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Credit mobilier

   Also found in: Encyclopedia, Wikipedia 0.01 sec.
Cre`dit´ mo`bi`lier´    (m?`b?`ly?´)
1.A joint stock company, formed for general banking business, or for the construction of public works, by means of loans on personal estate, after the manner of the crédit foncier on real estate. In practice, however, this distinction has not been strictly observed.


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In 1873, as Tweed underwent trial and conviction and Mark Twain branded an entire era with the title of his novel The Gilded Age, the collapse of Jay Cooke's much-hyped Northern Pacific Railroad set off a financial panic and the Credit Mobilier revelations exposed the depth of corruption in President Ulysses Grant's administration.
L'argent (Money) (1891) The eighteenth installment satirizes the Credit Mobilier scandal of 1872, which tainted those involved with the construction of America's Union Pacific Railroad.
The authors argue that opposition within Congress to the Salary Grab was part of a larger reform movement in the early 1870s, which also targeted other areas of government excess and corruption, like congressional franking, spoils-based civil service appointments, and the Credit Mobilier scandal.
 
 
 
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