Matt McGuire 2/3/99

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Term Paper Title	Matt McGuire 2/3/99
# of Words	551
# of Pages (250 words per page double spaced)	2.2

Matt McGuire                                                                                  2/3/99
Corruption During Grant's Presidency
     During the presidency of Ulysses S. Grant there had been much corruption on both national and local levels.
     One of the first scandals during Grant's presidency was the "Credit Mobilier" scandal. This scandal showed how the federal government was involved in a scandal concerning the building of the first transcontinental railroad. Around 1862, Congress had granted a charter to the Union Pacific and Central Pacific railroad. The Union Pacific was to build westward from the Missouri River at Omaha, in the Nebraska territory. While the Central Pacific was to build eastward from Sacramento, California. This railroad was a very difficult feat. Since it was important to the development of the nation, the federal government granted various subsidies to the two companies. In these subsidies, the received the right of way through public lands. They also received loans in the form of government bonds totaling $16,000 for every mile of track completed in the plains, $32,000 through hilly country, and $48,000 through the mountains. The small group of men controlling the stock for the Union Pacific took a golden opportunity to rip off its stockholders and the federal government. So they created their own construction company called the Credit Mobilier. Controlling the Union Pacific enabled them to award contracts to their own company, the Credit Mobilier. These contracts cost the stockholders several times of what the job really cost. So now the stockholder's investments plus the government subsidies went directly to ...

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