Year: 1873




ON THE STAND - THEY MAKE CLEAN


BREAST OF THEIR TRANSACTIONS WITH


CAKES AMEs.


lBY TELEGRAPH TO THg TRIBusEl


WASHINGTON Jan. 16.-The original Credlt MO-
biier Committee appeared to be general oonfes-
sioual to-day Two Senators and three members OF
the House came to make dean breast OF their
transactions with Oakes Ames. They stood waiting
their turns with an embarrassed air, like so many
sohoolboys who had been engaged In some serious I
mischief and were about to be punished; ana Judge
Poland. looking like an old-fashioned pedagogue'
rallied them mp and told them TO hold up tner hands
and be sworn in about the same tone IN which
schoolmaster would order Gn offending pupil to
hold ont his hand TO be feruled. The scene was
only saved from being broadly farcical by the un-
nistakable seriousness and agitation Of the prin-
spa actors in it, who evidently found their position
q painfully uncomfortable one in thus having to
ACE crowd Of curious idlers and of critical news
paper reporters in the attitude of persons suspected
If conduct in some degree dishonorahle
The first confessing witness was Representative
Scoheld Of Pennsylvania, who made brief, straight
forward statement TO the effect that he had agreed
TO take ten shares of the Credit Mobiier stock of
Ames and had paid 81 04 for it in January 1865 the
odd 81 beng for accrued interest. Subsequently
ne changed his mind and concluded not TO take It,
and be settled the transaction by taking ten shares





Union Pacific bond, and paying Ames $3.50.


Senator Patterson came next. He agreed to take
20 shares of the stock but did not get the money 10
pay for il, so the bargain was not cOnsumnated
Some time afterward. on two occasions he bought
some Union Pacific stock of Ames, which he placed
in the hands Of a friend in New York for sale. He
did not see any improperly in members of Congress
holding this stock any more than IN holding bank
stock wool. OF any other property that might be
affected by legislation of Congress- but on which no
legislation was expected at the time of the purchase


Senator Wilson, in his usual open-breasted way
went over the whole etOry of his private business
affairs; his poverty when he came to Congress; his
getting IN debt during the by of his char
tiles to the soldiers his efforts TO money enough
since TO pay of his debts his great care on account
of his known poverty and his peculiarly scrupulous
ideas never to invest dollar in anything that would
be affected by his vote in Congress- He told of
his silver wedding and Of the present of $500 to
his WIFE portion of winch was, by Amess advice
invested in Credit Mobilier bonds and how short
time aferward, hearing that the Company was in
volved in disputes and fearing 1t might come
to Congress for legislation TO settle the quarrel he
insisted on having the money returned; Ames paid
il back to Mrs. Wilson with $3.50 in dividends, and
he CWilson) paid back this dividend to Ames from
his own pocket and was therefore the loser 10 that
amount: for when his wife died all of her little
property amounting to $500, went to her relations
and TO charities. Mr. Wilson complained of wrong
done 10 honorable men in the suspicious thrown
upon them in connection with the Credit Mobilier
business; but, when questioned by Mr. Niback he
admitted that much of this had been occasioned by
the mistake of several persons in not telling the
whole story last Fall He wanted to do so himself
but was dissuaded by his friends.


Representative Bingham, who was the next wit
ness invested $1,000 in the Credit Mobilier stock
about the same time as the others, and Immediately
got large dividend in Union Pacific stock. He
made written contract with Ames, and the divi-
dends were indorsed on this contract. He bought
some Sioux City Construction bonds of Ames about
the same time for $3.50. About two years after he
settled his accounts gave up and received
on il about $500. Congressman Kelley had not
taken the stock, but had agreed to take 10 shares
The bargain was a curious one. Ames was to put the
stock aside for him, without the payment of any
money and was to credit the dividends over per
cent toward paying for the stock. Why this
Arrangement was not carried out was not clearly
explained. Mr. Kelley borrowed 900 afterward,
when in a strait, but said this loan had nothing to
do with the stock transaction. He defended the
right of a Congressman to buy Credit Mobilier
stock but admitted that if he had seen Oakes
Amess letters he wOJld not have thought it proper
TO invest in it. The Committee adjourned until
Saturday, and the Chairman announced that they
expected to close the Investigation at the next
meeting


1t is but justice to the Congressman who are
shown by the testimony and by their own state
ments to have been more or less concerned in the
Credit Mobier affair, to say that there is nothing
TO show that they had any knowledge of the fact
that the Union Pacific Railroad Directors were con-
tracing with themselves, as Credit Mobilier D-
rectOrs, TO build the road at a price double its
cost OF that they knew of the enormous dividends
that were 10 be declared. On the contrary,i it ap-
pears that Ames kept them rather in the dark
these points leading them to suppose that the stock
would he only moderately profitable, by guarantee
ing them only or 10 per cent, and in or two
cases STIMULATING for over half the dividends 10
per GENT


PROGRESS OF THE INVESTIGATION