1873 San Francisco CALIFORNIA newspaper Union Pacific railroad CREDIT MOBILIER SCANDAL - inv # Large 8R-324
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SEE PHOTO(s) - COMPLETE ORIGINAL NEWSPAPER, the San Francisco Chronicle (CA) dated Jan 13, 1873. This original newspaper contains inside page "stacked" headlines and coverage of the unfolding CREDIT MOBILIER Union Pacific Railroad scandal.
The Crédit Mobilier scandal, which came to public attention in 1872, was a two-part fraud conducted from 1864 to 1867 by the Union Pacific Railroad and the Crédit Mobilier of America construction company in the building of the eastern portion of the First Transcontinental Railroad. The story was broken by The New York Sun during the 1872 campaign of Ulysses S. Grant.
First, a fraudulent company, Crédit Mobilier of America, was created by Union Pacific executives to greatly inflate construction costs. Though the railroad cost only $50 million to build, Crédit Mobilier billed $94 million and Union Pacific executives pocketed the excess $44 million. Then, part of the excess cash and $9 million in discounted stock was used to bribe several Washington politicians for laws, funding, and regulatory rulings favorable to the Union Pacific.
The scandal negatively affected the careers of many politicians and nearly bankrupted Union Pacific. The scandal caused widespread public distrust of Congress and the federal government during the Gilded Age.
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