The Morristown gazette. [volume] (Morristown, Tenn.) 1867-1920, 1883-05-23

The settlement of the Sprague estate
In Rhode Island viii become historic II
II ever reaches the condition in which
history. dealing only with things that are
mast. can Law hold of t.. The Providence
Journal has attempted to give some ac-
count of the proceedings up TO the pres s
ent time, and the narrative fills over nine
columns of the paper
The Spragues suspended payment
October 81, 1873, about Sl4, 100000 IN
debt and with assets supposed to repre-
sent not less than $50, O00, 900. In order
10 discharge their liabilities the property
was placed in the hands. of Zecheriah
Chafee as trustee, who issued mortgage
notes to the creditors, running three
wears and bearing $40 per cent inter-
est annually. The interest has been
paid once or twice, and once or twice
the trustee. has given some account OF
the property in his charge; for the rest
matters are where they were nine years
AGO, except that innumerable compnca-
tons have been added. There are SUITS
pending between heirs, creditors, the
original owners and the trustee, whose
labarvnthine maze it is said no SIN
ole human intellect can comprehend.
The Canonchet war Is only one OF the
singular outgrowths OF the bind Atlga-
ton. That property was soid unoer
order of court, and then the purchaser
was kept off the premises by show OF
military force on the part of MIR. VII
! liam Sprague, and now the court APP
nears to be Inclined TO the opinion that
\ Mr.. Sprague was right, and that the
! court and the trustee have nothing TO
! do with Canonchet. Certain relatives
! of the Sprague brothers claim that q
large part of the property belongs 20
them, and that no distribution can tax
Mace among the creditors until their
prior rights have been satisfied.
The trustee has quarreled with all
narties interested, and the large and
solvent Ouidnick Company has been
wrested from his hands and for the pres
ent placed in charge of a receiver OF its
own. 1t remains to be seen how far
this company will be compelled to pay
the Indebtedness of the Spragues, who
were its undoubted owners, or whether
it can be subjected to such payment al
all before the other assets have been ex-
hausted. The creditors have never been
in agreement among themselves, and
their policy has been one OF frequent
vacillation. They tried at one time to
get rid of the trustee, and failed. Then
they tried to work in harmony with
him, and failed again. Some OF then
have obtained special judgments, anc
among them it is every man for himself
and the presiding genius of the assign
ment take the hindmost.
To make the comedy complete, thu
Supreme Court of Rhode Island has be
come so thoroughly disguised with tn
business that it is said only the Junlo
. Justice ever listens to anything bearing
upon the Sprague case. Everybod!
saws it is shame that the property 1
not converted into money and apphet
! to the payment of the debts. Every
, body processes to be anxious to brin:
/, this result about. Nobody is pretend
! ing that he blocks the way, and yet tn
Sprague trouble continues to rest lik
an incubus on the whole State. 1t bid
fair, indeed, to share the eternity OF tn
Rhode Island coal-felds, concerning
which it has been prophesied that tn
, incombustibility of the material of whlc
! they are composed viii be sufficient I
protect them from the final confiagra
: ton of the world.-Detroft Post an
. Tribune.