Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1873-01-21
The Credit Mobilier.


inent men, of corruption in regard o
receiving stock in the Credit Mobi-
lier, having been so long before the
public and are now being Investigate
ed by a Congressional Commit e,
there is general interest excited
that requires ell the information at.
tainable. 1t would require many
columns to give anything like
complete outline of the facts already
before the public, and were we to do
80 the account might prove far from
correct or impartial. Without going
into details we will attempt to ex-
plain the question, often asked in
vain, "w hat is the Credit Mobilier ?"
When the Union Pacific Railroad
company bad begun the construction
of their road and about 60 miles at
the Omaha end were flashed and &C.
cepted, the money grew scanty and
the stock was very low. Several of
the larger stockholders then formed
o ring Inside the company, and as
they owned majority of the stock,
they we're able to control the con-
struction of the road and also re-
ceive the main profits derived from
the Government subsidy which
amounted to $2s 900 per mile of
road. Thus controlled by the inside
ring the railroad cDnolnv proper
was deeced 30 badly that when the
Credit Mobilier had done with it, it's
stock was comparatively worthless.
Of course the ring made immense
profits. and its stock was very valu-
able, and it was this which it is
claimed was distributed among Mem.
bcrs Of Congress for corrupt purpos.
es.
This private company usurping the
rights and profits of the U. P. Com
pany and cheating their felo livestock.
holders out of large share of their
property 10 the road, adopted the
name held by great corporation in
France, and called itself the Credit
Mobilier. It desired to be let alone;
and in order that its affairs might
glide smoothly on without exposure
or adverse legislation, it was thought
wise policy to place large amount
Of the stock whore it would make
them friends in high places Shares
were sold at par to members Of Con
gress, when worth two or three
times their par value; and the grant
ing of such pecuniary favors, even
under the cover Of sale, savors too
powerfully of corrup ton to pass
without searching investigation and
publicity.
The telegraphic reports of the tes.
timony given every day before the
Committee are lengthy and impor
tant. They show that some mem.
bers Of Congress were active in putt
ting stock in the hands of other
members, offering it ard urging them
to take it at par, thinking that when
oaoe made partakers in the gains of
the dishonest ana rapacIous concern,
they would ever vote in Congress
against all investigation and in favor
of their own interests. Some, like
Vice President Colfax, agreed to take
stock, bat learning more of the true
state of affairs, utterly refused to
complete the transaction or hold any
stock. Others, like Brooks of New
York, took all they could get, and
agreed to sec that their side of the
house should always wink at their
operations The principal agent in
these unblushing attempts to buy up
the influential members of Congress
is Cakes Ames, of Massachusetts, the
great observation-disclosures. .
The positions in which all the men
concerned fad themselves is far from
enviaele, and whom the investigation
is completed and published, we pre-
sumo it will be still less pleasant
Until then, it Is useless 20 predict
who will DO blame and who will
stand convicted of species of brib.
cry.