THE FARMER'S WAR AGAINST MONOPOLIES. 61 



precedence amounted to all the value of the road. The 

 proceeds of this extraordinary transaction went to 

 swell the profits of the Credit Mobilier, which had 

 nothing to pay out except for the mere cost of construc- 

 tion. This also explains why some of the dividends 

 of the latter company were paid in Union Pacific bonds. 

 As a result of these processes, the bonded debts of the 

 railroad exceeded its cost by at least $40,000,000." 



Mr. Ames was deeply interested in the scheme, 

 being, indeed, one of its principal managers. Being a 

 Member of Congress, he was peculiarly prepared to 

 appreciate the value of Congressional assistance in 

 behalf of the Credit Mobilier. It would seem that the 

 object of the Credit Mobilier was to drain money from 

 the Pacific road, and consequently from the Govern- 

 ment, as long as possible. Any legislation on the part 

 of Congress designed to protect the interests of the 

 Government, would, as a matter of course, be unfavor- 

 able to the Credit Mobilier, and it was the aim of that 

 Corporation to prevent all such legislation. The price 

 agreed upon for building the road was so exorbitant, 

 and afforded such an iniquitous profit to the Credit 

 Mobilier, that it was very certain that some honest 

 friend of the people would demand that Congress should 

 protect the Treasury against such spoliation. It was 

 accordingly determined to interest in the scheme 

 enough Members of Congress to prevent any protection 

 of the National Treasury at the expense of the unlawful 

 gains of the Credit Mobilier. Mr. Oakes Ames, being 

 in Congress, undertook to secure the desired hold upon 

 his associates. The plan was simply to secure them 

 by bribing them, and for this purpose a certain portion 

 of the Credit Mobilier stock was placed in the hands of 



