 It was against this backdrop that Sifton announced his government 's policy with respect to the Alberta and Great Waterways Railway Company . Because it had failed to meet its construction obligations , Sifton introduced legislation to confiscate the proceeds of the sale of government @-@ guaranteed bonds sold to finance the railway 's construction . He gave no indication of how the money , which was being held in trust by several banks , would be used . Cross 's faction of ( primarily northern ) Liberals opposed the bill on the grounds that it did not commit the government to using the money to construct the railway , while the Conservatives opposed it as an unjustified confiscation of private property . As Conservative R. B. Bennett said , 
