, 1873-01-09

awarded ut coat Of s50, 900 per milo, Which was
abo1lt double tho real cont with FUR profit
aldot anl included in tl,o contract was ono soo-
t!on nroay tlnisllod and accopscd, aid materials
delivered for noar1y ono hundred ntld fifty miloa
Of tho road, for which tho stockholders Of tho
Union Pacific and tho Government were now to
pay second timo. Tho completed hoction om-
braccd Us lni1os, which waaawar1od with tho rent
at $4,000 ror milo, thus involving loss to tho
stockholders, according to h1r. Durnnt's stato-
mcnt, Of ut loaBt 950o000 which, Of course, was
TO much clear profit to tho Credit Mobilior,
without any consideration. How mucl, was
lost by its stockholders on tho groBs cost prico
by tho 1lo1io contract fs shown by comparison
with tho portion Of tho road built by tho Com
pany. N1r. Durant states in Lis affidavit that 150
'n''os OF tho railroad mud telegraph noxt woat of
the hundroath meridinn wore constructed at q
cost not exceeding so5, 900 per milo, and thnt lo
was rondy to construct tho residue to tho raao
Of tho Rocky Mo1,ntainB, equipments included,
at tho eamo price. Having d1od upon an
amount which was double tho legitimate coat, 80
that all tile parties Interested could have hand
somo margin Of profits, thon tho Crodit Mo-
bilior mado arrangements will the contractor to
mako over tho contract to the Ring Direo-
tors. In pursuance Of this arrangement, Hoxie
assigned hi8 contract with tho Company
to John Duff, Trustee, by whom tho Same vas
reaaaigncd to Tho Credit Mobilior The Credit
nIobi]ior thon notified tho Company that 1t Ind
takon tho AGENCY Of the contract, and tho Com
rany recognized tho AGENCY, md tho Credit
Mobtlier tlion commenced to mako ita fortune.
What could bo moro advantageous Horo was
tho remainder Of tho road, including many
miles which Ind already boon completed and
mostly paia for by tho Union Pacific, awarded to
the Ring consplrators at the ratio Of $50, 600 per
milo, which was double tho legitimate cost a
moro gigantic stcal was noyor planned. OF
course, with Ra1ch dividends looming up in
tho future, tho stock went UP to ton
tfmoH sta par valuo. But having effected tho
atca1, tho n'annor in which It was accomplished
must be covered up. There was immincnt dan
gor Of discovery, for tile Pacific Road waa q
ward Of tho General Government, and, in cor
ta'n sense, Was tho property Of tho whole poo-
plo, md ut any moment tho Govornment might
determine to investigate and 500 how It's money
had beon spont, and what consideration 1t had
received, or Union Pacific stockholders might de-
Riro to know Of how much thoy had boon tlofraud-
Cd. This would necessarily bring on an expose,
and 80 tho Ring proceeded to covor up it's traokB,
m
purpose. With tho 1nodus opcraudi Of thoso
Congressman, notably Of Oakoa Ames,
the public Is familiar. Tho developments
IN tho now pending Credit Mobiltor inyes-
t;Gation layo ahown the character Of the s'b,,si-
ness transactions' and Mr.. OakeB Amcs' n,1-
merous Trustceahips in very strong light; aud
haro proved very conclusiyc1y that they werc in
tended to head oil Investigation, and 80 influ-
once legislation as not to inquire too nicely into
Union Pacific management. Stock which Ia
worth ton times Its faco Is not usually hnvked
about ut par, with convenient Trustee to curry
it for purchasers and mail them the tlividonds,
unless there is some sinister object in riow.
But this is not all. Tho public is reading only
the first chapter Of tho story. The characters
allintroducod, and tho plot has just
far enough to awaken very decided interest to
know how tho talo is coming out. Mr.. Durant's
contribution adds now zoatto it, and will awaken
In tho public mind desire to know tho donouo-
mont, aud find out whether, as in the story
books, Virtuo is to 10 rewarded and vico pun
ishod, or whotler vice ia to bo triumphant and
virtuo to go to tho wall. Tho materials aro all at
hand now for thorough investigation, and for
tho Information OF. Congress wo may state wlat
the poople want to know. Tho concluding chap
tors should DO substantially ns follows:
l., What Congressman are or haye boon hold
ing Union Pacitlo stock ind bonds, for con-
siderations similar to those sought to be &C.
compliahed with Credit Mobilior atook7
q. What is tho real character and tile condi-
tion Of tho management OF tho Union Pacific
Road md the Contral Pacific also?
8. Has tho original agreement between tho
Government and tho Union Pacific been kept by
the lattcr, aud has the latter, through it's agont
tho Credit Mobilier, delivered to tho Goyorn-
mont first-class road, both in construction and
equipment, as it bound itself to ao7
4. How much has the Government been plum
dored in this operation? In other words, How
much haye tho people loat2
TloHo chaptera aro necessary to complete tho
story. Thoro nevor will 10 q botter time to ond
it thnn now, whilo all tho material is at hand,
The history Of the Union Pacific is getting out
Of rumors into facts, and tho facts arc easily
procurablo. There is no legislation now 60 int
portant TINT 1t cannot whit for tho thorough i'll
vostigation not only of Credit Mobiier, but Of
Union Pacific also. Only let us have no moro
secrecy. Tho story should bo read in open court,
where nil may hear.
There is discussion In New York as to wlotll-
or steam can sot fro to G building. Tho present
Mnrri.nl al IL n