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This new financial policy, the dream of George Francis Train, advocated the purchase of American goods only; the encouragement of immigration to rebuild the South and to settle the country from ocean to ocean; the establishment of the French financing systems, the Crédit Foncier and Crédit Mobilier, to develop our mines and railroads; the issuing of greenbacks; and penny ocean postage "to strengthen the brotherhood of Labor."
After the crisis had passed, the value of the stock rapidly appreciated and in the forthcoming political campaign the subornation of Congress in the interest of the Credit Mobilier by the use of this stock was made an issue and occasioned a great outcry.
Subscription lists were opened in all the principal cities of the Union, with a central office at the Baltimore Bank, 9 Baltimore Street. In addition, subscriptions were received at the following banks in the different states of the two continents: At Vienna, with S. M. de Rothschild. At Petersburg, Stieglitz and Co. At Paris, The Credit Mobilier. At Stockholm, Tottie and Arfuredson.
Among the names thus singled out in the press were Benjamin Harrison, of the class of 1852, President of the United States, 1889-93; William Dennison, class of 1835, Governor of Ohio, 1859-63, and Postmaster-General under Abraham Lincoln; Caleb B. Smith, 1826, Secretary of the Interior in the same Administration; General Robert C. Schenck, 1827, Chairman Ways and Means Committee in House of Representatives, Major-General in the Civil War, and United States Minister to Brazil and to Great Britain; William S. Groesbeck, 1834, Congressman, counsel for Andrew Johnson in the impeachment proceedings, and United States delegate to the International Monetary Congress, 1878; Samuel Shellabarger, 1841, Congressman, member of the Crédit Mobilier Investigation, and of the United States Civil Service Commission; Oliver P. Morton, 1845, War Governor of Indiana, and United States Senator; Charles Anderson, 1833, Governor of Ohio; James Birney, 1836, Governor of Michigan; Richard Yates, 1830, War Governor of Illinois, and United States Senator; Milton Sayler, 1852, Speaker House of Representatives; John S. Williams, 1838, the "Cerro Gordo Williams" of the Mexican War, United States Senator from Kentucky; George E. Pugh, 1840, United States Senator from Ohio; James W. McDill, 1853, United States Senator from Iowa; General Samuel F. Carey, 1835, Congressman from Ohio, and temperance orator; Albert S. Berry, 1856, Congressman from Kentucky; Dr.
The time for these attacks was skilfully chosen; the Cr<e'>dit Mobilier and other schemes had been revealed at Washington, and everybody was only too ready to believe any charge against anybody. That Mr. Cornell had been known for forty years as an honest man seemed to go for nothing.
Conducted on strictly honorable principles, keeping carefully aloof from all such damaging connection as the Credit Mobilier, and having its books always thrown open for public inspection, its reputation even to-day is excellent and continually improving in the popular estimation.
Subscribers of the two million one hundred and eighty thousand dollars of Union Pacific Stock were given the option of either exchanging Union Pacific stock for that of the Credit Mobilier, sell their Union Pacific stock to the Credit Mobilier, or turn it back to the Union Pacific Railroad Company and have it redeemed.
His rise from canal boy to candidate for the presidency exemplified the possibilities before industrious youth and gave rise to many a homily on democratic America. Yet his friends had to defend his relation to a paving scandal in the District of Columbia and an unwise connection with the Credit Mobilier of 1873.
On this, fifty-eight miles were completed when dissensions arose, occasioned by financial stringency among the stockholders of the Credit Mobilier. Vice-President Durant going into court, compelled suspension of action on the third contract, made March 1st, 1867, with one J. M. Williams who had assigned it to the Credit Mobilier.
Frequently the agents of the roads were thoroughly unscrupulous, and such scandals as that connected with the Credit Mobilier were the result. More important still, the fact that the federal and state governments had aided the railroads so greatly gave them a strong justification for investigating and regulating the activities of the companies.
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