.', ~ ~ ~
,,a,,o. 81 ,Loxo - -;.. v .;
y ,bo ,es,;monv of ho,h =. 70 VIA. ,h;s ,ran,
$ action was Subsequent Conversations nm
negotiations between them are in the eyid
o once hnt the committee does not deem
c material
Y Relotiva N Mr. Garfield the committee
snd tho same facts nc in Kellv's case. Tn,
committee state il appears that Ames die
NOT oive any detail of relations betyeel
Crad;t Mobilier and Union Pacific Compa
t nc nor aid anv of the parties know TIM
T." dividends would be maid in stock or bond
i or the latter The committee say the Credi
Mohilier was State CORPORATION, not sub
Is ;ect m congressional legilatiop. and tn
Il fact that It's profits were expected to be de
d rived from bnildinr the Union Pacific rail
If road ala not onparentlv create such an in
h ,erest in that comnonv as To disoualify tn
ID holder of Credit Mobilier stock from mar
10 ticinating in anv legislation affecting III
D. railroad company. Ames assured Con
D. aree,men when questioned on the subject
that their ownership of stock would not in
lie tertcre with their legislative duties.
3, The committee. therefore. do not 6nd, a
b. IN the Concressmep above named, that the
le were aware Of Ames' object, or that the
had any other purpose than profitable il
ig vestments. 1t is apparent that those VIII
ID advanced their money to pay for thei
l stock present more the appearance Of ord
er nary investors than those who did not, br
at the committee do not feel at liberty to fin
any corrupt purpose on judgment founde
ut upon fact of non-payment alone. 1t ough
y also. to be observed that those gentlemc
81 who surrendered their stock to Ames bcfol
u there was any public excitement upon ii
of subject, do not profess to have done so upc
y idea Of impropriety in holding it, but ft
he reasons affecting the value and security
Of the investment, But the committee belle,
to thew must have felt that there was som
ry thing SO out of the ordinary course of bu.
ed ness. in the extraordinary dividends tn,
at we're receiving as TO render the investme
~ itself suspicious, and that this was one