I tend to agree with your train of thought, however, the thing that is giving me pause in totally agreeing with you is the following sentence from The Yorkshire Evening Post 8 Jun 1897 "Yesterday morning, on leaving home, he made use of language suggesting that he might not come back."
Although I supposed if you are knowingly going to kill yourself, you wouldn't do so with money in your pocket when you are leaving a family behind who could definitely use it.
Have been thinking about your James this week.
Last week i looked up two deaths in the Leeds library newspaper archives.
A father (48 b Keighley) whose body was found in sept 1900 "dreadfully mutilated" after being hit by a train on the down line at Manningham, (Bradford) train station (not far from Keighley) . Eight months later 1901 his eldest son (29) drunk, threw himself in the canal at Bradford and drowned himself , " verdict suicide" . The canal ran pararell to the train tracks at Manningham where his father died. There were other suicides reported in the same newspaper column. The headline was "The Epidemic Of Suicides. Another Batch Of Cases From Bradford"
It would seem some people did commit suicide in the canals . I think your chap might have comitted suicide too. Life was so very hard for them, the areas slum living and mill working conditions were quite bad.