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


applauded by the lsrge and appreciatkve
audience.
Mr.. DonRelly followed wah a powerful
speech.
NUTS TO CRACK.
ONE .OF ;WISHBCRN,S CREDITORS
HEARD From.
AIe Rerli DIS the Assignee of the dollar
for Dollar Days-Asksa Number of
Pointed COnundruns-And Closes in a
ProvOkingly Suggestive Manner.
TO the Editor of the Globe:
The journal having published an inter-
view with II. T. Welies, one of Washburn's
assiguees, 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 wordsd as to
state only the truth, yet deceire, and Mr..
Wslles having come to the front once
more.I desire 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
ker?
How did it happen that DR..
Levi Butler, who sold Washburn's
notes for sixty-six cents on - liar, had
his deficiency made up in cash, and this
loL& lol Ill
paid 'dollar- for dollar" in inflated proper
ty at appraised valuation? Why we're 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 Tor dollarby surrendering $4,000 of
Washburn's paper for One-third interest
in a grist-miu which 1T acas 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-mill and sell
ling it for $4,000?
How did Merriam & Wilder and Byers d
Wilder, whose claims aggregated $4,000.
fare with the lot they got subject to a
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
death was the result of excitement growing
out of his losses?
Did you urge creditors to take the prop
erty at appraised and fictitious valuation
.as being ':the best they could do?''
Was the property, under your super
vision, appraised at nearly double its
value? And did you save nearly 100000
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 aUhen Washburn
kne,U 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 five to fifty-seven cents
on the dollar?
Did not Washburn borro,U money arith
sOhich to pay your claim, just before the
assignment, and return it on the 'dollar
for dollar plan?
Did not Washburn tell you and others at
reeting of creditors that he could not
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
| son the best possible ter'ms9'
Were not ''the best possible terms" in
some cases as low as thirty eight cents on
the dollar?
Did not some of the laborers gladly take
dollar for dollar" in the shape of store Or
ders on creditors at a discount of thirty
per cent. at each end?
Did not every creditor who settled, no
matter for what per cent, receipt in full?
and haven't you claimed that receipt in
full'' meant dollar for dollar?
Did not Washburn's brother have a
mortgage on his most available property?
And didn't his wife have large amount
of government bonds ''in her own name"
Before the assignment we're not things
faced so as to protect Wdshburn 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 hint, let me ask
what became of the first assignment pa
pers-the ones which you said ''would't an
swer the purpose?" On the whole, don't
believe you will care to answer.
ONE OF THE SUFFERERS.
HO,r We Are to be Ruinpd.
The following communication seems to