Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-01-22

| compelled to renouDce q right to purchase
at par from 7. G. Durant 200 shares of
Credit Mobilier, a right belonging to me,
| as testified by him, in 1866 or early in 1867,
before l was a member of Congress, and
which did not become valuable until Dec,
| 1867. I said therefore to Durant, as be
has already testified, that as Government
director could not and would not exercise
my right to purchase the 200 shares, then
| above par, but would transfer my right to
1 G. II. Nelson, my son-in-law, to whom,
as a stock operator, the right would be
| valuable. Durant made no objection save
as to number of shares to be transferred,
and he has stated that be compromised on
that by selling to Nelson 100 shares, with
| Union Pacific bonds in addition, and
number of shares of the Union Pacific
stock, which were Immediately entered up
on the books, as by the records in Nelson's
own name. l did not then receive ana
have never since received one cent of profit
| from the transaction in my own or any
other names. have never receipted for
nor had any dividend or allotment in any
form from any shares entered on the books
in Nelson's name either directly or indi-
rectly. did not give Nelson -e>money
to purchase the stock, deeming it wiser to
make him pay me than to give it to him.
l advanced the purchase money as loan,
as he testified, and only as loan, and held
him responsible for paying it back as soon
as be could. Hence, probably, as Ames
testiies, although l have entirely forgotten
the transaction, acted for Nelson in pay
iGhT iGhhce8 s8YTfDS fTDm u PRbe loan due me jan % BY
Durant, and in part $1,000 by check. If
| ho
and natural an act, l am incapable
of seeing il. III had been plotting for
concealment as insinuated, l certainly
should not have given my right to pur-
chase to a son-in-laW, but to some dummy,
to some John Doe or Richard Roe, whose
connection by marriage could not be traced
to me in all the books of q great national
corporation. The fifty additional shares
purchased by Nelson himself on or about
February 25, 1865, were necessarily sold to
him by virtue of my agreement with
Durant, and upon statement OF the fact
to the company it was conceded that the
fifty shares belonged to him upon his pay
ing for them par value with interest from
July l, 1867. l never spoke to Alley, nor
he to me, upon this subject, as sworn by
McComb. Our relations were never conf
dental, and he never gave me these hfty
nor any other shares, with or without con-
sideration, either for myself or to
influence or bribe the Democratic
members of Congress. Now in setting
forth this statement of fact do not wish
apologetically TO convey the idea that de-
, clined the ownership of Credit MObilieI
stock because was member of Congress,
for if | had never been named a govern
ment director should probably have been
the owner of large amount OF that stock
: to this day. | have as much right to own
7 paper stock as live stock, as sheep or spin
dies, or lead or iron mine, or barley OF
timber, or steam engines or fOundries, witt
two or three Thousand taritfsd articles large
" endorsed by Congressional IegIslatiOn'
7 and no constitutional quorum can ever be
5 got in either house Of Congress il member;
: are TO own no species of stock, alive or
dead, agricultural, manufacturing or com
meTcial, Whel their interests are 10 be iagls
I lated upon. From Apsil 6, 1866, to March
. 4, 1867, | was not in Congress-, anl
during that time, as a private citizen
whenever | had leisure eXertet
all the influence tongue or pen could Civ
: me to interest capitalists in the building o
5 the Pacific railroad, borrowing money 70
it and loaning it money, at great risks toe
d which led, when l was not member c
Congress, as Mr.. Durant shows, to hi
promising me the right to purchase some Q
bis shares in the Credit Mobilier; and wha
> be states | here reiterate, that the buSines
\ transactions between US were in no way t,
: influence Congress or legislation, but wer
natural business transactions between ma
!, and man. Now, have only to add that
= have never been asked TO give, or have Civ
en-, vote in Congress that was unjust
the Government or for the profit Of th
Union Pacific road, nor have l, 3
, charged by Mr.. McComb, asked Democrat
ic members of Congress to vote for til
y road, and do not remember ever to hav
a spoken to any Democratic member upo
= any legislation relating to the road. All
have done was, when not member {
, Congress, to accept an offer Durant made
: sell at par certain shares of Credit Mobile
!, stock, and when not Government Dire
, tor of the road to transfer TO Nelson Il
offer made me when not a Congressman
o If this be wrong, moral, social, political {
constitutional, it is not written in any coo
\ have ever read or heard OF. He had con
!. sumed the hour allowed him and could nC
: say all he wanted 10.
4 By Mr. Niblack-Witness felt enoug
interest in the matter after he became
Government Director to see that his s0r
g in-law should get his fifty shares which q
;. was entitled to. The first impulse OF WI
ness when he became a Government Di
4 ector in the road was to sell the Cred
= Mobilier stock he held and pocket the pr
? ceeds, but subsequently be thought I
! could transfer it to his son-ln-laW.
- Mr.. Niblack-Well, to be frank with yo
= = Mr. Brooks, think it would have bee
= better in you to retain the stock in you
u name than to transfer it thus to your sol
A. in-law.
- Mr.. Brooks-I think not. Let me as
: you, Mr.. Niblack, was it right for me
: hold government bonds during the war?
!. Mr.. Niblack-Oh well, l don't go inf
= that subject; it is argued that we shoul
y hold nothing which can be affected by legi
q lstion. AS to myself, have always mac
=. it point meyer to hold any kind Of stcc
- Mr.. Brooks oh well, if we are to Ow
"a nothing in this world, fear the Democrat
party will never get any votes. daughter
:" What would you have done, Mr.. NiblacI
bad you owned a valuable right like thai
: MIR. Niblack-Well don't know. new
"A was so fortunate.
. Brooks-Well 1 suppose l have done n
% snare IN ABUSING Lne peOple Ill uonsEaPOi
70 and l am getting abuse now. The new
N papers hurt themselves however by circl
W lating these scandals, as they forfeit that r
spect which they should maintain. l hay
money and must invest it. L never let Il
'' money lay idle. If should only get Up
e cent year, | would invest. invested
United STATES stock during the war. Son
$ people thought it was patriotic. | did DC
IN but did it as an investment.
le BY Mr.. McCreary-l never received 81
u thing from Mr. Nelson growing out Of th
q Credit Mobilier transaction, except the $l'
Il 900 which advanced him.
Senator Patterson.
I'd Senator Patterson again appeared Volu
tarily before the committee. he said t
" only legitimate inquiry before the commi
" tee was whether legislative action had be-
Ie improperly influenced. What property,
er how much he might purchase, was Il
S, open to legislative investigation. His 0
ne ject in coming before TIE committee was
b, explain more fully point on which he d
e. fered from Ames' present position. Ha
10 ing some money to invest, piaced it
of the hands ofAmes without 2 thought th
n, this stock Credit Mobilier, represented
s. so profitable, was in the market, and wi
ca | e0 understanding on nv mari carfairl