Credit mobilier


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Cre`dit´ mo`bi`lier´


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.
References in periodicals archive ?
I delivered my shots 1-handed just as somebody clutching a bank bag or a fist full of Credit Mobilier stock certificates might have done.
Though renowned for his "merciless" political caricatures against corruption, he could not fault his friend and Republican hero, President Grant, for scandals such as the Credit Mobilier, and did not publish any caricatures of President Rutherford B.
Most of those picks and shovels were made by the Ames brothers, who were in addition making money from the Credit Mobilier, a construction company organized by the directors of the Union Pacific.
To make sure Congress did not make trouble, they cut key members in on the deal, allowing them to pay for Credit Mobilier stock using the enormous quarterly dividends--often 100% of par value--that they were paid.
The ample wall space also facilitated the creation of galleries depicting topics such as engineering the transcontinental railroad, erecting the built environment of railroad expansion and financing the iron horse as well as the Credit Mobilier scandal and the Panic of 1873.
Some rapacious entrepreneurs, in cahoots with influential senators and congressmen, set up an agency called the Credit Mobilier, which named a senator, Oakes Ames, as president.
And among them were the Rothschild family who established French branches of the family bank after the defeat of Napoleon and the Pereire brothers who founded the Credit Mobilier.
Durant was also the chief instigator of the infamous Credit Mobilier scandal, one of the most shocking examples of political corruption in U.
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.
As the nation began to industrialize heavily, stockholders in the Union Pacific Railroad formed a venture called Credit Mobilier of America, gave it contracts to build the railroad, and then sold or gave influential congressmen Credit Mobilier shares.
Clair expedition (1792), James Wilkinson and intrigues with Spain (1810), the burning of Washington (1814), Andrew Jackson's invasion of Florida (1818-19), the Rip Rap imbroglio (1826-27), the Second Bank of the United States (1832), Sam Houston and the Indian rations contract (1832), the assault on Charles Sumner (1856), the Harper's Ferry incident (1859-60), the Buchanan administration (1860), the conduct of war activities (1861-65), reconstruction (1865-66), the impeachment of Andrew Johnson (1867), postbellum violence in the southern states (1871-72), and the Credit Mobilier scandal (1873).
For example, when the Italian government refused to grant the foreign Rothschild bank the concession to build the Meridionali Railway and gave it instead to the Livorno banker Piero Bastogi in 1862, it turned out that he was, in fact, acting as a middleman for the Paris-based Credit Mobilier since he could not raise sufficient capital on his own.
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