Columbia weekly news., 1859-02-24
should reduce their rate OF

mortgages should reduce their rate OF
interest.
Mr.. Hunter stated that if tho richer
creditors would reduce their rate Of in
terest, and thus prove their sincerity in
wishing the Company to succeed. The
poorer class would not object to their
having lease granted to them.
Col. J. D. Patterson stated that Mr..
Caldwell told him that if lease were
granted, that he would withdraw his
foreclosure and he Patterson) thought
that il were better to come to almost
any arrangement, rather than suffer q
Judgement to be obtained against the
Company, as is it would be impossible
to get men to complete the works with
a judgement of over one hundred thou
sand dollars hanging over it.
Mr.. Goodrich, in reply to question
said, that the granting Of lease was the
best arrangement that could be made
That the indebtedness of the Company
to persons who had become liable, on
account of the Company, ought to be
paid, and that the granting Of lease
would prevent the mortgages from har-
RAISING the company with legal proceed.
ings, and that if lease should be agreed
to, it should bo submitted to the stock
holders, for their approval before it should
be finally acted upon. Such lease
would prevent any refractory creditor
from taking any steps to injure the Com
pany, and the revenue of the Company
would be placed in the hands ofthe cred.
litors, to liquidate their claims.
Capt. Mclean, moved that a COM
mittee Of three be appointed to confer
with the creditors, and explain the cir
cumstances of the Company and the
wishes of the stockholders.
The Chairman appointed Capt. No
Lean, Mr.. Poor, and Mr.. Hamlin.
1t was unanimously adopted that E.
S. Jarvis Esq, should be added to the
committee.
& Mr.. Jarvis Of Gold Springs next ad-
dressed the meeting, and said, that he
bad always been supporter Of tho laws,
but there we're casos in which it was ab-
solutely necessary for self preservation,
to resort to the first law Of nature, and
the fcreclosing of these mortgages was
one of such cases and that if carried to
extremes, and the parties connected with
them should gain possession Of the prop.
erty of the Company, they will have
plundered the people Of Tuolumns
County Of their rights. The ditch
having been built by the poorer classes
of our citizens, it would not be fair or
honest for some two or three Of tho
creditors to come aud take possession Of
the property of hundreds, and if there
should be any attempt to inforce their
rights, the property when in their hands
would not be worth an old chew Of to-
bacco.
He thought that if committee we're
to call upon these gentlemen, and ex-
plain to them the just feeling Of the
people on the subject that they would
see that it was to their own advantage to
come to|terms. That half loaf was bet
ter than none; that if they push things
they will not get even half loaf. No,
not even a crumb.
He said that he considered the claim
Of the laboring man, as far before those
Of the capitalist, thsy-the capitalist
only lose part Of what they have ac'
quired, but the laborer lost his all, any
severe measures in the case will not only
defeat it's object, but will almost destroy
the entire county.
Mr.. Fletcher said, he did not advise
that the mortgages should be treated
with discourtesy, but that they should
be solicited to meet the views Of the
stockholders, it could not be denied that
they had perfect right to every dollar
of their money,it was lent in good faith,
and that it should and will be paid if they
will but act with generosity towards the
Company, he desired that every creditor
be called upon Individually, and the cir
cumstances and condition of the Com
pany, fully explained to them, and he
had no fear but that they would be found