Rutland weekly herald. [volume] (Rutland, Vt.) 1859-1877, 1873-01-23
Credit mobiIier investigation.

Oh D6udJOTS Il dILCIoOu anu w lISOH anu
Representative Kelly, given before the
Credit Mobilier investigation committee,
which we failed to receive by tele-
graph:
STATEMENT OF SENATOR PATTERSON.
Senator Patterson of New Hamp-
shire then made the following state
ment:
Gentlemen Of tile Committee Il have
had no transaction with the Union Pa
cific railroad or with Mr.. Ames which
in my opinion requires investigation, or
which any respectable business man
would think of criticising. Still | am
glad to respond to your invitation to be
present this morning, and with your per-
mission will give you brief but complete
statement of all there is to this matter
so far as | am concerned. | entered
Congress after all the land grants and
subsidies to the Union Pacific railroad
had been made. The only legislation
which has arisen since, in respect to it
the wisdom and polity of which any
one questions, so far as / know, was the
act of 1864, which was passed during
my first session in Congress. ! was not
as well informed in respect to the merits
| of this great work as | am now, but L
have never regretted the vote l gave at
that time. [ then had but a slight ac-
! quaintance with Ames, having never
seen him before I entered Congress. At
a later period we were thrown together,
| and brought into relations of a some
what intimate friendship. Near the close
| of 1867, when no man could have antiCi-
pated any further legislation upon this
| subject, and since when, if we except
the transfer of the office Of the COmpa-
| nv to Boston, there has been none unless
| giving a construction to a curious act on a
| question raised Unexpectedly by the Sec
! rotary Of the Treasury may be consider
! ed. Ames came over to the Senate and
| proposed to sellme thirty shares of stock
! in the Credit MObilier. He represented
at the time that he did this as a friend
! looking to my interest. | asked him to
! explain to me what the Credit MObiler-
was. and he did so. | then asked him
| if it was proper stock for a member OF
| Congress to hold. He said he thought
it was, as they did not expect to ask any
! further legislation, and to strengthen his
| views he mentioned several distinguished
| gentlemen'of acknowledged integrity who
/ had either taken or proposed to take
/ stock in the company. ! then inquired
| if he thought it would be a profitable in
vestment. He replied that he did or he
| should not have offered it to a friend
! said l should like to take some stock, but
| could not as | had no money When
/ you get some money which you wish to
/ invest. said Ames, come to me and you
! shall have the stock. At that time
/ proposed TO take the stock, and doubt
| less Ames meant l should, but I never
/ found it convenient to take it before. /
/ concluded it was not best to take it and
/ SO the purchase was not COnsummated,
| and | never received directly or indirect
| ", nor did any one ever hold in trust for
| me one penny's worth of stock Of the
/ Credit MObilier. | have been thus eX-
/ plicit because | have been misrepresent-
! ed in respect to this thing. and not be-
/ cause l see any improperly or breach Of
/ personal integrity in Congressman puT-
/ chasing and holding this more than pa
/ per, wool, legal tenders, bends, bank
/ notes, bank stocks, or any other species
/ of property liable to be affected by leg
/ islatiOn. but upon which legislation was
/ not anticipated at the time of the pur-
| chase. On two occasions subsequently
[ I purchased of Mr. Ames stock and
bonds in the Union Pacific railroad,
which were placed in the hands of
friend in New York for sale. My friend
sold them at fair profit. For this stock
/ and bonds | paid the full market price in
money earned by myself. These tran
sactions were bona fide purchases, and not
/ exchanges of stock or distribution Of div
idends. 1t was a small investment but
/ reasonably profitable, and l regret that
it was not larger, as it was both honest
and honorable, and doubt if there is
any member of Congress who would de
ny the right or propriety of such a pur-
chase to-day. This is the whole Of my
connection with Mr.. Ames or with the
Union Pacific railroad. l hayencver pur-
chased or received any property of any
kind which had any connection. direct or
indirect, with my vote or political intiu-
enCcs.
In answer to questions of Judge Pc
land, Mr.. Patterson testified that his
first purchase was in 1869, aad the other
in 1871.