IMAGE EVALUATION TEST TARGET (MT-3) 1.0 I.I 11.25 1^128 12.5 i» lii 12.2 U 11.6 6" Photographic Sciences Corporation 23 WIST MAIN STRUT WnSTIR,N.Y. UStO (716)t72-4S03 »^^> ^\^ ^4" CIHM/ICMH Microfiche Series. CIHM/ICIVIH Collection de microfiches. Canadian Institute for Historical IMicroroproductions / Institut Canadian da microraproductions historiquas tiv" .\r^»'. .. .1.1 -Ji/r-f' ■ ' Tachnical and Bibliographic Notas/Notaa techniquas at bibliograpiiiquas Tha Instituta liaa attamptad to obtain tha baat original copy availabia for filming. Faaturaa of this copy which may IM bibliographically uniqua, which may altar any of tha imagaa in tha raproduction. or which may tignificantly changa tha usual mathod of filming, ara chacltad baiow. D D D D D D D Colourad covars/ Couvartura da coulaur r~| Covars damagad/ Couvartura andommagte Covars rastorad and/or laminatad/ Couvartura restaurte at/ou paliiculAa I ] Covar titia missing/ La titre da couvartura manqua Colourad maps/ Cartas g6ographiquas an coulaur □ Coloured init (i-a. othar than blua or blacic)/ Encre da coulaur (i.a. autra qua blaua ou noira) I I Colourad platas and/or illustrations/ Planchas at/ou illustrations an coulaur Bound with othar material/ RaliA avac d'autras documents Tight binding may cause shadows or distortion along interior margin/ Lareliure serr6e peut causer de I'ombre ou de la distortion la long de la marge intArieure Bianit leaves added during restoration may appear within the text. Whenever possible, these have been omitted from filming/ II se peut que certaines pages blanches ajoutAas lors d'une restauration apparaissent dans la toxte, mais. lorsqua cela Atait possible, ces pages n'ont pas Att filmtes. Additional comments:/ Commentaires suppiimentairas: L'institut a microfilm* la mailleur exemplaire qu'il lui a 4ti possible de se procurer. Les details de cat exemplaire qui sont peut-Atre uniques du point de vue bibliographique, qui peuvent modifier une image reproduite, ou qui peuvent exiger une modification dans la mAthode normale de filmage sont indiquAs ci-dessous. □ Coloured pages/ Pages de couleur Thi totl n D D Pages Jamaged/ Pages endommagtes Pages restored and/or laminated/ Pages restaurAes at/ou peliiculies Pages discoloured, stained or foxed/ Pages dAcolorAes, tachetAes ou piquAes Pages detached/ Pages ditachias « Showthrough/ Transparence Thf poi of fiM Ori ba( tha sioi othi fir» sior ori I I Quality of print varies/ Quality intgala de I'impression Includes supplementary material/ Comprand du material suppi^mantaira Only edition available/ Seule Edition disponible Pages wholly or partially obscured by errata slips, tissues, etc., have been refilmed to ensure the best possible image/ Les pages totalement ou partiailement obscurcies par un feuillet d'errata, une pelure, etc., ont 6ti filmAes A nouveau de fa^on A obtanir la mailleure image possible. The sha TIN whi Mai dlff( enti bagi righ reqi mat This item is filmed at tha reduction ratio chocked below/ Ce document est filmA au taux da rMuction indiqu* ci-dessous 10X 14X 18X 22X 28X 30X K 12X • 16X aox 24X 28X 32X '6 «tail8 It du nodifier ir una llmage >s irrata to pelure. in h D 32X The copy filmad hara haa baan raproduead thanka to tha ganaroaity of: Library of tha Public Archivaa of Canada Tha imagaa appaaring hara ara tha baat quality poaaibia conaidaring tha condition and lagibillty of tha original copy and in icaaping with tha filming contract apacificationa. Original copiaa in printad papar covara ara filmad baginning with tha front covar and anding on tha laat paga with a printad or illuatratad impraa- aion, or tha back covar whan approprlata. All othar original copiaa ara filmad baginning on tha f irat paga wKh a printad or illuatratad Impraa- aion, and anding on tha laat paga with a printad or illuatratad impraaaion. Tha laat racordad frama on aach microficha ahall contain tha aymbol —^ (moaning "CON- TINUED"), or tha aymbol V (moaning "END"), whichavar appliaa. Mapa. plataa, charta, ate, may ba filmad at