The Portland daily press., 1873-01-17
THE TWIN SPECULATIONS.
Investigation of the Pacific Railroad and
Credit Mobilier Affairs.
History of the Corporation.
Further Testimony of Mr.. Duran,.

Further Testimony of Mr. Durant.
WASHINGTON, Jan. 16.-The Wilson Credit
Mobiier Investigating Committee met this
morning at IL o'clock. The examination of T.
G. Durant was resumed He said the Bomber
contract was $27 800 per mile of the railroad.
The Union Pacific Board of Directors passed
resolution extending tho Hoxie contract over
these tifty-eight miles at $4,000 mile. This
resolution was not carried into effect the wit
ness having protested and Judge Barnard hav-
ing granted an injunction. The board after
wards expunged his protest from the books and
rescinded the resolution. If the resolution had
been carried into effect the difference between
$27. 800 and $50 1000 would have gone into the
Credit Mobilier. These fifty-eight miles had
been completed, were in running order and had
been accepted by the Government. Witness
was examined as to the Williams proposed con-
tract which was accepted by the Board of Di-
rectorssof the U. S. Pacific Railroad, in March,
1867 for building 267 miles of railroad. Wit
ness also sued out an injunction in this case, as
the contract covered part OF the road already
constructed under previous contracts.
After witness had been examined specifically
he was examined generally. He was asked by
the chairman what per centage of the Union
Pacific Railroad stock did the Credit Mebilier
stockholders own at the time the Ames con-
tract was entered into Witness answered, rs
per cent. perhaps So per cent.
Having been asked why the Credit Mobilier
itself could not build the road instead of as
signing contract to trustees for that purpose,
witness replied that the trustees were acting in
interest of all holders of the Union Pacific
Railroad stock, some of whom had no stock in
the Credit Mobilier. The object of assigning
contracts was also to prevent individual liabil-
ity in case of failure. Whenever the trustees
of the Credit Mobilier wanted to buy they made
amount OF bonds, naming the price for them.
Judge Keiiey's Statement.
Judge Kelley stated to the committee that
some stock had been offered to him, which he
would have purchased had he been able. He
said he did not think it was any more wrong
than it would be to purchase sheep after voting
to put duty on wool.
Judge Bingham's Statement.
Hon. John A. Bingham was then sworn and
testified that he placed great confidence IN the
| financial Judgment of Mr.. Ames, and upon his
| advice invested $4,000 in the Hubbard Silver
Mining Company, corporation organized un-
der the laws of Massachusetts,, but which had
no connection with the Credit Mobiier or Union
Pacific Railroad. In December, 1867, he was
advised by Mr.. Ames to invest $1,000; giving
Mr.. Ames the money in February, 1868, which
! Mr.. Ames then gave him VIZ item agreement
| to account to him for the dividends and pro-
ceeds of twenty shares of Credit Mobiier stock.
| Subsequently witness agreed to take $1,000 stock
| in the low Fall & Sioux City Construction
Company, prying Mr.. Ames $3.50, for which
Mr. Ames gave an agreement similar to the
one mentioned. Witness never received nor
held any stock In Credit Moblier, the low a
Construction Company or Union Pacific Rail-
road from Mr.. Ames or any one else. Mr..
Ames was the only person be knew in the con-
tracts and he had perfect faith in him, and wi I.
ness believes he had lawful right to make
these investments
In 1868 witness received from Mr.. Ames two
Pacific railroad bonds, each for $1,000 In pur-
suance of an agreement all subsequent divd
ends were in money or Union Pacific stock
The Credit Moblier contract was closed in Dec
1870, as witness then wanted the money, and
he received from Ames $3.50 dollars since
which time he has had no interest, directly OF
indirectly, in Credit Mobilier or the Union
Pacific railroad; The Iowa construction con
tract was settled in the spring of 1872 and wit
ness reeeive ed $500 thereon, since which time h,
has had no further transactions with Mr.
Ames The first he heard of Ames dealt n.
in the stock corruptly was in September ant
October last Never had any idea that Mr.
Ames contracted with him for corrupt pur
poses, and he never gave vote for or agains
any measure in Congress, but he believed jus
and right and in accordance with his sworr
duty. He had done nothing which he believed
required an apology Ell explanation. He wa
not mexlber of Congress when the act of 1856
relating to the Union Pacific railroad was pass
cd, and he left Congress now, after 16 years o
service; with no more property than when h
entered it, save what he had Iegitimately earn
ed during the 3Sth Congress, when he was nc
a member
The committee adjourned until Saturla
morning.
Nominations.
The President to-day sent to the Senate th
following nominations: Thos. s. Smith, J. W
Congdon, Thos. Mason and Geo. Williams, t
be first lieutenants, and Francis Tuttlt
mos ID Walker, Geo. III. Gooding, Samut
p. Mcguire, and David A. Hall, to be seeon
iIeutenants in the Revenue service. 1t. Co
Thos. Ducal of the 4th Cavalry is retired fc
disabilities resulting from long and faithful sci
vice. Major Mack of the LIST Infantry is order
ed to inspect the national cemeteries