[There is] imminent danger of sudden crisis unless we can find means to meet pressing demands.... It is clear as noon-day, Sir John, that unless you yourself say what is to be done, nothing but disaster will result. The question is too big for some of our friends, and nothing but your own authority and influence can carry anything that will accomplish the object.... I endeavoured to impress upon him again [the finance minister] that the object of the present application to the Government is to save the _life_ of the Company....
I do hope something will be done to-day that will have the effect of saving the life of the Company. I stayed over here [Ottawa] to-day in case I might be wanted. It is impossible for me to carry on this struggle for life, in which I have now been for over four months constantly engaged, any longer. Although I have done my best to save the life and the honour of the Company, I cannot help feeling that I have failed to impress the Government with a full sense of the extreme urgency of the necessities of the Company, and yet I do not know anything further that I can say { 124} or do to enable the Government to realize the extreme gravity of the position in which the Company is now placed. If the Company is allowed once to go to the wall, the remedial measures proposed will be useless because too late. I shall be within reach if wanted. Mr Pope, your secretary, knows where to find me.
The following is part of a telegram from the general manager to the president:
Have no means paying wages, pay car can't be sent out, and unless we get immediate relief we must stop. Please inform Premier and Finance Minister. Do not be surprised, or blame me, if an immediate and most serious catastrophe happens.
The application referred to was for a further loan of $5,000,000. The request was ill received by the Cabinet. Ministers were decidedly averse to any further assistance out of the public treasury. The prime minister was told that it could not be done. On the other hand, if it were not done, irretrievable disaster stared Canada in the face. For if the Canadian Pacific Railway went down, what of the future of the North-West? what of the credit { 125} of Canada itself? This was perhaps the supreme moment of Sir John Macdonald's career. With a divided Cabinet, an unwilling following, and a hostile Opposition, it is no wonder that even his iron resolution shrank from going to parliament with this fresh proposal, which seemed an absolute confirmation of the prophecies of his opponents. He had, I believe, almost if not altogether, made up his mind that further assistance was impossible. But he looked once again, and appreciated the herculean efforts that his friends George Stephen and Donald Smith were making to avert the ruin of the great enterprise, apparently tottering to its fall. He realized what such a fall would mean to his country, to his party, and to himself; and, summoning all his courage, he called a final Cabinet council and placed the issue fully before his colleagues. The master spirit prevailed.[19] One minister withdrew his resignation, and he with other { 126} ministers abandoned their opposition. The ministerial supporters in parliament, cheered and encouraged by the indomitable spirit of their chief, voted the $5,000,000, and the road was carried forward to completion. From that day all went well. Both loans were speedily repaid by the company; and the Canadian Pacific Railway, to-day the greatest transportation system in the world, was launched.