Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1880-07-30


them one cent share; and Ivy this
meaus this singular corporate n
managed to get enough of the stock
of the Union Pacific to secure its
control, and that is they had the
making of the dictatorship and there.
by the management of the U. s.
Government railroad with its mag
niicent endowments; with public
lands and Government bonds, and
they themselves by electing them
selves directors of the Union Pacific
Railroad Co. to gain the power to
let the contract for the building and
equipping the road. Now for what
followed this most anomalous condi.
ton of affairs: The first profit realized
by it was in the purchase of the stock
above mentioned This stock cost
the railroad company VIRTUALLY the
U. S. Governnent,) the sum of 50,
10000: it cost the Credit Mobilier
$2lS,cOO; profit to the Mobilier,
81, ,962, 900. The next item of profit
was from the Noxie contract. They
(the Credit Mobilisr) in the name of
Noxie, built by contract section OF
the road at the cost to the Govern
of ST., ,974 ,416 "a. when in fact the
actual amount that Noxie charged
was only 81, ,S1G,1S3 33.
Thus the Credit Mobilier realized
its second profit of S., ,16S, ,233 81.
The next was the part of the road
built by Ames. His contract cost
the Government S57 ,140, 1O2 "a, and
cost the Credit Mobilier only $27,-
2S5, 141 80. Thus they made $780,
S54 ,96O 95. The next was the Davis
contract. 1t cost the Government
1923 ,431 ,76S 10, and cost the Credit
Mobilier only SIS, ,629, ,633 81; profit
to the Mobilier, 81 SOP, 1874 As. The
whole Union Pacific road as far as it
extends to the boundary of Nevada,
cost the Government $93 SAG, ,2S7 2S,
and it's actual cost of construction
was only $50, ,72o, 1858 "a the Mobiler
making the net sum of $42, 2,S25,-
1928 81; but there was contract
made with one Boomer to build a
part of the road at S37 500 per mile.
He built 5S miles complete and then
gave up his contract, and then his
section was built by the Noxie7 Credit
itfubiIfer csinbination at $50, 900 per
mile, and when they came to draw
their pay they included this IS miles
in their Noxie contract at $50 900
per mile which had already been
built and drew the $50, 900 per mile
for that also, making profit of ST.
345 500, after allowing therefor the
amount paid Boomer; this added to
the $42 ,S35, 1928 "a, makes the total
benefits to this wonderful company
S43 1926 1928 "a paid to it by the
Government of the United States for
doing nothing-but by having the
control of the directors and making
with themselves contracts for doing
work at enormous prices, and then
sub-letting to actual contractors at
the real price and value of the work.
The Government gave to this fraud
in round numbers 100000 acres
of land, and bonds to the amount of
$27 ,236,512 The Government has
paid interest on these bonds to the
amount of over SIT 900 900 on which
the railroad company by their char
ter were to pay. This company was
in default of payment of this inter-
est from the first, and when Oakes
Ames was placing the stock L" where
it would do the most good" Gener.
al Garfield was part of the time
chairman of the Committee on Ap.
preparations and yearly appropriate
ing money to pay this defaulted i'll
terest. One can see why it was i'm
portrait that he should be a stock.
holder in tho " Mobilier;" especially
as the charter of the Union Pacific
contained clause that in case of
failure to pay interest on these Gov
ernment bonds the Government
could seize the road and all it's stock
and equipments, ETC.; and can also
understand how important it was to
make it to the interest of Congress-
men not to notice this default, but
go on and pay the interest semi-an-
nually, amounting to 81 ,5OO,O or
thereabouts. Now if General Gar
field was such a statesman as is
claimed for him, why did he let this
matter thus run on, and particularly
he, above all other congressman;
because as chairman of the Appro-
priating COMMITTEES this item OF in
terest on these bonds must have
come under his notice very frequent
ly? Such, in, brief, is an outline OF
the company in which the man whom
the Republican party ask the people
of the United States to elect as theii
President, held stock.
| AT meeting of the United Labor
League of America, held in New York
city Sunday, Committee was ap.
pointed to arrange for Convention
of delegates to be held in New Yorl