Columbia weekly news., 1859-02-24

mas been the result OF years OF hardship, prvation
oil; and, in the prosecution of which, degree Of vii
rected energy, enterprise perseverance and self
fce, has been exhibited by the aborng class hthert
Unknown to the world
This>enterprixe WAS imperative1y demauded and oh
soutey needed by every interest Of Tuolumne county
whether that interest be mining mechanical trading
and it is consequently public benefit and enter
prise in which every individual fthe whole community
IL interested to greater less degree And hereas
the overthrow or destruction Of the same would be
death blow not to the sborng interest but to
other in the country and Whereas laboring men,
men who are identified with the laborng class we fee
ingy to 1t a. complete refutaton that the lAberinG
class. unaided by capital, incompetent to sue
cessiuy carry out great undertakings essential to
the development of the resources of our county and
whereas many of the friends of the Company have
greatly embarrassed themselves to assist the Company
- well a. In many instances becoming personally
sponsole for the same and Whereas in order that ths
Company may extricate itself from the embarrassed
condition in which it Is now placed it has become al
soue necessary that the rates of interest be reduced
| to nominal rate and liberal time allowed for the
Company to meet its indebtedness Therefore with the
same self sacrificing spirit which has character
lzsd the friends OF this enterprise Therefore be il
Resolved
lst That the creditors OF the Company shall enter
into agreement with the Company, not to bring suit
against them for the recovery of their demands for the
term Of - years.
End That they will reduce the rate Of interest from
that they are now receiving to - per cent. per an
| mum.
3nd That the Trustees Of the Company, be and are
hereby petioned to execute to Nessrs A, and c. oI
any parties upon whom the creditors may hx, trus
tees Of all the creditors lease of he ditch; said lease
to extend for the term of years romthe date there
Of and said lsssees be empowered to receive all tha
money rents issues and profits of the ditch, and pay
out the same according to the specifications OF the
lease.
4th That said lease shall provide for the payment
and cancellng Of present lease held by Donne Par
sons. also for the relief Of all those who have SO gess
rousy assisted the Company BY becoming responsible
for the Companys debt: also for those who have on
dorsed the Companys paper as surety, and shall also
make the best possible arrangement that can be
made with the creditors for the liquidation Of the Com
bth That said lease BE- submitted to q vote Of the
stockholders at such time the Trustees shall desig
nate. W. GIICHRL3T.
Mr.. Hunter of Yankee Hill said that
he did not object to the leasing Of the
ditch, to pay the just debts of the Com
pany, but he thought that the poor man
did not get the same security for his
labor that the rich man got for his
money.
Mr.. Hamlin ably vindicated the con-
duct Of Mr.. Caldwell from an aspersion
cast upon it by one Of the speakers.
Mr.. Goodrich in answer to ques-
ton stated that the lease held by Donnell
4 Parsons, was given for the supplies
which they we're to furnish for two or
three months, as it was expected that
the woaks would have been completed
in that time but it is now nearly nine
months since, that contract was
entered into, and we have not been
able to pay them-we owing them
$1l40O. Before that contract was
made, and as it was impossible to COM
plete the ditch without their assistance,
tho Company agreed to let them have
the proceeds Of the ditch until their
debt was paid, and with respect to Mr..
Caldwell, the Company were we'll aware
of the sacrifice that that gentleman had
made in their behalf, and thought that il
the same consideration to its interests
was exercised on the present occa.
sion, there could be no doubt but that
he (Mr. Caldwell) would be repaid
every dollar.
Mr.. Fletcher wished to know what
was the. amount of indebtedness to
Messrs. Donnell & Parsons; be did not
think that there was man in the meet
ing who knew anything about it; there
was no doubt but those gentlemen had
greatly aided the Company, and ought
to be paid, but he objected to having
things done in the dark; let the nature
and extent of their claims be made pub
lie, so that the other creditors could see
how long it would take to pay their
demands and their lease Of the
ditch, expire. And as to demanding
that the creditors should reduce the
rate of interest, he for one would moi
advocate any such measure. Not one o'
the parties whose proceedings had caused
this meeting to be called were here,
nor their attorneys and any action this
meeting may take will not have any
effect, unless we can prove to these gen.
tlemen that it will be to their advantage
to deal literally with us-and that could
not be done by threatning. 1t were
not good policy for q man having bis
hand in the lions mouth, to show fight
lit would be much wiser to get it out al
easy as he could he was not in favor
Of unconditionally leasing the ditch,
The Tuolumne Water Company were
ready aud willing to pay a 100000
for the works Of this Company, and if We
let the foreclosure take its course ; OIL
works will he sold and we cannot heir