The Morristown gazette. [volume] (Morristown, Tenn.) 1867-1920, 1884-05-21
A CitI In Hard straIts.

Inoticed in one of your late issues
telegram from Winnipeg referring 10
ihe financial condition Of the newly in
eorporated city of Emerson, just across
he international boundary line, which
induced me % visit the city and obtain
from a reliable quarter the facts and
circumstances which have brought
about so deplorable n state of things.
The statement that the Sheriff has In
his hands executions against the cor
poration for about 500, 600 is correct.
The charter admits of the whole of this
sum being collected forthwith by sale
of the real estate and personal property
Gan assessment being first made and
rate struck by the Sheriff.. The indebt-
eduess was incurred the present summer
for a combined railway and traffic
bridge across the Red River-the bridge
TO be used by the Canadian Pacific
Railway Company for the line just con-
struCted running westward from En-
ersOn. The notes of tho corporation
were given TO the bridge contractors as
the work progressed, and were dis
counted by tie Federal Bank of Winni-
peg. These notes were to De retired by
the corporation as soon as they could
sell their bonds. Ii appears that there
was a disposition on the part Of the
Federal Bank and others in Winnipeg
70 get these bonds at " shave" of sew
enteen cents on the dollar, and when
the corporation of Emerson employed
q financial agent to sell the bonds in
Scotland, the Federal Bank, in order to
spoil the sale, got out an execution
against the CITY, and cabled the fact to
tic old country. In addition to this.
executions were obtained against the
Mayor and councillors who had signed
one OF the corporation notes of SIC, 600,
and the threat of the Sheriff in their
houses was held out if the bonds We're
not handed over. The Mayor and
councillors stood out firmly; recalled
their financial agent, and, after consul
tatiOn with the citizens, sent to Ottawa
q deputation of prominent men 10 ask
relief of the Government in the prem
ises. The dcputation are to ask that
the Government arrange with the rail-
way company 20 take the new1y-cOn-
structed bridge off the hands Of the
city. and pay for the same.
Ii is very apparent 10 an outsider that
our energetic little neighbor, in under
taking to build $500, 600 bridge, went
beyond its ability, and its present as
pect, with half its stores and dwellings
empty, speaks loudly. There Is no
question that this undertaking fright
ened away the money of the Ontario
banks and loan companies from the city,
causing the bankruptcy of nearly every
firm in the place. and the suspension oi
all improvements, and the sinking out
of sight Of real estate. IL was to nc
purpose that the assessor was required
TO value up the property, taxes would
not como in; and now, If the Sheriff pro-
cecds there will be a stampede of peo-
pie with their goods from the city, and
such banks as the Merchants Bank oi
Canada and the Federal Bank viii fine
themselves losers of $500, 600 or more.
In the United States were an applica.
ton for relief made to the General Gov.
ernment IN such q case the applicants
would be laughed at, and told to pay
their own debts; but in Canada they
seem 10 have n parental sort OF govern.
ment that directs when and where then
railways shall be built, and comes TO the
rescue when mistakes are made, anc
our neighbors may. after all. be relieved
II not. there is nothing before them but
reputation, a word very odious indeed
TO Canadians. and one that they partic.
ulurIy dread in the Northwest, where
Trey depend so much upon the Dor
rowcd money 20 carry on their improve
ynents. There is feeling among the
Emerson people that Winnipeg is jeai
Gus OF the geographical position of En-.
ersou and the facilities thereby afforded
for doing the wholesale trade of the
Canadian Northwest, and that Winni,
PEE would rejoice to see her down; bu,
In this they are probably mistaken. The
adversity of Emerson would not NEAR
the prosperity of Winnipeg. Cor. So
Paff Pioneer Press. i aa.1aa. ~ AVA