62 HISTORY OF THE GRANGE MOVEMENT; OR, 



Mr. Ames, as trustee, to be used by him as he thought 

 best for the interests of the company. 



Provided with this stock, Mr. Ames went to Wash- 

 ington in December, 1867, at the opening of the Session 

 of Congress. The story of his exploits there is now 

 familiar to every one. 



Reduced to plain English, the story of the Credit 

 Mobilier is simply this : The men entrusted with the 

 management of the Pacific road made a bargain with 

 themselves to build the road for a sum equal to about 

 twice its actual cost, and pocketed the profits, which 

 have been estimated at about THIRTY MILLIONS OF DOL- 

 LARS this immense sum coming out of the pockets of 

 the tax payers of the United States. This contract 

 was made in October, 1867. 



"On June 17, 1868, the stockholders of the Credit 

 Mobilier received 60 per cent, in cash, and 40 per cent, 

 in stock of the Union Pacific Railroad ; on the 2d of 

 July, 1868, 80 per cent, first mortgage bonds of the 

 Union Pacific Railroad, and 100 per cent, stock; July 

 3, 1868, 75 per cent, stock, and 75 per cent, first mort- 

 gage bonds; September 3, 1868, 100 per cent, stock, 

 and 75 per cent, first mortgage bonds; December 19, 

 1868, 200 per cent, stock ; while, before this contract 

 was made, the stockholders had received, on the 26th 

 of April, 1866, a dividend of 100 per cent, in stock of 

 the Union Pacific Railroad; on the 1st of April, 1867, 

 50 per cent, of first mortgage bonds were distributed ; 

 on the 1st of July, 1867, 100 per cent, in stock again." 



After offering this statement, it is hardly necessary 

 to add that the vast property of the Pacific road, 

 which should have been used to meet its engagements, 

 was soon swallowed up by the Credit Mobilier. 



