584 THK IMPENDING REVOLUTION. 



the aim of that corporation to prevent all such legislation. 

 The price agreed upon 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 from 

 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 gain of the Credit Mobilier. Mr. Oakes Ames, 

 being in Congress, undertook to obtain 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 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 Washington in December, 1869, a ^ ^ ne 

 opening of the session of Congress. The story of his ex- 

 ploits there is now familiar to everyone. 



"Reduced to plain English, the story of the Credit 

 Mobilier is simply this: The men entrusted with the man- 

 agement of the Pacific road made a bargain with them- 

 selves to build the road for a sum equal to about twice its 

 actual cost, and pocketed the profits, which have been esti- 

 mated at about THIRTY MILLIONS OF DOLLARS this 

 immense sum coming out of the pockets of the tax-payers 

 of the United States. 



"This contract was made in October, 1867. O n 

 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, in first mortgage bonds of the Union Pacific railroad, 

 and 100 per cent, stock; July 3d, 1868, 75 per cent, stock 

 and 75 per cent, first mortgage bonds; September 3d, 1868, 

 100 per cent, stock and 75 per cent, first mortgage bonds; 

 December i8th, 1868, 200 per cent stock; while before 



