The Life and Public Services of James A. Garfield: Twentieth President of the United States, Including Full and Accurate Details of His Eventful Administration, Assassination, Last Hours, Death, Etc., Together with Notable Extracts from His Speeches and LettersBrown, E. E. (Emma Elizabeth)
History
The Life and Public Services of James A. Garfield: Twentieth President of the United States, Including Full and Accurate Details of His Eventful Administration, Assassination, Last Hours, Death, Etc., Together with Notable Extracts from His Speeches and Letters
Brown, E. E. (Emma Elizabeth)
Garfield, James A. (James Abram), 1831-1881; Presidents -- United States -- Biography
"'I've got to decide in fifteen minutes whether I will sign that bill or
not. If I do, I go on the record as indorsing a measure that I have been
opposing. If I do not, I lose all control of the bill. It will be
reported to the House by General Butler, and he will control the debate
on it. The session of Congress ends to-morrow, and if the bill fails to
pass, this Congress will expire without making provisions for carrying
on the government. Now, what would you do?'
"I told him that I would sign the bill, and in the House I would briefly
explain why I had at last signed a bill which I had opposed. I don't
assume that his conduct was guided by my advice, but he pursued the
course I had indicated."
The bill passed; but immediately upon the receipt of the back pay that
had been voted him, Garfield returned the money to the Treasury.
CHAPTER XXI.
The Credit Mobilier.--Garfield entirely Cleared of all
Charges Against him.--Tribute to him in Cincinnati
Gazette.--Elected U. S. Senator.--Extract from
Speech.--Sonnet.
A still more fruitful source of scandal was the association of
Garfield's name with the Credit Mobilier stock. The company bearing this
high-sounding French title was chartered, as early as 1859, under the
law of Pennsylvania, for the alleged purpose of buying land, loaning
money, building houses, etc.
When the war broke out, it ceased operations, until in 1866 the
construction of the Pacific railroad brought it again into notice.
By using the charter of this Credit Mobilier, Mr. Oakes Ames and his
associates saw an opportunity of making large sums of money. They bought
up a majority of the stock of the Pacific Railroad, and secured the
entire control of the Credit Mobilier. A contract was made with this
company to build the road at an exorbitant profit, the proceeds of which
were to be divided among themselves. The rights and interests of the
smaller stockholders were quite ignored, as well as those of the United
States, which, besides giving millions of acres, had also indorsed
$60,000,000 of its bonds, to assist in the building of the railroad.
Of course, all this fraudulent dealing was kept a profound secret, and
the true character of the Credit Mobilier was not known to the public
for a long time.
To prevent Congress from investigating this outrageous swindle, the ring
tried to dispose of some of their Credit Mobilier stock to different
members of Congress.
George Francis Train called upon Garfield and asked him to invest.
"You can double and treble your money in a year," he urged; "the object
of the company is to buy land where cities and villages are to spring
up."
Garfield told Mr. Train that he had no money to invest, and even if he
had, he should want to make further inquiries before entering into such
a transaction.
A year later Mr. Ames, who was a member of Congress, came to Garfield
and repeated the request.
Public-domain text, read in full here on John Shaqi.
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