diffarant raduction ratioa. Thoaa too larga to ba antiraly Includad In ona axpoaura ara filmad baginning in tha uppar laft hand cornar, laft to right and top to bottom, aa many framaa aa raqulrad. Tha following diagrama llluatrata tha mathod: 1 2 3 L'axamplaira filmA fut raproduit grAca k la gAnAroaitA da: La biblio'4hAqua daa Archives pubiiquas du Canada Las imagaa suivantaa ont AtA raproduitaa avac la plus grand soin, cornpta tanu da la condition at da la nattatA da l'axamplaira filmA, at Bn conformltA avac las conditions du contrat da fllmaga. Laa axampiairas originaux dont la couvartura an papiar aat ImprimAa sont filmAs an commanpant par la pramiar plat at an tarminant soit par la darnlAra paga qui comporta una amprainta d'impraaaion ou d'illustration, soit par la sacond plat, aalon la caa. Tous laa autras axampiairas originaux sont fllmAs an commandant par la pramlAra paga qui comporta una amprainta d'impraaaion ou d'illustration at an tarminant par la darnlAra paga qui comporta una talla amprainta. Un daa aymbolaa auivants apparaltra sur la darnlAra imaga da chaqua microficha, salon la cas: la aymbola — »• signlfia "A SUIVRE", la symbols ▼ signifia "FIN". Las cartaa, planchas. tablaaux, ate, pauvant Atra fllmAa A das taux da rAduction diff Arants. Loraqua la documant aat trop grand pour Atra raproduit an un aaul clichA, 11 aat filmA A part!r da I'angla aupAriaur gaucha, da gaucha A droita, at da haut an baa, an pranant la nombra d'Imagaa nAcassaira. Las diagrammas suivants illustrant la mAthoda. 1 2 3 4 5 6 u B-h'?f^'^*!ti c/^ 9* V %* THE GRAND TRUNK A1I1IA.NGEMENTS ACT. 1802. f|B To the Bondholders. This* is llic title ot" ii iiiil wliicli lias pfls^^l'd the Canadian Legislature and received the Koyal assent, but is iaoperalive until accepted by a uuijuriiy consisting of two-lhirds in num- ber and amount ol'tiie Hondrtyu/ Shareholders <.)( \\\g Company, present in perstui, or l)y proxy, at a nieelini^ ttt be held in Lontlon on or before tlie 1st day ol Sept<'Miber next. If there should be a .'.greater niuuber of shareholders present in person, or by proxy, iliaii of bondholders, the remarkable? spectacle of a debtor leu^ally wipiiii^ out his oblisrations by a process other than pa\iiienl, and in defiance of tlic protests of the creditor, will be exhibitiid. And, inasmuch as all the Bondholders lia\e not the sam<' position, but Prefeieneo Bond- holders are in aiiiomu, in a minority of both tlie ordinary IJond and Slmreliolders — a cnmbination between the latter will lay all troublesome prelereiice claims on tlie shell' tor ten years. Although it is clearly not the inieresi ol ihe Nh)rtii;ai>:(^ Bond- holders a« s«c/j, to join llie Shareholders in forcim^ the Bill on Preference Bontlholders — it bein<]f e\ idetU that the latter, with their arrears, umst always hold their position befoni the ordi- nary bonds, and that the ell'ect of accumulatinii^ a prehnence debt, will be to place mortt^agi? bonds, when the inevitable re- construction takes place, as far out of reach, and make them > as valueless ^s the shares now are — yet if any considerable amount of bonds of either class are held by Shareholders and Judgment Creditors, the conflict of interest produced by the Bill will render it difficult to determine the result. Shareholders holding bonds have an interest 5 'Fe. i,iil,noo(nttlI>MeinlMr.l871 £19b96Mtt The view taken in Canada of the Bill and its managers, can be gathered from the following extracts from three of the leading daily newspapers in the Province : — THE SCENE IN THE HOUSE ABOUT THE GRAND TRUNK BJLL. Sppciul Correx/ionilence of the Montrcitl " Gazette." " Profiting by the (.'xciteinent that prevailed, and the apparent fact that the friends of llic niensnre would vole through any amendment ho might propose. Mr. Bell proposed to add a clause which would gradually have accompliibaa the amalganuuiou sought for bj Mr. John Sandlield Mncdonald's Bill. The amendment was to the effect that the five hundred thousand pounds of cqulp> ment bonds