Crédit Mobilier of America scandal
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The Crédit Mobilier of America scandal of 1872 involved the Union Pacific Railroad and the Crédit Mobilier of America construction company.
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[edit] Background
Crédit Mobilier of America was formed by George Francis Train, the vice-president in charge of publicity for the Union Pacific Railroad. The company was designed to limit the liability of stockholders and maximize profits from construction with the hefty fees being paid by federal subsidies. The company also gave cheap shares of stock to members of Congress who agreed to support additional funding.
[edit] Scandal
In 1867, Dr. William Coles Keeter was replaced as head of the firm by Congressman Oakes Ames. In that year Ames allowed members of Congress to purchase shares at face rather than market value, the same people who voted the government funds to cover the inflated charges of Crédit Mobilier. Ames' actions became one of the best-known examples of graft in American history.
The story was introduced to the public arena during the Presidential election campaign of 1872 by the newspaper New York Sun, which was against the re-election of Ulysses S. Grant. Henry Simpson McComby, (a future executive of the Illinois Central Railroad) an associate of Ames, had leaked compromising letters to the newspaper following a disagreement with Ames. It was claimed that the $72 million in contracts had been given to Crédit Mobilier for building a rail only worth $53 million. Union Pacific and other investors were left nearly bankrupt.
[edit] Investigation
A Congressional investigation of thirteen members led to the censure of Ames and also James Brooks. A federal investigation was also enacted with Aaron F. Perry serving as chief counsel. A number of other political figures had their careers theoretically damaged, including James A. Garfield, Schuyler Colfax, James W. Patterson and Henry Wilson. During the investigation, it was found that the company had given stocks to more than thirty representatives of both parties including future President Garfield. Garfield denied the charges and went on to become President, so the actual impact of the scandal is difficult to judge. Colfax was replaced on the Republican ticket for renomination as Vice President, ironically, by Henry Wilson who was also implicated in the scandal.
[edit] See also
[edit] External links
- "A Complete and Graphic Account of the Crédit Mobilier Investigation" by Edward Winslow Martin, 1873
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