, 1873-01-19

the Union Poetic Railroad Company, IN Natcu,
1869. to change part Of tho Board OF unesto nc
Nv opinion was asked for concerning the riSnt
Of the Htocsho!desa in the Union a,a Ieel1lo no
Railroad Company to vote the shares held by
them, regardless of proxy, which was SAD to run
with the stock under tho terms OF inc c9n.sass n
1any, tho Credit iobiller. AID certain parties
designated as Trustees. In order to enable me
to understand tho question submitted. copies OF
certain pepefs were placed II my hands, some 9,
wero tie contract Of oakes A1nes Of tie first
part. T, c. Durant, Oliver Ames, John 2: Alley,
Sidney Dillon, G. i. Bushnell, Horny l.. MComb,
and Benjamin s. Eatcs OF tho second part, tns
part, an agreement between the aforesaid
parties of the second part, IN which
they bound themselves to vote their Own own
stock for which they held anu SHOUT no.n a;i
that was issued or to bo issued under the oakes
A1nes contract in the manner provided IN tne-
agreement, some Of tho Other papers not bear
ing directly On the question suomlttea. = OK. tna
a,nincd tho question, and gaTe m opinion TO tho
effect that the stockholders OF the Union Pacific
| stock could vote their own sharea regardless OF
| proxy running with it that the affairs OF The
corporation could not be tied mp IN the hands n o.
| terms Of said contract and agreements, ami
| that tbs scherne OF tho Crodit Mobilier
WAS ono which might render ovory Off Ger
! and Director Of tho Ucion Pacific Railroad
company WHICH Nds t44 ~ 4t3 @NeeAAAAtss~AS
the latter Company fer the pzoale eccr1lng to
! him from tho construction contract. Down to the
time those papcrs wero placed in my hands ! !
| knew almost nothing Of the organization and
details Of the Credit Mobilicr, OF the value OF
it's stock, but tLsu saw that there Was abundant
| ground for further trouble and litigation. and.
| as one OF tho results, sold out my interest, and
| hayo ct no time siuco beon IN any manner inter-
| ested in the Credit .hobilior, nor did I at any
time or in any manner llnyo any interest OF any
I kind or character in said Company other than IS
hereinbetore stated. ..
SO far as A1nes is concerned, his action was
the result Of my application to h TOR dne edPsv Pat
by tho conversations had with MComb, who
was actuatod, rs understood, by what he de-
nounced as gross injustice pfactlced on MN
y By the Company, and 1t was weA knoSfn 10
both of them, as it Was to everybody, tfat my
connection with Congress- would end with my
third torla. ...-
The reports OF tho testimony givon before
asRnbsaetd " p new bn
requested Ames to Let me have some Credit
Mobilier stock Not ono word Of this ever
caro to my knowledge - from him;
Ames, or any other reraon, e1cept 1a;r as tora
to recall the fact that when tho transaction
above rotated occurred, the whole country re-
sounded with the praise Of the enorgy manifest
cd by the constructors of the Union Paci1lo
Hailrozd. The completion OF the road brought
to tho surface contentious aud quarrels amongst
tie parties who held tho secrets and power :. Of
:ii= Credit aiubil;es These developed tho facts,
which now give direction and tone to PUBLIC
Judgment, but they aro not those With which to
measuro tho motives and actions Of the men
who acted under former etato of facts, with
no suspicion that they we're not true and "oula
not continue true to tue end. The very TACT that
!, the Courts was of itself calculated to
as5 in ilGy tGe aana hnssfn os tie Company for
e1it, would Of necessity, bring to Light
as hos bs enn7 history wish 81 to ssg gs IN coneu
sion that when entered Congress in 1861, die
! so as the representative Of e constituency unsn'
imously in favor OF the construction OF the rail-
> > road to the Pacific. ny predecessor had bee1
: To his efforts in fayor Of tho construction o.
such road moro than to any other one thing, he
owed his last election to Congress- NY dlstI1c
at that time embraced nearly ons,nar r.. saas oi TN
ri to the Missouri Rivers desired t
;. secure the location Of the road so as tt
8 have it commence on the western boundary Q
3 nv district, and thus secure connection With
. Of construction. The bill Of 1864 secured thi
: result, and I supported it earnestly. sup
t ported the bill OF i5G4 believing the representa-
: tions made as to it's necessity to be true.
q worked as efficiently as I could to promote tn
= interests Of the section OF country was repre-
s senting. YVES 3 prominent friend Of such leg
& isIation, Us it would tend to develop that Srea
: Western country. regarded the Pacific hall
rocd as the greatest OF ali AL measures hdae p.o
. it would hasten the construction Q
70 the several roads projected through loMa "a
~ and thus secure to our people at IN carry oa5 -
= provide for The growth, prosperity, and settle
e n,ent Of the State Tho result proves that m
Judgment in this respect was not At fault: Cor
slider whnt the country Was decade ago u CON
g parison With what it is now, and ask 1or \
more perfect qualification Of the support, whic
81 I caro- to these measures Of legislation, whic
il have produced the result .,,.
10 Mr. Wilson, turning to Ames nsked him If th
IS statements which ho had just made relating t
. 1Ir. Arr,es replied they we're.
IL Mr. Wilson then asked M'Comb it the stat
le monts relating to him wero truo, to Fhleh NJ
N Comb replied that they Nero, most emphatlcan:
b, The wittness then testified in answer to aque'
al ton OF Judge Poland that he had stock carryin
i dividends with it. To tic pest OF h1s memor
10 ho realized profit OF $4,000 On the stock. =
I'D knew nothing about any other mempef8 OF Col
Id g,ess having held stock.
b. AS Government Director Of the Union Pacii
d. Railroad, he desired to enter his protest, no'
!; against tho reports going around the coun1r
II tint the Government would lose its investmel
q. in that road. He had no doubt the 1oad Wou
r. bo able to pay back every dollar. Neither Anne
Of MComb, nor any one else attempted to ind
r; enco tho action Of tho witness 1s member
ay Congress. He did not know NJ nfst "hetuol
We had profit or loss Oh tho stock. He would
4. again exactly as ho did under the same state
ch n1faira.
at By McCroery-Tho witness was in Crime
b; room whom Oakos Ames cano in and asked Se1
b. ator Grimes to take G25, QUO worth OF stock
of the Credit Mobiier. Amcs said to Grimes, ''H
to must raise money. II you will take the stock,
IT. will guarantee you 10 per cent on your none
at providing you will divide all the profits over
ny per cent with mo-" Grimes replied, " Wen,
i'd an satisfied with 10 per cont on my money" II
to sgreed to invest.
lis RECORD AMENDMENTS. .
to suithcrs, counsel for MComb, degirod tt
he personal illusions and reflections striken fro
if Alleys statement, which the Chairman 81
'aa would bo considered.
&C. oAEn1soE's TEeTN0ST.
"a; .CK Garrison testified that james Brools
'as troduced him to Durant, and the lattor endea
en- ored to hare him invest in tho Cnion Pacl
'ro Railroad, but he declined. In anBwer to qus
ny ton of Poland as to what he thought Of tho