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Report Of The Select Committee Of The House Of Representatives, Appointed Under The Resolution Of January 6, 1873 - Softcover

United States. Congress. House. Select Committee On Credit Mobilier And Union Pacific Railroad

 
9780461998733: Report Of The Select Committee Of The House Of Representatives, Appointed Under The Resolution Of January 6, 1873

Synopsis

Report Of The Select Committee Of The House Of Representatives, Appointed Under The Resolution Of January 6, 1873: To Make Inquiry In Relation To The Affairs Of The Union Pacific Railroad Company, The Credit Mobilier Of America, And Other Matters Specified In Said Resolution And In OtherThis documentary record from 19th?century congressional investigations examines the financing, contracts, and governance surrounding the Union Pacific Railroad and the Credit Mobilier of America, focusing on mid?1860s to early 1870s arrangements. It traces a web of subscriptions, stock movements, scrip payments, and trustee?managed profits designed to finance construction while evading standard oversight. The text covers foundation and capitalization, transfer of contracts to trustees, extensions of contracts, and the flow of funds through bonds, land?grant securities, and cash, noting how profits were allocated to insiders. Testimony by figures such as Oakes Ames, Oliver Ames, Durant, Alley, and others is summarized to illustrate allegations of impropriety, conflicts of interest, and political influence. The excerpt emphasizes public?private entanglements in railroad finance, governance failures, and the committee’s call for accountability and remedies.

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