The Credit Mobilier of America; Its Origin and History, Its Work of Constructing the Union Pacific Railroad and the Relation of Members of Congress Therewith Volume 3

The Credit Mobilier of America; Its Origin and History, Its Work of Constructing the Union Pacific Railroad and the Relation of Members of Congress Therewith Volume 3

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1880 edition. Excerpt: ...even given the subject much close attention, have failed to understand the nice distinctions that existed. The Credit Mobilier had nothing to do with the Ames contract; it never received a dividend from that contract, and no dividend was ever declared by the Credit Mobilier, excepting one of 12 per cent. from the money paid it by the trustees. The committee did not discern that the Credit Mobilier had lost its entire capital in the construction of the road; or that it had been cheated and robbed by those who first had its management; they failed absolutely to understand the relations of the government to the Pacific roads, and imagined that the government had loaned them a large amount of money for the construction of the road, when in fact the government, had never loaned them one cent. The utmost that had been done was to loan them the credit of the government, it being in reality the same as an accommodation note, which if paid when due would be no loss to any one, and to secure this payment the government had a second mortgage on the road. They could not comprehend the mighty difficulties that encompassed the road on every side during its construction, but they judged it as though all those great obstacles had been removed, and the road was being constructed at the time the report was being made. They declared that so great had been the fraud practiced on the government by these proceedings, that the goverment would have a right, but for the presence of a few innocent stockholders, to declare the franchises forfeited. The committee could not understand the relations of cost and profits, and in their attempt to show some great fraud, made out the profits of construction to amount to more than $43,000,000, with a cash value of some...show more

Product details

  • Paperback | 54 pages
  • 189 x 246 x 3mm | 113g
  • Rarebooksclub.com
  • United States
  • English
  • black & white illustrations
  • 1236820118
  • 9781236820112