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252 I was then called into their meeting and the president related to me their decision, (the following appears in the margin: "Expecting to hear that they had decided to suspend operations,") which was: As a last effort to succeed in the enterprise the entire management was intrusted to myself with this remark: "There is the mill and the machinery, the wool and goods on hand. We put everything into your hands to do the best you can and abide the result.' I replied that under the circumstances and in justice to myself I ought to decline to take the responsibility and the risk. The reasons: First, the company's notes are out for over $20,000 at 2 per cent per month; second, there is very little money in circulation in the country, business nearly all done by trade and exchange and long credit. Stores throughout the country well stocked with cheap eastern goods sent to this country during the panic of '56 and '57, and, as has been reported by the three successive agents, with the exception of a few blankets very little could be sold; third, wages, the lowest to be obtained, at $2.50 and $3.00 per day. All the help, with myself, are in debt for our living and further credit declined, and some bills owing in San Francisco and Portland for oils, dyestuffs, etc. This is the present condition and situation. I am here and this is my occupation. In accepting your proposition upon myself rests the success or failure of this enterprise at this time in Oregon, but I accept and will make a most vigorous effort to succeed.

I at once informed the employees of the arrangement, asking them to continue on with the work to the best advantage, as we must consider we were then working for ourselves; that there should always be goods on hand at the mill sufficient, if the worst came, to pay every man, and I was taking my chance with them. I also gave the merchants in town the same assurance, they agreeing to