The New York herald., 1850-12-12

In ths TsSss ws.s<v~ .a.ssesn, Of tAs aosh Mevea-
W ssv. s: .ss :'a s:s;s assn
In mportant the holders OF claims upon the STATE
There Il now doubt bat Texas Will soon odloially
tbs terms in regard to her boundary
It may also be necessary that the Legislature should
this subject to adept suitable cotton in reference
to It, The action OF Congress submitting the PROPOSE
ticns, stpulass: that the United states wn pay to
per cent interest redesnahe in fourteen years In
sdsration OF her rsinquishment Of territory and of
compensation or indemnity tor such public revenues
and property transferred to the United States
Ave millions Of the stock shall be- issued until the
creditors Of the State holding bonds or other oertin
Gates Of stock Of Texas for which duties on imposts
Of the United States releases of all claim against the
United States for or on account OF said bonds or csr
1t to be regretted that Congress net spe
c6c In defining this article the mode of ssosrtaning
Of debt for which this ave millions stock are to be
retained had deemed the relinquishment BY the
State Of oil liability on the part OF the United states
officers Of the treasury never know except through
the acts Of the properly authorised ooers Of Texas
what is the amount of bond or stock" due from
the State and "for which duties imposts were
cislly pledged" and consequently can never know
issuing the stock on the retained millions Every
creditor Of the State embraced In this provision might
ale his rena a. the treasury Of sas onssa
under the law no mode has been prescribed for tbs
ascertanment and establishment at the treasury Of
the United States the actual amount OF debt for which
the retained I've millions were pledged
We ought not to presume nor does the language Of
the act require TO do that the general govern
meBt intended to assume the right OF adjusting the
lie soities Of Texas, incurred whilst she possessed
creditors upon the terms Of an
reference to- and respect for her own
Of tbs extent and validity Of their claims: snony
suppose that the provision to which have advsrted
was incorporated in the law as security on the part
of the United States against all liability for the pay.
ment Of such legal and acknowledged claims against
TeIss her transferred revenue pledged Co pro-
teot. Texas alone determine what those claims
justment l would. therefore, recommend to the
honora BILE Legislature the pssssge of Law or ths pre-
sent existing laws on this subject are not deemed sur
cient which will authorize and require the auditor
and comptroller to make out tabular stat OF the
amount for the payment or which the custom house
of the late republic pledged and for which
the State Is justly and equitably indebtsd this
statement to be filed at the treasury Of the United
State admit, OF her liabilities to such creditors
and in preparing this statement, can perceive no
by the rule hitherto adopted for ascsrtaining
the actual value of the debt the time orssted
ana Of allowing interest theron, should not be OBJ
served
1t was the misfortune ofTexas when laboriug under
greatly depressed financial condition In her struggle
for independence enter into contracts for different
objects, supposed to be beneacisl to her govern
ment embracing stipulations therein, by which the
republic wss obligated in the event Of failure
to comply with the contracts at maturity, to is
sue to the contractors bonds double the amount
called for In the original contract; some Of these
contracts were not cancelled at the time specified
and bonds Of the government, for double the amount
actually expended, were issued and delivered to the
parties concerned, and the revenues of the republic
pledged for tn cir redemption. These bonds
sttute very material item OF the public debt Of Tex
for which certificates Of stock for ths I've millions
Of dsllars withheld feature In contracts such
these II made between individuals would under the
laws of mort civilized countries be void for usury The
creditor in instances would lose not only the
Of the unlawful exsction but likewise his debt.
do not desire or intend to suggest the adoption Of
stringent rule to contracts made by governments.
The should certainly pay its creditors
the tul amount Of the benefits received and Interest
tie amount from the time when 1t should have been
paid This all that our creditors ought In justice to
require and Is all according to the highest standard
of moral sthos that bound to accord to them.
weuld also recommend that law be passed reQuir-
ing ali creditors holding claims against the late re-
public OF Texas and tor which the revenues arising
from inpost duties were specially pledged TO file re-
leases In favor Of the United States said
claims, with the Comptroller of the State within spe
oihed time and In default thereof their claims upon
out othe ransfr Of the under the articles Of
=; ;s,. alton i hall be considered waived Measure,
for settlement with the Treasury OF the United States
within any reasonable time, of the amount which,
der the act referred TO- to be retained as security
In what manner the State shall dispose Of the Eve
millions Of collars, for which e.rtidoates of stock
viii be Issued and placed at It's control as soon notice
b given Of the acceptance OF the propositions, pre-
sents . subject u o,curs to me, OF TOO much impor-
turs at its prestnt session 1t Is which win
much hection ana deberation not only the parlof
the representatives. OF the people buthe people them
selves whose interests are 20 be 80 materially Affected
and mstured Thought before plan can be indicsted
which Is most likely TO secure to the State all the prsc-
csi advantages TO be derived from the acceptance of
the propositions now before you Up to the present
period the citizens Of the country have had
OF forming expressing their opinions In differences
we're not chosen with any view TO act upon question
of mnch i'm portance, and who have had but little
opportunity OF securing sno-iease OF tnsr vii 10
which might not meet the appreciation OF their
constituents and the delay Of which result in
There 10 to be superadded to this the confederation
that the agitation OF this subjeot ut your present
sion will from the great diversity OF opipisns doubt
existing In reference to It. elliott long asd lAbored dls
ouston proractipg the session, and necessarily Great
,ssbls ana .sb.a,taa s,s,s Tbougs y sssonssrS
In importance this objection Is not without Its for
and validity FOR the Disturbing incidents OF the last
year have made our state prolific In Legislative
bodies causing heavy drain upon the Trsasury and
u nov becomes an important desider@tum In po.
litos oconcmy 70 restrict the action OF the one In
order 70 eps the erhauting drafts upon the other;
btsides the sressve snd heathful condition of az
tory evidence that Its property ia not likely 10 b,
materially retarded for want Of Les.lstlvs action.
By holcing on 10 the 'to.k for the present the in
terest accTung fcm IL would b. than ssf cieat
TO meet the i'm date and pressing dsmaud upon the
Government and the members Of another Legislature
would assemble better prtpsred after the Luhjsct has
been through the country 20 make such
ultimate disposition Of the amount referrsd TO,
woslf be mOst conducive TO the public veal
have therefore. no recon ne ndstions 20 make TO
your honorable body other than that the dispotion
Of the funds be postPoaed tor the aston Of future
Legislature.
In adopting theee suee-stious, my mind has been
directed chiefly TO rromotivs Of the general
good without for a momett losing sight Of the ints
rests and vishsr o creditors In dsposiua OF the
Eve millions Of stock the delay Witch have proposed
IL not with vier TO dspsraga auy just or qatable
claim. IN honest payment OF the public debt and q
rigid prsservaon OF the public faith embraces In my
humble judgment. priuctDle 200 eacred ever 10 be
disrsg arded-c rtainly ever 20 b. abandoned-by
thoee entrusted with the faith INF yrty and stability
OF our State government; but Individual interests
mnst under tie ctcnmtances Yield TO the public veal
An important portion OF the public debt yet remains
TO be ascertaiBed and by exitng laws the creditors
allowed mil September next 20 hle their claims
with the Aaditor ard Con ptroilsr for adjustment
Thee clsims &C immediate action b taksn) the
Ltsislature cannot be properly prepared for vheu,
BY the delay proposed uut the e-tinE OF the Lsgis