Monopolies -- United States; Railroads and state -- United States
mind that the eight persons concerned in and signing this contract and
assignment, were all directors of the Union Pacific railroad company;
that four of them were the executive committee; that one of them was the
contractor, and all of them stockholders in the Credit Mobilier,
probably at that time constituting that entire corporation; and that
seven of them were trustees for some persons, company, or corporation,
or what appears still more probable, for themselves, and Oakes Ames, the
contractor, and we can account for the wholesale robbery of the people,
perpetrated by these eight men with the aid of congress, as above shown.
But how the five non-stockholding directors, appointed by the president,
who are presumed to act for the government and its interest, could have
been ignorant of the whole matter, is not so easily understood. The act
of congress of July 2, 1864, section 13, provides:
"That at least one of said government directors shall be placed on each
of the standing committees of said company, and at least one on every
special committee that may be appointed. The government directors SHALL
from time to time report to the secretary of the interior, in answer to
inquiries he may make of them touching the condition, management, and
progress of the work, and shall communicate to the secretary of the
interior, at the same time, such information as should be in the
possession of the department. They shall, as often as may be necessary
for a full knowledge of the condition and management of the line, visit
all portions of the line of road, whether built or surveyed, and while
absent from home, attending to their duties as directors, shall be paid
their actual traveling expenses, and be allowed and paid such
reasonable compensation for their time actually employed as the board of
directors may decide."
If these government directors and the company observed the law, then one
of them was on the executive committee of the Union Pacific company and
must have known of this fraudulent contract and its assignment. If no
one of them was placed on the executive committee, then in the discharge
of their duty they should have reported the facts to the secretary of
the interior. One of two inferences is irresistible. 1st. That they were
ignorant of what it was their duty to know, or 2nd. That they were
unfaithful to the public trust confided in them.
Public-domain text, read in full here on John Shaqi.
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