Columbia weekly news., 1859-02-24

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| 30, thla fe.s
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my 4, 3sS
! laO 1-gs oi mar
trut that the creditors viii see the sss.., .4ere
is for All exercise Of bcray their part, to enable
tho Company to complete these necessary works. and
thu enable them to furnish full supply Of water
consequently increasing their revenue.
Negotiations going to supply American
Camp-the Marsw and Hydraulic ditches-should such
| works be completed. have hesitation in stating
that the net income of your Company during the on
suing will not TALL short of from Is to Is 600
dollars per month.
All OF which is respectfully submitted by
Your Obedient servant.
A. FLETCHER, sup'.
Report referred to the Board Of Trus-
tees.
The Committee who had been ap>
pointed to draw up resolutions to submit
to the meeting, handed in the following
preamble and resolutions, Which were
read and adopted, with the condition
that each resolution,should be taken
and acted upon separately.
Your Committee have attended to the duties as
signed them and beg leave respectfully to report that
they have examined into the affairs OF the Columbia
and Stani-laus River Water Company. as far time
would permit and the nature Of the required,
and would now, in few words possible, give the
result
The Company were forced by the scarcity of water,
to either give up its use, abandon mining and seek
some more favorable country, with an inadequate
capital to endeaver to supply the miners at reason
| able rate by making y new ditch. Success has
crowned their efforts and they proudly boast f
boasting justable.) that they have nearly
accomplished of the greatest works that adorn
State: but, just at the moment when they might
confidently expect to reap benefit from their enormous
exertions they stopped, as they conceive by de-
mand for payment of three very large sums they had
been forced to borrow and that too, when there is
little money in the country, and from the want
! of water possibility of earni~s it.. This demand
has been followed by foreclosure of the mortgages
By which that Indebtedness had bcen most amply So
cure wo do not deny that those as we'll as all the
other creditors of the Company legally and equita
bly, entitled TO their money; but the laborer is also
worthy Of his hire and the creditors have an equally
Just claim ior payment. We would then enquire if it
can be considered Just and equitable for any portion
| Of the credtora to to themselves possibly
more prompt payment, by the sacrifice Of all the prop
ety of their fellow creditors. That this foreclosure
will be OF any benefit to its authors, IL, to U.S.
more than doubtful; the attempt to secure to them
selves Mt the expense OF host of others equally en-
titled to their money, In Of the word and in
another, more (for it is chiefly the laborers and
original stockhrlders that have borne the heat and "a
Dor OF the day. and the gentlemen who have brouEht
suit. Come in at the eleventh hOur) is. 10 our minds
injurious, and cannot but think will, eoolsr<e
lection be abandoned.
| We have found from information Attained from the
Secretary, that the back indebtedness Of the Company
is three hundred and ninety thousand and forty
| four dollars and nine cents.
We would recommend to the meeting the passage Of
l
ls That the creditors BE reques ted to renquish all
their claim to interest their demands for year
| from the present date.
End. That the Trustees Of the Company bc, and are
herebey requested to execute 70 such "a the
meeting nay select any parties tho creditors may
prefer if acceptable to this meeting (or 70 its COM
creditors lease of the ditch said extend tosueh
time may be agreed upon said lessesbe Empowered to
receive all the money rents issues and profits OF the
ditch and pay out the same according to the spechca
| tons of the lease.
3rd. That said lease shall provide for the payment
and cancellng of the lease held By Donnel Parsons:
Also for the relief of all those who have generously
sible for the Companys debts. All Of which is re-
| spectfuly submited. j. J. POOR,
HENRY ALLEN,
u. C. TRAVIS.
Upon reading the first resolution,
Mr.. Hamlin desired to know whether
the creditors and stockholders of the
Company were fully aware of the nature
of the meeting. Whether they had
been consulted upon the subject.
Mr.. Gilchrist, replied that tho prin-
ciple creditors had been waited upon
personally by a committee appointed
for that purpose. He also explained
the position and conduct ef the Board of
Trustees, with respect to the present
meeting.
Mr.. Hamlin wished to know in the
event Of the ditch being leased to the
chief creditors to pay their claims
against the Company, who would keep an
account of the proceeds, and thus ena-
bic the smaller and poorer creditors to
know when the richer ones bad got
their demands satisfied.
Mr.. Poor and DR.. Windler, both ex>
planned the course it was intended to
persuc on that subject.
DR.. Windler stated that It was the
desire of the company, that both the
small as well as larger creditors should
be paid in full all that was necessary to
enable the company to do SO, was time
and reduction on such claims as were
drawing interest, as it was utterly I'M
possible to do anything of a satisfacto-
ring character, with the present enor-
nous rate of interest, that it was neces-
sary for all parties to act with liberality
on the occasion, and As the poor men
the laborers who performed all the work
Of the enterprise-got no interest upon
their money due to them for such labor.
It was not creditable for the capitalists
to step in e~a swallow uf everything to
rau on their M