might be opened on the joint crudit of tlic Great Western and Grand Trunk, or on the credit of either of them. It was manifest that the object was to ])rocure the money on the credit of the Great Western, and the effect would have been to have postponed the lien of the Province upon that road. Dr. Connor put the question whether this would not be the effect, and M. Cartier evaded a direct reply. The idea scemfd t(» flash upon the House at once that they were being cheated into the adoption of a measure practically the same as that whose unpopularity had compelled its withdrawal, and intense e.Tciteni('nt prevailed. Mr. Bell saw that he had made a mistake and Oiiked to withdraw the amendment. But to this several members objected, and the right to withdraw was only carried on u division. For a moment it seemed almost certain that the bill would be lost by the indiscretion of its managers. Gentlemen who had supported it up to that time cried out indignantly, " Move the six months hoist.' The warm advocates of the raea-^iire looked downcast and abashed, as if they had Ix-en caught at a disgraceful trick, which they would gladly escape from ; and it became evio3ed to the bill, for the reason that it •Mined to him to damage a claim which he liad of some thousands of pounds. On arriving hero bo was most anxious tlmt the bill sliould be defeated. The nllway people, liowever, admitted the justici^ of his complaint, and numaged niMt effectually to remove it by securing him his debt, or, at least, securing it in the event of the passage of the bill. Tlii» peculiar security, it is hinted, con- Tvrted him from an opponent to a warm friend of the measure. The inference, of course, is made tlmt, had those creditors been like many others, out of reach, they would not have been so well i)rovide(l for — but that rights which had but to be named to be admitted would have been destroyed. Who -can tell how many creditors, with claims quite as p)od as those which have been provideil tor, have been shut out bei'au.se they have not the good fortune to live where they eould hear of the bill in tlnio to protest ? "But, suspicious as many of the circumstances connected with thi.s bill have boen, perhaps the worst piece of mona>uvoring Wii» reserved for the last. At about one o'clock, when many members had gone home, and when those who bad not weie thoroughly tired, the House was thought ripe for a grand coup ittat on the question of tliu tinal )iassagc. So, .Mr. Bell, amid his verbal and tachoical amendments, had one which .seemed to fall little short of accomplishing tbe end which it had been hoped to secure by the famous fusion bill. This very remarliable amendment was very quietly introduced, as being merely designed to extend. "a little further" the ["ower of working together which the Great West- ern and Grand Trunk now have. To hear the few careful words of explanation oflbred in reference to this amendment, one might have thought that it was the moot insigniticant matter possible ; yet, in truth, it was but liitlc less objection- able than the fusion bill which the voice of the country so promptly rejected. Thejtlot did not succeed. The sigiiilicance of the amendmem was suspected by llr. Dunkin, Dr. Connor, Mr. Morris, and others, whose objections to the amend- ment were so strongly put that tlie feeling of the House was soon fell to be againit it. A number of members asked for delay till they could have an oppor- tonity of seeing the amendment in print. Dr. Connor pointed out that it would actually vitiate the lien of the Province upon the Great Western .Mr. Morris appealed to the Speaker to know whether it was in order to move such an extra- orunary amendment at the last stage of the bill, without any previous notice whatever. The Speaker expressed his opinion that the amendment was in mder, but, nevertheless, U wis a mod dangerous practice. The excitement wai now lipcoming intense. There was a perfect medley of cries of " adjourn," "withdraw," " lost," " fusion," Ac. Members