Ellsworth American. [volume] (Ellsworth, Me.) 1855-current, 1880-07-08

its moral qualities wholly upon the fact
whether be did or did not know of the ar.
rangement out Of which the profits would
come. If he knew Of the fraudulent arrange
meni by which the lands and bonds of the
| United States delivered TO the Union Pacific
Railroad Company for the purpose of con
| s,ructing its road were TO be paid out al
enormously extravagant rates. and the pro-
cccds to be paid out as dividcn nds to ring
| Of stockholders made the Credi, Mobilier
Company. he could not with proprie,y hold
| such stock or agree TO hold it or any Of its
proceeds. II il was morally wrong 10 pur-
chase it. i, was morally wrong TO hesitate
whether to purchase i, or not
THE TESTIMONY or GENERAL GARFIELD.
Putting the case on the highes; ethical
ground and applying this rule IN all i,s Sc
verify in Judging of General Garheld's rela-
ton to the subject. the evidence before the
| Congressional Committee goes TO prove
| clearly that he never purchased nor agreed
TO purchase any Of the stock; that though an
offer was made, which he had some time
under ad,isement, TO sell him , 600 worth
/ of the stock. he did no, then know. nor had
he the means Of knowing the real conditions
with which the stock was connected. or the
methods by which its profits we're TO be
made that his testimony before the COM
mittec is a statement Of the facts as he has
always understood them, and that neither
before the committee nor elsewhere has
| there been on his part any prevarioaiion or
evasion on the subject. In his sworn tcs,i-
mony. as given before the House committee
Janua, IA. 1873. General Garfield says
| The frs; ever heard Of the Crcdi, Mo
bilier was some time in 1850 or 1851
cannot fix the da,e-vhen George Francis
Train called on me and said he was organ
i1ing 4 company 10 be known a. the Crcdi,
Mob,licr of America. TO be formed on the
model of The Credit MohllIcr Of France
that the object Of the COMPANY was 10 pur-
chase lands ani build house. along the .inc
OF the Pacific railroad a; points whcre cite,
AMI village, were likcl, to spring up that
be had no doubt that money thu. invested
would double or treble itself each wear that
subscriptions were limited 10 = 900 each.
and he wished me TO subscribe. lie shoN cd
the long iisi o! the subscribers, among
them Nr Oakcs Amcs. 10 whom he referred
me for further information concerning the
enterprise ! answered iha, had not the
money TO spare. and II ! had would not
subsCriby without knowing more about the
proposed organization. Mr.. Tram len me.
SAVING he would bold Il place open for me
and hoped | would conclude 10 subscribe
| he same dav ! a.ked Mr.. Anne, whA, he
though: Of the cntcrprlse. lie expressed
the opinion that the investment would BE-
safe and profitable. heard nothing further
ON ,b,. .,,b,.rt f,r yra, or NOR, and +,
~. ,ir,os, sc,,,,,,.r Nh, .n,r, tim, |
.bo,,ld as, d,,,ir,. The lo,,, ....;,,, ~ ~.
NJ Ar,,. .,.,Lc - !, al, .,,J IN. c,r,
nan, b,,l o,.,,,i,.b N. do,,,, u.Il ,pJ h,
,bo1.,b, Md .oo, m, l,r,e dividend,
u. .,,l tia, .,,,r. - H., s,,ck ~. ~ nj,
tcl,n :, ~. b,,J. >, .ell and I
c,,,ld n. =. ,bc a,,,o,,n, Which NJ Tra,n hal
.,I,.,,l r,,. Ia. ,,,,,,,, N, slOpo and accrued
,,,c,.., ~. "a 4 -. No, ,llc 20 ,,,,
f,r ), h.. ,,,,,ld holJ !, n, ,,. ,,r,l I c,,,Ij
,,,, n, ,,r,,l .,r,, ~ ~. l;,,,I,,,. 49, nay.
All, f,olI him uouli o,n.id.r IN, mat
ter but would n,, .er,r 10 tai. AN, .,orl
until kneu from an examination If the
eharfr, and TN. condition. 81 IN. .uhscrin.
,lou. In, EXTENT Ia which I uo4,ld h.con,.
n,.,,,piaril, l,,blc II. aid no sa. na, .ur,.
hat ,houph, a .tock h,li,r would only u,
liabl. f,y the mar ,aluc ~ IA. ,,ock ,h,,
he had no, ,h, stock and nan.r. with HIM
hu, xn,id b,,,. ,be,, ,n.- xble From,
IN, c,., a. ,,,..c,,,,i 7 .hould nrobabl, ba,.
taken the .tnrk n b,d hen s,,i.f.d in re-.
gar,, 10 the extent Of the pec,,niar, liability.
1bu. IN. w,,,.r r.,,,I | ,hink un,I ~.
followin. year. During that inters al IN
derstood that there were dividends amounting
To nearly three times the par value OF The
stock. but IN the meantime had heard
that the company was involved IN some con
iIo'er'! with the Paoshe railroad and that
Mr. Ames night 10 sell the ,iocA Vas de-
MED When next saw Mr.. Ames ! told
him had concluded not TO take the stock.
There the matter ended, so far as | was
concerned. and had no further knowledge
oil the company operations unti! the subject
began 10 be discussed IN the newspapers last
iall lls.2E Nothing was ever said to me
BY Mr. Tram or Mr. Ames to indicate OF
irrpl. tina, the Credit Mobilier was or could
IN an. Nay be connected with the legislation
OF Congress for the Pacific railroad OF any
other purpose. Mr.. Aines never gave nor
offered TO give me an, stock or other 'alua-
Bile thing as g.ft once asked and OBJ
tanned from him. and aiter~ard repaid 10
him, loan OF $500; that amount Is the
only valuable thing ever received from or
a, - ., -, - ., ,b. c,.l;,
MCbilier or of the Union Pacific railroad,
nor any dividends or pFohts arising from
ei'her o' them-
TIE RIAL CHARACTER DEVELOPED.
From the xi,nes,e. in the case il seem.
,ba, i, Was no, un,il m. winter Of ls69-,0
that General Garfield received an intima,ion
of the real nature of the Credi, Mobilier and
the Pacific Railroad Company. In the
course of a private Conversation with the
Hon. Jeremiah s Black Of Penn,ylyania.
sndinp ,ha, he was familiar with the enter.
nri,e General Garfield told him Of The offer
made him. Jodpe Black then EXPRESSED the
on;pion ,ba, the managers of the Credit Mo-
bilier were a,,emptiug to defraud the Pacific
Railroad COMPANY. and informed him that
Mr. Anne, was nre,endiny 10 have sold stock
TO Member, OF Congress- for the purpose of
influencing their action in any legisla,ion
that mipbt arise ON the sub;ee. General
Garfeld's action a, that time is hes, ex.
p,,ined in the following letter from Judya
RIacl IN the Hon lanes a RI,;ne then
sneaker of the Uouse which of ;,self should
he ,bo,ough y;nd;ca,;on ;f any was
needed of General GARFIELD