MONOPOLY OF TRANSPORTATION. 585 



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 ist of April, 

 1867, 50 percent, of first mortgage bonds were distributed; 

 on the ist 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 swallowed 

 up by the Credit Mobilier." 



It seems, however, that the rapacity of this company 

 knew no bounds. Not satisfied with the magnificent grant 

 of bonds and lands, they practiced the most diabolical 

 deception to still further increase and swell the enormous 

 profits of their enterprise. 



We quote the following from the Chicago Express: 



u The House of Representatives has been forced by 

 recent revelations to pass resolutions for the appointment 

 of a Commission to investigate the financial management 

 of the subsidized Pacific roads, and the peculiar methods 

 of the pack of wolves who have been preying on the 

 public by virtue of their control of the corporations in 

 question. Being joint resolutions, the concurrence of the 

 Senate is necessary to give them effect But as they were 

 passed in the House without a division, notwithstanding 

 the peculiar tactics of a Massachusetts member, the Senate 

 will hardly fail to adopt them, no matter what sophistical 

 arguments Senator Hoar may adduce against them. 



u The facts in connection with those roads are as sur- 

 prising as the growth of the persons who control them 

 from the positions of village hucksters to be multi-million- 

 aires in metropolitan cities. The roads were built at the 

 public expense, but they are owned and operated by private 

 parties for their own personal emolument They owe the 

 government $157,323,615 at this time on second mort- 

 gages. On first mortgages they owe to capitalists nearly 



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