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Updated: June 8, 2025
Win at the Bourse, what follows? the Chamber, the Senate, the Cross, the Minister's 'portefeuille. I might rejoice in all this for the sake of Europe, could it last, and did it not bring the consequences that follow the demoralization which attends it. The Bourse and the Credit Mobilier keep Paris quiet, at least as quiet as it can be.
Samuel J. Tilden had subscribed twenty thousand dollars. The first thing the Credit Mobilier did was to buy in all of this stock and bring the railroad company and Credit Mobilier under one management and the same set of officers.
To the Credit Mobilier were issued the bonds and stock of the Union Pacific, which had been paid for "at not more than thirty cents on the dollar in road-making." * As the United States, in addition to princely gifts of land, had in effect guaranteed the cost of construction by authorizing the issue of Government bonds, dollar for dollar and side by side with the bonds of the road, the motive of the magnificent shuffle, which gave the road into the hands of a construction company, was clear.
Evidence which afterward came to light in the Congressional investigations showed that the Credit Mobilier made a cash profit in the transaction of over twenty-three million dollars, besides gobbling up the stock of the road at thirty cents on the dollar, when the law plainly provided that it should not be issued at less than par.
Boomer for one hundred and fifty-three and thirty-five hundredths miles from the hundredth Meridian west, at the rate of nineteen thousand five hundred dollars per mile for that part of the distance East of the North Platte River and twenty thousand dollars per mile west thereof. Bridges, station buildings, and equipment to be additional. This contract was also assigned to the Credit Mobilier.
Durant and his friends accordingly purchased the Charter of a Pennsylvania Corporation of limited liability and elastic powers, known as the "Pennsylvania Fiscal Agency" changed its name by legislative enactment to the Credit Mobilier of America.
The Republican triumph of 1872 was followed by an overwhelming reverse at the Congressional election of 1874. There was a growing impression of maladministration at Washington. The Credit Mobilier scandal the easy acceptance by Congressmen of financial favors from the managers of the Union Pacific Railway, followed by disingenuous denials had especially discredited the party in power.
Among others who took stock in the Company and Credit Mobilier were a number of public men, including Vice-President Colfax, Speaker James G. Blaine, James A. Garfield, afterwards President, and others of that ilk.
We cannot be great merchants, but we can be small gamblers on the Bourse, or, thanks to the Credit Mobilier, imitate a cabinet minister, and keep a shop under another name. Perhaps you have heard that Enguerrand and I keep a shop. Pray, buy your gloves there. Strange fate for men whose ancestors fought in the first Crusade mais que voulez-vous?"
The contract for construction was turned over to the Credit Mobilier Company. This, in turn, engaged subcontractors. The work was really done by these subcontractors with their force of low-paid labor. Oakes Ames and his associates did nothing except to look on executively from a comfortable distance, and pocket the plunder.
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