The southern press. [volume] (Washington [D.C.]) 1850-1852, 1850-06-27

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the mortgage on valuable and productive
security by sale, even for valuable con-
sideration to purchaser, with notice merely
by covenanting to substitute another subject
Of property, unprodnctive and valueless, for
an indefinite period Nor would the fact
that this subject of property, inferior and UNI
productive, was embraced in the original
mortgage, furnish even plausible pretext
for depriving the creditor of his valuable
pledge, and postponing his payment def
nitely.
GA principle so manfestly unjust could not
have been contemplated by either the re-
public of Texas or the Government of the
United States.
"The stipulation against the assumption
Of the public debt Of Texas by the United
States was against general liability. II
would be impossible to suppose that, as the
debt we hold is charged on the revenues Of
Texas arising from customs, the United
States would in pepetuity appropriate these
duties to herself, without ultimately pro-
yiding for our payment, and satisfying a
mortgage now resting on the imposts OF
Texas under the highest sanctions Of the
public faith.
Sour right remains as unimpaired since the
act of annexation as it was before.
GIVE cannot believe that either Texas OF
the United States intended any act of in
justice towards us; yet it would be eminently
unjust for the United States to receive from
Texas grant Of her custom-house duties
with a purpose Of defeating our lien on
| them.
"Between man and man, Justice will no,
permit any one to destry another's right, by
contracting for the purchase Of a title with
person that is known to be under legal
and moral duty to others, inconsistent with
that title The law will not sanction pur-
chase made in prejudice to another mans
right. In our case the principle applies with
all its force. We trusted Texas on the Sc
curity Of her custom-duties, and the United
States received transfer Of these duties,
with an exclusive and paramount faculty o.
levying them as long as this confederacy
shall last .
Others may add to the force of this argu-
ment, cannot. fit be valid, the Govern
ment OF the United States, by Mr.. Clay's
adjustment, is to receive a compensation Of
some seventy or eighty millions Of acres Of
land, which, at twenty 1--we cents per acre,
would be worth some twenty millions Of
dollars, as bonus to pay debt Of its own
Of some ten or twelve millions. Yet Mr..
Wallace thinks this bribery and corruption.
If, however, this should not be correct In
ference from his argument, the acceptance
Of this cession and the payment ofthis money
IS
ID. To "bribe every Texas bondholder
to support the whole scheme of adjustment
as unit !"
Mr.. Wallace, am quite sure, did not in
tend to designate me as this integra.ed and
potential unit, although the correspondent o.
the Journal of Commerce would seem to give
color to the inference that Mr.. Wallace did
intend to charge me with this guilt; yet he
has the charity to absove me from its tur-
pitude, by affirming that am as great an
ultra as Mr. Wallace himself.
Unit is certainly for myself very UNI
lucky term; for ! believe, under the kind
ness and confidence Of others, am almos;
the only agent Of the debt who has appeared
at Washington since tie meeting of the
bondholders on the 18th Of February last, to
represent the debt in question and to advo-
cate its payment. Where the other bond
holders who have thronged the Capitol are,
| am at a loss to conjecture. Whether
have been bribed into the support Of Mr..
Clay's bills will appear from the following
brief summary
The memorial which presented to Con
gress, and which was referred to the Com.
mittee on the Judiciary in both houses--tlr-
prayer of the memorial neither asked, anti.
cipated, nor had any reference to the schen
Of Mr.. Clay. That gentleman had offered
his resolutions of adjustment before he pre-
sented our memorial. The prayer Of the
memorial does not ask his scheme of COM
promise. ] beg leave to recite its prayer
Gin reference to their own debt your me-
morialsts respectfully pray, that as the princi-
pal part Of the impost levied on the consulnp-
ton of Texas is collected at New York and
New Orleans, by proper enactments you
call for registry Of our bonds at the trea-
sury Of the United States, where they are
alone to be transferred, and give us for the
semi-annual interest coupons, debentures on
the custom-house at New York and New
Orleans receivable in payment Of the public
duties, or payable in cash at the offices Of
the assistant treasury in those cities; and that
the receipts of the custom-houses in Texas
be set apart as permanent and accumula-
ting sinking fund for the final extinguishment
Of the principal of our bonds--w without, in
deed, you should prefer providing by law for
an issue Of bonds of the Government of the
United States, bearing an interest Of six pei
cent. in equivalent amounts to the bonds we
hold, redeemable at the pleasure Of the Gov
eminent, in full satisfaction of our debt.
1t is quite true we suggested to Congress the
probability that Texas would willingly cede to
the United States the proprietary interest in her
public lands, without any ausion to cession in
sovereignty for the payment of her public debt, as
will appear in the concluding paragraph of the
memorial; which reads as follows:
1--WE believe, from the recent official declaration
of two of the governors of Texas and infallible
tokens of public sentiment among the peopIe