Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1873-02-14
The Credit NobiIier, What II was not. and What
II was Originally.
WASHINGTON, d. C.. Feb. 3.

Editor Free Press and Times.
DEAR SIR In your Weekly OF January
3Ist find an article on the Credit Mobi-
lier Business in which you say, I'VE
learn from the Nation that it (the company
was not chartered to build the Pacific road,
but was in existence before. charter had
been granted BY the Legislature of Pennsyl-
vania. some fifteen years before Mr.. Ames
took hold of the Pacific road, incorporating
George Francis Train and some other gen
tlemen as Fiscal Agency, etc. 1t has
seemed strange me that while 50 much has
been said about Credit Mobilier 50 lit
tie is known about its origin. SO far as
have read have seen no correct version OF
its early history. The New York Herald
of Friday. in an editorial on the Credit
Mobilier. quotes from the Harrisburg 1ele-
0raph. which stated that Duff Green obtain
ed the charter from the Legislature ofPenn-
svlvania. This is correct, but the Herald Is
in error when it refers to poor old Dun
Green of a past age and long dead. The
old pentleman-now eighty-three years OF
AGES still living in Dalton, Georgia
Diff Green has been the originator of many
schemes. and some years since he conceived
the idea of forming a stock company to and
in the construction of the Sabine and Rlo
Grande railroad in Texas. and ultimately to
extend it to the Pacific Coast BY way of the
CITY ofMexico. lie knew that he could get
4 more liberal charter from Pennsylvania
than from any other State, and on the LIST of
November. 1859, an act Of the legislature
was approved, incorporating the "PennSyl-
vania Fiscal Agency.
The Telegraph says this bill lay for long
time in the seeretary's Office without friends
on account of the non-payment OF the en-
rolment tax, the triaing sum of one hun
dred dollars. This would not be news to
any one who knew Duff Green, for he al
ternated from riches TO poverty with great
regularity. nor would it cause comment
from his old friends when they are told that
when he went TO Harrisburg he had
scarcely money enough in his pockets to
nav his hotel bills. The records of the
original company, however, show that 1t or
ranized November ;, 1859, when $4,000
600 YVES subscribed as follows $4,000
shares at 800 each Duff Green 5000,
Oliver " Barnes for self and associates
1000. David r. Porter ditto 500, Samuel X.
Brooks ditto 5000. William llalstead 500,
and Duff Green 81 900. This latter amount
was intended By Mr. Green for distribution
among the capitalists who were 10 advance
the fund, To build the road. Everybody
thought the scheme a wild and visionary
one. but viewed in the light of subsequent
events it seem, that the old man : head was
level. Duff Green conveyed some portion
OF ms stock to Jacob Zeigler and stephen
Colwell of Philadelphia Duff Green was
elected President, Oliver ". Barnes, Sec
retary and William IlalStead Treasurer,
with Board Of Directors consisting OF
Duff Green. David r. Porter, Jacob Zeigler'
Oliver W. Barnes and samuel K. Brooks.
The late unpleasantnesS' had dampen-
ing effect upon the business Of the company,
and a. the venerable head Of the enterprise
was at hi- home in Georgia during the war;
advantage was taken of his absence by two
members Of the company who obtained ad-
ditional legislation in june. 1858, and trans
ferred the stock Of the company with the
franchise to is present owners. Ii Is
alleged by Duff Green and Others interested
with him. that this transfer was iraudu-
lent one and a suit has been pending to settle
thi. question Il j. by no means certain
that the present Congressional. investigation
will end the controversies to which this
company Ia, become party, a. Chas
O'Conor Of New York, B. II. Brewster Of
Philadelphia and other eminent counsel
have been engaged The investigation
50 far show, up to March, ls6i the profits Of
the company had been upwards Of $40
600 900. The name of the Penn>y lyania
Fiscal Agency, was changed for the high
sounding name ct the Credit Mohilier Of
America by act Of the Pennsylvania Legs
lature. approved March 20, 1851. George
Francis Train had nothing to DO with the
originatiOn Of this company, and many
writers have confused the Credit Mobilier'
with Trains Credit Foncier," hi, COM
pany organized in Omaha, to lend money
upon real estate security and To deal in real
! estate Yours &c, +.