who had been supporting the bill hitiierto, actually called out for the six months' hoist. The railway people took the hint, and the fusion amendment was withdrawn. But they were not yet •affidently warned to desist. .Mr. Bell had other amendments with which to test the patience of the members of the House. As one after another they were onfolded, members seemed by turns amused and vexed — the feeling of vexation, however, being the predominant one. One of the French members, however, who was voting against the ,bill " straight through," sat watching the member for RoMell, and as each new amendment was revealed, calling out, "Oh I anotheti another." Tbe more trivial of these amendments were adopted, while those of any moment bad to be withdrawn. Between the jeering and the lidicole with which this string of amendments was received, tbe railway people were at last indaeed to desist, though it is confessed in the lobbies to-day that th^y had other amendments ready if they had dared to produce them. As a protest againit the bill, Mr. iUnkin moved the sbc months' hoist, which diiiatia Vf » oontfdtraus majority, thongh suuiy mambeia voting against 3 i Vi 'f- H K '' the holit" w«r« soroly tcniptn*! to sorM^ ilio riiilwiiy pcoplo ii« the/ doMrretJ by HSHiKtin^ to kick out tlu'ir bill. The linii) i)iisiiii){i' of tliu inoMuru wh4 tb«| caiTi''il, ami (lie nio^l pxtriioniiiiiiry .'ittiii); or tlil-« '^I'Siiiou tornilaiitfU ii lltt) li'.fori' liiiir-|iiist two o'clock. "Till' ruilwny |pco|i|i! have gnl llioir hill, .shorn of In in> hill «as in the hcixinnlni; made -o nli.-icui'i' thai it 1h w ii\fih iiupoisible t.i ijiidir-ititnil in fall lucaninjj. Iloiii.^ havn horn coiisiiiuvd, (leliatin^ tlii> nicaniii;^' of |iai'tlcn1ur clanHi;.>« in it. Thn utluin|it to cianiiiitj Provinco to the capiiiili/atioii >claMnc was most unfair. It wni an altctnpf cheat llio Li'ifinhilnre inio iloint{ whiit it wn.-t known it "T' -aid not willinj^ly ' Alonir with the protcssiOTi linil tlip l'ro\inc(' was not i . ''o injured hy the f We Ii.mI the stoiiti-t ro.si-itaiH «< to a projiosal to niakp si., of that ; and all with the 1 TolMsion that every mio whose riRht.s were to he (ilfccled, wii» uKfeetl that tiiey ■^lionld be so aH'ccled, we hud a hard stiu(.fj,'lfi ifainst tnii Huch nsrrceniLMit n neeesaary condition in the hill. At the last -.(n^re, w( .suddenly n'evi lo[)ed the plot of which I InuT above sjioken, to entrap tliu into Minctioning aniciiiinii-nls of the Ino^l extraordinary cliaractcr. attPtnnt or scries of ai|in>t>l3 to iinpo.se upon the Leirisialure, ha- excited al deal of indiiifi'ition 'liiKe aiiioni,' r^upporter-; and op[ioni at-; of Ihe billj mean- of it, tliry nui'iD^ ly escaped losinjr their measure alto^rellier. Ij only for the rea-oii that it was felt that it wuulil he Koinu' a little too^ refuse lejji.slatiun aUiii,'ither to the bi^; hankru])l. that they did iioil." ('iirra^pnnrlfnrf of Montreal "' Herald." " A more dispfrixceful evhihition of political dishonesty than Mr. OartU tcnijit to thiiitli/r-rii; the country out of its mortgage over the (treat w Railway, on the plea of perniittitirf the (Ireat Western and (irand TrunB panics to Rive their joint .securities for the (imposed loan of i!,'iOO,000, tojl additional rolling stock for their joint nsi', was assuredly never witnflV any lepislativ; asseinhly. The defection and e.vposure of the trick 1 Connor, followed, as it was, hy th(^ immediate withdrawal (nominally Bell, but actually hy Mr, Cartier, who had attempted to juggle the hoty its acceptance) nf the sh.ani(le3s proposal, produced a scene, which thol witnessed ii are not likely .soon to forget. Twice had Dr. Connor dcin*f .Mr. ('artier whether the proposed chauge in the law would not postpf Provincial mortgage over the road to the claims of the Company's ci under the new loan, without eliciting a reply. On the question beinf third time, and in very peremptory terms, the only answer was that asked leave to withdraw hb amendment !" h ^ ■*' ^u Ihei Htl