Year: 1859

price of water from twenty-five to sixteen
and two third cents per inch, in accordance
with an informal promise to that effect made
during the last week in October. The
promise was not official, and appears to have
been given under the impulse of fear that
new ditch would be brought into this dis
trict and others further down the Ridge, by
the Eureka Lake Company, which had made
proposals of that sort to the miners on con-
dition tina. they would contract to take wa
ter from it at the above reduced rates for
stockholders, held on Monday evening last,
the Middle Yuba Company refused to be
bound by the verbal promise of some of
their number, and in series of resolutions
which may be found on our first page
give the reasons why they cannot make the
desired reduction. This proceeding on the
part of the Company has naturally excited
considerable i'll feeling. The unsolicited
promise made to the miners prevented them
from Immediately effecting the favorable
contract offered them, and raised hopes with
reference to the future which have ended in
the bitterest disappointment. he,Company
undoubtedly did honorably in disavowing at
as early day as possible the unauthorized
pledges of some of its members; but the
making of those pledges, with no knowledge
that they would be kept, was a fatal if not a
foolish mistake.
So far as the question of the Companys
ability to stand reduction of water rates,
is concerned, ON the one hand, and that of
the miners to pay present prices on the other,
we are unable, without thorough know
ledge of the financial affairs of both parties,
to come to positive decision. The oppor-
tunity that presents itself to make capital
with either party, does not tempt US to do
injustice to either by unqualified condemna


ton or approval If the mining interest did
not involve the welfare of the whole COM
munity at this end of the Ridge, embracing
several populous settlements, we should not
feel called upon to discuss the matter at all.
As it is, a fair statement of the positions as
sumed by both parties is all that we shall
venture until possessed of fuller information.
The Canal Company asserts, either through
its circular or the statements of stockholders
to outsiders, that it has made voluntary re-
ductions in the price of water as often as
[ Al Jojf otLo ri;
stances would allow; that it contemplated
further reductions in the future, when it
should be clear of debt; that reduction to
| 16a cents per inch at present would post
pone TO an indefinite period the removal of
this incum brance; that by the time the prop
erty would be clear on its hands at the low
rates named, the reconstruction OF large
amount of fume would be imperatiyely ne
cessary, and involve an expense of not less
| than $4,000; that the Company has never
made q single dividend upon its capital,
which has been invested for from four to
five years; and that the circumstances above
enumerated would put the probability of
!


In reply to this the miners assert that a
majority of their number have labored per-
severingly for several years without realizing
any reward, or but meager one, from their
claims; that the diggings are of such ma
ture that they cannot be worked except at
enormous expense; that a chief feature of
| IL. ,, of hat
are in debt for water and must remain so at
present rates; that there is owing to the Ca
nal Company some $50, 900 for water, sum
which is steadily increasing, and must con-
time to increase until many of the mining
companies are bankrupt; that reduction
of the price of water to l6s cents would make
the difference of fair wages to them, enable
them to get out of debt and to deyelope
other diggings; that such reduction would
notinjure the Canal Company but ultimately
advance its interests by insuring cash pay
ments and liquidation of the heavy past in
debtedness, as well as by increasing largely
the demand for water and keeping out inju-
rious competition; that the Company errs
in stating that it has received no returns on
its investment, because the original capital
has been nearly quadrupled out of the pro-
ceeds of the work, and is now yielding at


25 cents per inch, an estimated monthly rev.
enue of about $4,000.


Such are the positions assumed by both
parties, as near as we can ascertain. A cons
| sideration of the opposing statements does


not enable us to decide positively, nor are


we called upon to decide, which is right and


which is wrongj but we incline to the opin-
ion that the miners, if they can fully SUBJ


stantiate all they assert, have the best side


of the argument, and that the interests Of a


majority of them will be more imperilled by