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The Lafontaine-Baldwin government then determined to set the question at rest, and introduced legislation for the issue of debentures to the amount of $400,000 for the payment of losses sustained by persons who had not been convicted of, or charged with, high treason or other offences of a treasonable nature, or had been committed to the custody of the sheriff in the gaol of Montreal and subsequently transported to the island of Bermuda.
The crisis came at last, for before that battery was delivered our available funds were exhausted, and no one would subscribe another halfpenny. Debentures, it is true, had been issued and taken up to the extent of about £1,000 out of the £5,000 offered, though who bought them remained at the time a mystery to me.
He spends an hour in studying with an open mind the price-list of stocks, and finally infers that the purchase of Brewery Debentures will enable him most completely to realise his desire. Given the original desire for good security, his act in purchasing the Debentures appears to be the inevitable result of his inference.
"There is a man up at the rapids who says he's ready at any time to take over the town canal debentures." Bowers looked up startled. "Will you please repeat that very slowly." "It's true," chuckled Filmer, "and I am calling a town meeting for to-night. I haven't time to give you the details now, but be on hand at eight o'clock.
In the first place he had not had a fourteen years' minority with no outgoings to prevent the accumulation of the money, and in the second he, like myself and almost everyone else, had suffered somewhat in the 1846 times not enough to cripple him or even seriously to hurt him, but enough to give him a scare and make him stick to debentures for the rest of his life.
The man who studies the Stock Exchange list does not buy his Debentures, unless, apart from his intellectual inference on the subject, he has an impulse to write to his stockbroker sufficiently strong to overcome another impulse to put the whole thing off till the next day.
All the Bulls in the zoological creation would have failed to elevate the drooping stocks and shares and first-preference bonds and debentures, which hung their feeble heads and declined day by day, the weaker of them threatening to fade away and diminish to a vanishing-point, as it seemed to some dejected holders who read the Stock-Exchange lists and the money article in the Times with a persistent hopefulness which struggled against the encroachments of despair.
He knows the countries from which they come, the adaptation of soils and climates to their raising, the skill of the cultivators, the shipping usages, the effect of transportation by land and sea on raw materials, and on manufactured articles, with all the mysteries of insurance allowances and usages, the debentures on exportation, and the duties on importation, in his own and in other lands.
Besides the regular line of bonds and mortgages growing out of debts due us on our real-estate sales, and against which we had issued the debentures and the guaranteed rediscounts of the Grain Belt Trust Company, the factories, stock yards, terminals, street-car system, and most of our other properties were pretty heavily bonded.
The gross produce of the customs, in the year which ended on the 5th of January 1755, amounted to £5,068,000. The bounties which were paid out of this revenue, though in that year there was no bounty upon corn, amounted to £167,806. The drawbacks which were paid upon debentures and certificates, to £2,156,800. Bounties and drawbacks together amounted to £2,324,600.
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