The Bolivar bulletin. [volume] (Bolivar, Hardeman County, Tenn.) 1865-1888, 1873-01-03

In oar next issue, full report of the
caroners inquest etc, will be published,
if attainable
The Credit Mobilier Its Birth, His
tory, Death and Resurrection
Springfield Republican.
Persons who wish to 60 to the bottom
Of the Credit Mobilier scandal, now SO
much talked about, viii do we'll to read
the report Of Ames and Alleys law suit
with the State of Pennsyivania in the
fif'y.seventh volume Of the Pennsylvania
Stlte reports--the last land seven toenth)
Volume issued by p Fraser Smith, the
present State reporter. 1t begins on the
233d pare Of the volume, ard covers
nearly seventy pages, containing the 0
eeedinEs Of two jury trials and two bear~
ings under writ Of error before the SUI
prema Court of the State. The first trial
was December %, 1859, before Judge
Pearson, who so charged the jury that
they gave a verdict of S407 4S3 against
the Credit M0bilier for "a State tax on the
fat dividen@s Of that company in 1878
when Cakes Anes was placing the stock
"where 1t will do Us most gond At thai
TIM "a shown IN the trial, the capita
STOCK Oh L-lE NtGllat fADJtliCE ~ u.s. 81 ~
600, and it had declared two dividands,
December ID, 1857, in bonds If the Union
Pacific road, valued at S2,7al009; one
dividend, January 3, 1858, (iu bonds) of
S627 800; two dividends Gone cash and
one bands) June Il, 1868, OF s. 100000
(cash) and 1925 ,G00 (honds); one diyi-
dend (bonds, July 3 1868 afterward pro
we'd to be bczus) Of $3.50 625; and final
", one dividend, July s, 1868 Of 81 1855
600 This makes a total 1873, eco IN
cash, and 3,S62, 385 in good bonds,
about two>thirGs Of which were valued at
s., and the dividend Here then was an
aggregate of dividends amounting to about
l70 yer cent. in seven mDHtnr, not count
ing the spurious s., 800 .625; and upon
this the State claimed q tax "of One-haif
Of mil on the capital stock for each
one pei. cent a year, amounting to S4S1,
406, aud a ten per cent penalty for fail~
ure to report dividends Of S4S,l4l; SO
that the whole amount claimed 10y Mr.
BENJAMIN H. rewstcr. the Attorney
General. was 1929 547 The Jury gave
hin, as above stated, &40T, 323, making a
reduction for the bogus dividend Of July
3, 1868. But MosSrs. Amas aud Alley
excepted to errors in the Judges ruling,
and got 4 new tri al December 70, $50
two years ag0-before tie said Judge
Pearson, who laid down the law as he
had been instructed from the supreme
Court, and the jury AGAIN gave a verdict
for the State Of S63S, SIS; which in No
vember, 1871, was again set aside, Justice
Agnew dissenting, and another new trial
has been granted.
IN course of these trials, which, We
presume, are still going on for no Penn
sylvania jury, we take il. viii ever give a
verdict for Ames and Alley host Of
! interesting revelations were made; and
there are more yet to be made 1t seems
that the Credit Nobiiier of America"
| $50 baptised by Geo. Francis Train in
1864, was first Incorporated at the
| "PennsYlvania Fiscal Agsncy," by the
State Legislature, in 1851 The charter
may be found On the acts Of 1860 mot
| 1852, page S96, and the original iLcCr-
| porat9rs were Samuel !. ReIoes, Ellis
| Lewis, Garrick Mallory, Duff Green,
David Il. Porter, Jacob Iiegler, harles
| NJ Hall, Horn z Kneass, Robert J Ross.
William I Dougherty, Isaac Hngus, c.
~ Reed, William Workms n, Asa Packs
| er, Jesse Lazear, @ : X uffman, c.. Il
Ward and Henry NJ Fuller Duff
Green, the old Jacksonian editor and
| politician, procured the charter and be-
came President of the company, which
was exempted from Individual liability in
its stockholders, was allowed to buv and
sell railroad bonds, advance money 10
railroads and C contractors, make contracts,
! etc; in short to do almost every thi"g
| but banking and the issue Of bills" The
| capital stock was fixed at s., 100000, but
| business might BEGIN when $500 600
was subscribed and 50 600 paid in The
! agency org nizsd, hut, the war coming
on, and It's projected operations being at
! the South it did very little business. In
| 1864, bv a characteristic fraud on the
| part of Duff Green's associate, who had
| neen chosen secretary, the charter was
! I'D out to Train, DCrant, etc.-Green
being supposed to be dead-and by act
| Of March %, 1861, the Psnnsylvania
/ Legislature changed It's name to The
/ Credit Mohilier Of America In 1868 a
contract was made with one Uoxie, 70
| build 247 miles Of the Union Pacific road,
and this contract was assigned to the
! Credit MObilier, and the taxes due from
| dividends thus accruing were paid TO tie
| State Of PENNSYLVANIA But on ugust
| IS, 1867, Cakes Ames made q contract
with the railroad, IN which he was large
! owner, to build 667 miles, and this was
assigned, October 10, 1867, to certain
/ trustees, for their own benefc and for
that Of the Credit Mojilier, of which
they were the chief stockholders a.onE
| with Cakes Amos These "trustecs
were Oliver Ames, John g. Alley, Henry
/ = McComb, n. C. DuTant, Sidney Dillon,
G. 5. Bushnell aud Benjamin e. Bates
. and IL IS out Of the action of these eight
men that all the Penns ylvaUia law suits
and all the Congressional scandal has
come Precisely what the agreement Of
October ID, 1867, meant, no court has vet
found out,-but under it the Credit No
bllIer declared dividends Of S962S, l25,
partly bogus, as above mentioned. Pre-
vious to this agreement, however, the
State Legislature had again amended the
charter Of Duff Green's old Fiscal Acad.
envy, giving it larger powers; this was
done February Is, 1867.
In course of these trials John = 4 ley
testified that he went INTO the Credit Mo
hllier Company in August 1850, the
HoXIe contract haying been assigned to II
IN May, 500 that Ames was in it before,
and went in to avoid personal liability
that when the HOxie contract terminated,
). N. :. Williams, (now member Of Con,
gress elect from the Harvard College
Dls,rlct), took another contract to build
the road, which was not fully executed,
but twas designed to have been turned
Owe to the Credit M0bilier If certain
LEGISLATION could be procured, ~hieh was
not that the Ames party in Nav, 1867
turned Durant OFT who killed the
! Williams contract; that cut Of this
! quarrel grew at last the agreement of
October Is, 1865. which brought IN all
TIE dividends. For the rest Of the story
we refer the curious reader at present to
] PennsylyanIa REPORT above mentianed.