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The Credit Mobilier Scandal Of 1872-1873

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The Credit Mobilier Scandal Of 1872-1873
The Credit Mobilier Scandal was illegal manipulations of contracts by a construction and finance company associated with the building of the Union Pacific Railroad in 1865-1869. This incident established Credit Mobilier of America as a symbol of post- Civil War corruption. Credit Mobilier was part of a complex arrangement where a few men contracted with themselves or assignees for the construction of the railroad. Trustees and certain manipulators got extremely large profits but impoverished the railroad in the process. It was a good deal for the congressmen, they would help themselves by approving federal subsidies for the cost of railroad construction without paying much attention to expenses, enabling railroad buildering to make huge profits. On the eve of the 1872 election, speaker of the House James G. …show more content…
Oakes Ames of Massachusetts and James Brooks of New York were involved in the scandal but the House censored them. The affair tarnished the careers of many. Including outgoing vice president, Schuyler Colfax, incoming vice president, Henry Wilson, and Representative, James A Garfield. They were all implicated. The scandal showed how corruption tainted Gilded Age politics and the lengths railroads and other economic interests would go to increase their profits. The Credit Mobilier Scandal of 1872-1873 damaged the careers of several Gilded Age politicians. The Credit Mobilier of America was formed by major stockhoders in the Union Pacific Railroad. They gave it contracts to build the railroad. Shares were sold or given to influential congressmen in this construction.

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