Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1882-11-04

applauded by the large and appreciativs
audience.
Mr.. Donnelly followed with powerful
speech.
NUTS TO CRACK.
ONE OF WASHBURN'S CREDITORS
HEARD FROM.
He Rtmi DIS the Assignee of the Dollar
for Dollar" Days-Asksa Number of
Pointed COnundrums-And Closes ia q
ProvOkingly Suggestive Manner.
To the Editor of the Globe:
The Journal having published an inter-
view with H. T. Welles, one of Washburn's
assignees, intended to cover up the fact
that Washburn's employees were not paid
in full at the time of his failure (few were
ever SO paid), but so skilfully worded rs to
state only the truth, yet deceire, and Mr..
Welles having come to the front once
more, Tdesire to ask him:
How did it happen that before you
would act as assignee you insisted that
your claims should be paid in full? You
were creditor of Mr.. Washburn, why did
not you yield the preference to the labor
er?
How did it happen that DR..
Levi Butler, who sold Washburn's
notes for si1ty-six cents on:t liar, had
has deficiency made up in cash, and this
after Mr.. Washburn's debts had all been
paid ''dollar for dollar in inflated proper
ty at appraised valuation? Why were not
the deficiencies of laborers, who sold their
time-checks at half their face value, also
made up?
How did the First National bank get
dollar for dollar by surrendering $4,000 of
Washburn's paper for one-third interest
in grist-miu which 1t aUas glad to sell
afterwards for about $4,000.
How did the Merchants National bank
keep even by investing $4,000 in two
thirds interest in an old saw-miu and sell
ling it for $4,000?
How did Merriam & Wilder and Byers &
Wilder, whose claims aggregated $4,000,
fare with the lot they got subject to
mortgage of $4,000?
How about Peter Wolford selling Wash
burns paper for fifty cents on the dollar,
and on time at that?
Is it true that the Vermont Fletcher's
out of his losses?
Did you urge creditors to take the prop
erty at appraised and fictitious valuation
as being ''the best they could do9''
Was the property, under your super
vision, appraised at nearly double its
value? And did you save nearly $500, 900
for Washburn "out of the wreck?"
How much was Col. Patterson paid to
negotiate the sale of Washburn's paper, be.
fore the assignment, and a0hen Washburn
k,,ew he sUas bankrupt?
Did not personal friends" of yourself
and Washburn furnish Patter-
son the money with which to buy up those
same notes at forty-ive to fifty-seven cents
on the dollarP
Did not Washburn borr0,O money scith
which to pay your claim, just before the
assignment, and return it on the ssdollar
for dollar" plan?
Did not Washburn tell you and others at
meeting of creditors that he could net
trust the laboriug men, and feared they
would burn his Anoka mill?
| Was it not because of his fears, and not
because he cared for their necessities, that
he urged that they be speedily settled with
ION the best possible terms?"
| ~ kho =
some cases as low as thirty eight cents on
the dollar?
Did not some of the laborsrs gladly take
| dollar for dollar" in the shape of store Or
ders on creditors at discount of thirty
per cent. at each end?
Did not every creditor who settled, no
matter for what per cent, receipt in fulli
and haven't you claimed that "receipt in
full" meant dollar for dollar?
Did not Washburn's brother have q
mortgage on his most available property?
And didn't his wife have a large amount
of government bonds Gin her own name!'
Before the assignment were not things
faced so as to protect Washburn and place
him in position to dictate terms of settle-'
ment?
There, Mr.. Welles, when you have an
swered the foregoing ''easy Ones" I'll give
you some harder nuts to crack. The
writer hereof has been for years, and now
is in pos session, of the inside history of the
assignment. By way of a hint, let me ask
what became of the first assignment pa
pers-the ones which you said ''would't an
swer the purposeT On the whole, don't
believe you will care to answer.
ONE OF THE SUFFERERS.
Hosc We Are to be RWined.
The following communication seems to