The Crédit Mobilier of America scandal of 1872 involved the Union Pacific Railroad and the Crédit Mobilier of America construction company. 1872 was a leap year starting on Monday (see link for calendar). ... The Union Pacific Railroad (NYSE: UNP) is the largest railroad in the United States. ...

The company Crédit Mobilier of America had been formed by a vice-president of the Union Pacific Railroad, Thomas Durant. The company was designed to limit the liability of stockholders and maximise profits from construction. The company was the sole bidder for certain construction contracts from Union Pacific and in 1864 was given 1,074 km of the Transcontinental Railroad to build, with the hefty fees being paid by federal subsidies. The Union Pacific Railroad (NYSE: UNP) is the largest railroad in the United States. ... In the most general sense, a liability is anything that is a hinderance, or puts one at a disadvantage. ... The Union Pacific Railroad (NYSE: UNP) is the largest railroad in the United States. ... 1864 was a leap year starting on Friday (see link for calendar). ... Poster announcing railroads opening The First Transcontinental Railroad was a transcontinental railroad in North America that was finished in 1869. ...

In 1867 Durant was replaced as head of the firm by Representative 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. Oakes Ames (January 10, 1804 - May 28, 1873) was an American manufacturer, capitalist, and member of the United States House of Representatives from Massachusetts. ...

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 S. McComb, an associate of Ames, had leaked compromising letters to the newspaper following a disagreement with Ames. It was claimed that the $47 million contracts had given Crédit Mobilier a profit of $21 million and left Union Pacific and other investors near bankruptcy. Reading the newspaper: Brookgreen Gardens in Pawleys Island, South Carolina. ... For the modern newspaper of the same name, see New York Sun The original New York Sun began publication September 3, 1833, as a morning newspaper, and an evening edition began in 1887. ... Ulysses Simpson Grant ( April 27, 1822 – July 23, 1885) was an American Civil War general and the 18th ( 1869– 1877) president of the United States. ... Bankruptcy - Wikipedia /**/ @import /skins/monobook/IE50Fixes. ...

A Congressional investigation of thirteen members led to the censure of Ames and also James Brooks. A number of other political figures had their careers theoretically damaged, including James A. Garfield, Schuyler Colfax, James W. Patterson and Henry Wilson. But Garfield, who denied the charges, went on to become President so the actual impact of the scandal is hard to judge. James Abram Garfield ( November 19, 1831 – September 19, 1881) was the 20th ( 1881) President of the United States, the first left-handed President, and the second U.S. President to be assassinated. ... Schuyler Colfax (March 23, 1823–January 13, 1885) was a Representative from Indiana and the 17th Vice President of the United States. ... Henry Wilson (February 16, 1812–November 22, 1875) was a Senator from Massachusetts and the eighteenth Vice President of the United States. ...

External link

• "A Complete and Graphic Account of the Crédit Mobilier Investigation" by Edward Winslow Martin, 1873 (http://www.cprr.com/Museum/Credit_Mobilier_1873.html)