New-York tribune., 1873-02-26

pushed TO completion. Congress had long Delore anu
not At my instance enacted the laws rendering induce
ments TO the capitalists Of the country to embark
in tho construction of the road, and ana
my associates accepted It's offers and undertook
the work. Tho Company had no reason 10 appree-
bend unfriendly hostile legislation for every oe
partment of the Government manifested friendly aIu
tude and the whole country loud In demonstrations
OF approval Of the energy and activity wmch we hau
infused into the enterprise Heads OF departments ana
Government officials Of every grade whose duteS
brought them In contact with the affairs OF the Company
were camorous for increased speed OF construction ana
never opportunity OF expressing approVal Oh tho
work and urging It forward 1t had mover entered my
mind that tho Company would ask Tor OF heeu
additional legislation. and 1t would have peen
difficult 10 find man reckless OF popu-
lar opinion as 10 have lent himself to crusade
against an organization whose praises everywhere
filed the press and we're the lips OF the people, ASH
matter OF history, legislation at all affecting the Pc
cunary interests OF the company was asked Tor lor
three years and half after the date OF the alleged saeS
bv me OF Credit Mobier stock and then only In settle
ment Of purely judicial question suddenly and without
warning sprung upon IT, In critical period Oh lis Io
tunes and in relation which controversy had ever
before been made Under other state OF auafs anu
I'm no other attitude Of the Government could for
moment have been induced to assume the enormous
responsibty entailed Iby contract involving lia-
btv OF si7OOo0Oo To undertake the construction Of
railroad at any price for distance OF nearly 700 miles,
I'm desert and unexplOred country, It's line crossing
three mountain ranges at the highest elevations yet at
tempted on this continent extending through coul-
try swarming with hostile Indians. by whom locating
engineers and conductors Of construction trains were
repeatedly killed and sCalped at their work-apon
route destitute OF water, except supplied by water
trains hauled from to one hundred and hy miles 10
thousands of men and animals engaged In construction
the immense OF material iron, ties, lumber uhoer
provisions and supplies necessary 10 be transported from
in tha niFht N
quent history and the mutations Of opinion be REGARDED
as the freak of madman IL it did not challenge the re-
oognon Of higher motive, namely, the desire TO con-
meet my name conspcuOusly with tho greatest pubhc
Of the present century 1t by no means strange
that my credit with conservative hnancers like Gov
Wasburn should have been shaken, and that he should
have fastened TO call in loans which in his Judgment
this contract proved to be in unsafe hands.
WHAT BE SHOWN TO PROVE BRIBERY
Under these circumstances with all legislation sought
granted and future action Of Congress to be asked
for or feared It is charged that have been guilty OF
selling members of Congress shares OF stock in the
Credit Mobler OF America for prices below the true
value Of such stock with intent influence the votes
and decisions OF such members matters 10 be brought
before Congress for action" If this charge true 1t is
prodicated upon three facts, all OF which should be
shown TO the satisfaction OF this body In order to justify
the extreme measures recommended by the Committee
First: The shares must have been sold at prices so
/
cusvey presume the expectation OF some other pc
cuniary advantage in addition to the price paid.
Second: The shares must have been of such nature
as that their ownership would create In the holder
corrupt purpose to shape legislation in the interest OF the
seller.
Third distinct and specific matter or thing to be
brought before Congress, and which the votes and
decisions sought be influenced should
be alleged and proved.
II is by no means clear from the testimony that the
stock was sold price less than its true value 1t was
not on the market; it had no market value. Unlike
ordinary marketable commodity, it had current price,
and the amount for which it could be sold depended
upon the temperament of the buyer and his inclination
to assume extraordinary risks the hand, or his
tendency to conservative and strictly solid Investments
on the other 1t is in proof before Committee of this
House, by witnesses largely Interested in railroad con
struction and operation, and Of great financial ability
and strength, that when this stock was offered TO hem
at par 1t was instantly declined by Of the enor
nous risk involved in the enterprises on which its value
depended These capitalists believed that all the capital
invested In tho stock eOpardized and the venture
was declined on the rule that promise of profit jus
fes q prudent in embarking in any enterprise
in which all the capital invested IS liable TO be
sunk Apart from some proof that small amount OF
this stock changed hands between persons addicted to
speculation at about 150 nothing is shown IN
reference its value except " it not on the mar
ket and had acertaned price To overturn the pre-
sumption Of innocence and substitute the conclusive im
putation Of guilt from the simple fact Of such transac
ton occurring between who had long maintained
the most friendly personal reations-of whom nothing
was asked, aud by whom nothing was promised-is to
overurn all the safeguards afforded person and prop
erty by the common law and in lieu thereof establish
lnqusOrial code, under (which mans reputation Is
safe
THE PECUNIARY INTEREST OF CREDIT M0BIIIER STOCK
HOLDERS IN 1868.
Ithas been assumed that the ownership Of Credit Mo-
ber stock necessarily created in the holder personal
and pecunary interest in procuring Congress legislation
favorable to the Union Pacific Railroad Company or
preventing legislation it, At the date OF the
alleged distribution OF Credit Mober stock, the Oakes
Ames contract had been made and in progress Of
execution. 1t completed and the road covered by
the contract turned the Company about the close
of the year Not until two years after any legs
ation asked by the Company and then 1t such
arose out OF exigencies presented by the action
OF the Government in reversing lOng-continued and
uniform previous policy, which ooud not by any posi-
bty have been foreseen anticipated The stock de-
pended for its value upon the connection OF the Credit
Mobiier with the Oakes Ames contract which was SIM
ply IN the capacity of guaranor OF its execution,
whereby certain class OF Its stockholders became
titled to participate in the profits Of that contract in
money. There is no provision Of the Oakes Ames con-
tract the nent thereof OF the trpicate agree
ment, whereby O stockhOlder became entitled TO
any Of the securities Of the Union Pacific Rail-
road Company, or In any way interested III lhelr
value. The profits derived, if any, were TO be, and
were in cash. When the Oakes Ames contract
pleed and the consideration thereof divided In cash to
the several parties entitled in due proportion, the
interest holder Of Credit Mobler stock in the Union
Pacific Railroad Company, and everything pertaining to
it, at end In other words, the stipulation of that
the cash profits devabe hererom the
end and the begnning-the center and circumference
the absolute Of the pecuDiary interest OF
holder Of Credit Mober stock 1863 To say that the
Washburne bill, which professed to deal exclusively with