Biography
Ames was born in Easton, Massachusetts, the son of Oliver Ames, Sr., a blacksmith who had built a business of making shovels and became nicknamed "King of Spades". In his youth, he obtained a public school education and later worked in the family workshops to learn each step of the manufacturing process. He eventually became a partner in the business, and with his brother Oliver Ames, Jr. he established the firm Oliver Ames & Sons. Driven by the settlement of the Midwest, by the discovery of gold in California and Australia, as well as by railroad construction, the shovel manufacturing business boomed. During the Civil War, the firm prospered with contracts for swords, shovels and other tools. Ames made a large fortune.
He was influential in the establishment of Republican Party in Massachusetts. In 1860, he became a member of the executive council of Massachusetts, and from 1863 to 1873 he served as a U.S. Congressman from the Second District of Massachusetts. In Congress, he became a member of the Committee on Railroads during the early building of the transcontinental railroad. In 1865, President Abraham Lincoln appealed to him to take control of the Union Pacific (UP) portion of the project, which had become mired down because of the war, and had built only 12 miles (19 km) of track.
Through his influence he obtained contracts for his family firm in the construction of the Union Pacific and staked nearly all the family's holdings as capitalization for the project. The contracts were later transferred to the Credit Mobilier Company of America after Ames ousted its founder Thomas Durant. His brother Oliver was appointed president of the UP in 1866. The railroad was completed in 1869.
In 1872, it was disclosed Ames sold shares in Credit Mobilier to fellow congressmen at a price greatly below the market value of the stock. The subsequent public scandal led to a House investigation, which formally recommended expulsion. On February 28, 1873, the House passed a resolution formally censuring Ames "in seeking to secure congressional attention to the affairs of a corporation in which he was interested, and whose interest directly depended upon the legislation of Congress, by inducing members of Congress to invest in the stocks of said corporation." Detractors referred to him as "Hoax Ames." Ames died soon afterward at North Easton, Massachusetts.
On May 10, 1883, the 14th anniversary of the completion of the railroad, the state legislature of Massachusetts passed a resolution exonerating Ames. His son Oliver Ames was active in Massachusetts politics and served as Governor from 1887 to 1890.
Read more about this topic: Oakes Ames
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