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An extravagant sum was to be paid to the Credit Mobilier for the construction work, thus securing for stockholders of the Union Pacific, who now controlled the Credit Mobilier, the bonds loaned by the United States Government. The operations of the Credit Mobilier finally gave rise to one of the most serious political scandals in the history of the United States Congress.
For the testimony began to show that some of the most powerful men in Congress were implicated in Credit Mobilier corruption; men such as James G. Blaine, one of the foremost Republican politicians of the period, and James A. Garfield, who later was elevated into the White House.
By this the stockholders of the Credit Mobilier became the sole holders of the Union Pacific stock. The Hoxie contract was reassigned to the Credit Mobilier who duly completed the work, finishing the line to the point specified October 5th, 1866. Owing to their inability to raise funds, it seemed as though the two companies, Union Pacific and Credit Mobilier, would fall down.
In their capacity of railroad stockholders they awarded themselves as stockholders of the construction company the contract to build and equip a large part of the railway. The terms which they gave themselves were so generous as to insure a handsome profit. Chief among the members of the Credit Mobilier was Oakes Ames, a member of Congress from Massachusetts.
On the lower cornice moulding, the date 1562 is carved. This, like other furniture and contents of Palaces in France, forms part of the State or National collection, of which there are excellent illustrations and descriptions in M. Williamson's "Mobilier National," a valuable contribution to the literature of this subject which should be consulted. From the Chateau of Pau. Made at Lyons.
There is no date on the table, but the secretaire is stamped 1790, and the commode 1791. If we assume that the table was produced in 1792, these three specimens, which have always been regarded as amongst the most beautiful work of the reign, were almost the last which the unfortunate Queen lived to see completed. Collection "Mobilier National."
He had charge of the Union Pacific Railroad construction, and it was charged and proven, I believe, afterwards that he secured the concessions for the railroad by undue influence, the use of money, gifts of stock, etc., and the whole thing finally culminated in what is known as the Crédit Mobilier scandal, the exposure of which came after I retired from the House.
The money went so swiftly that it opened the company's eyes to the insatiable gulf beneath that enterprise, and they quit. Thereupon what was called the Credit Mobilier was inaugurated, and it became both famous and infamous. It was a type of the construction company by which it was the custom to build railroads at that time.
Preliminary Organization Board of Commissioners Company Organized Directors and Officers Elected Hoxie Contract Credit Mobilier Ames' Interest Compromise Contract Davis Contract Cost of Line Land Grant. When the Pacific Railroad Bill passed Congress and received the President's signature in 1862, there was a well organized company to take hold of the western or California end.
Late in 1867 Ames became fearful of railroad legislation that was being introduced in Washington and he therefore decided to take steps to protect the enterprise. He was given 343 shares of Credit Mobilier stock, which he placed among members of Congress where, as he said, they would "do most good."
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