The southern press. [volume] (Washington [D.C.]) 1850-1852, 1850-12-17

only practicable mode which the time permitted,
of causing those wishes to be made known to
you before you should be called on to act finally
on question involving such high and vital in-
tcrests TO the State.
To the Chief Justices of the different coun-
ties was confded the discretion Of appointing
the dy for receiving the votes upon the propo-
sitions submitted, and was induced to adopt
this arrangement from the very limited time
(much too limited) which the bill allowed the
State for consideration ana action. 1t imposed
a degree of responsibility that | was assured
would be promptly met, and necessarily excited
vigilance in the duty required, calculated TO
elicit more general expression of the popular
voice. These officers were directed TO make
their returns of the votes cast at the polls di-
rectly to the legislature, through the presiding
officer of each respective branch, and the execu-
tive Is not therefore officially informed of the
| precise character of those returns. From the
unofficial returns. however, which have been re-
ceved, there remains but little doubt that the
people Of the State who have rendered their
votes, have decided by ma ority, for the accep-
lance of the propositions made by Congress,
much rs they repudiate some of the features, re-
garding them Gas have no doubt they didD as a
peace offering, which the State might receive
without any sacrifice of principle and honor, and
as means Of restoring that harmony of feeling
and action which il is desirable should exist
between the Federal and State Governments.
Entertaining then but little doubt from the
favorable expression of the popular will that
the proposition made by the General Govern
ment will be accepted by your honorable body,
| respectfully suggest in this anticipation, that
Immediately after that matter shall have been de-
cided, some provision be made for the commu-
nication of the result to the proper authorities
at Washington city, with as little delay as pruc-
tcabIe
1t may also be necessary that the Legislature
should take into consideration other matters
connected with this subject, and to adopt suit
able action in reference to it. The act of Con-
gress submitting the propositions, stipulates
that the United States will pay to Texas, ten
millions of dollars in a stock bearing five per
cent. interest, redcemable in fourteen years,
in consideration Of her REIMBURSEMENT of terrific
ry, and of all claim for liability Of the debts of
Texas, and for compensation or indemnity for
Y such public revenues and property rs were
e transferred to the United States at the time of
= annexation but that not more than five millions
d of stock shall be issued until the creditors OF
the State-holding bonds, or other certificates of
= stock of Texas, for which duties on imposts
r were specially pledged, shall first file at the
I Treasury Of the United States releases of all
claim against the United States for or on account
2 of said bond for certificates.
+ 1t is to be regretted that Congress was not
more specific in defining in this artitle, the mode
of ascertaining and making known at the Federal
I Treasury the amount of debt for which this five
8 millions of stock are to be retained or had not
deemed the REIMBURSEMENT by the State Of all
: liability on the part of the United States, as n
sufficient guarantee; for it is manifest that the
2 officers of the Treasury can never know except
through the acts of the properly authorized Off
GERS Of Texas, what is the amount of "boEds or
t stock" now due from the State, and "for which
duties on mposts were specially pledged" and
e consequently can never know from any other
course when the time will arrive for issuing the
: stock on the retained five millions Every Gre
n ditor Of the State embraced in this provision
: might file his REIMBURSEMENT at the Treasury of
d the United States, and still the stock would not
e be issued, because under the law no mode
j. has been prescribed for the ascertanmcnt and
l. establishment at the Treasury of the United
a States of the actual amount of debt for which
c the retained five millions stock We're pledged.
e We ought not to presume, nor does the Ian
y guagc Of the act require us to do so, that the
lie General Government intended to assume the
n right of ad usting the liabilities Of Texas incur
a. red while she possessed q separate national cha
lie ractcr, and Of settling with her creditors upon
I'd the terms Of such an ad ustment without refer
le encc to- and respect for her own acknowledge
s. mcnt of the extent and validity Of their claims
We can only suppose that the provision to which
n have adverted, was incorporated in the law as
I'd a security on the part Of United States agains
N all liability for the payment of such legal anC
lie acknowledged claims against Texas as her trans
g, terred revenue was pledged to protect. TcXa
r. alone determine what those claims are, ant
ne to Texas only can they now look for its ad just
We ment. ! would therefore recommend to tn
or honorable legislature the passage Of Il law Ii
l,a iuf;p
nd deemed sufficient which will authorize and re
to quire the Auditor and Comptroller to make on
On a tabular statement of the amount for the pay
" mcnt Of which the Custom house revenue of tn,
n late Republic was pledged, and for which the
n State is now Justly and eVuitably indebted th,
IT, statement to be filed at the Treasury of The
MS United States as evidence which the State cal
~ admit of her liabilities to such creditors-and If
o. preparing this statement, can perceive no rea
son why the rule hitherto adopted for ascertain
of ing the actual value of the debt at the time il
e. was created, aud of allowing interest thereon
De should not be observed.
lie 1t was the misfortune of Texas, when labor
&c ing under greatly depressed financial condition
to in her struggle for independence, to enter into
ne contracts for different objects, supposed to b,
re beneficial to her government, embracing stipula
It tons therein, by which the republic was obi
ee gated in the event Of failure, to comply will
I'd the contract at maturity, to issue to the con
ry tractors bonds double the amount called for il
ry the original contract. Some Of these contracts
H. were not cancelled ut the time specified, anC
e. bonds of the government for double the amount
q actually expended, were issued and delivered to
" the parties concerned, and the revenues of the
o. republic paid for their redemption. These bonds
n now constitute very material item of the pub
o. lie debt of Texas, for which certificates of stock
for the five millions of dollars are withheld. A
in feature in contracts such these, if made be
1t tween individuals, would, under the laws OF
le most civilized countries, be void for usury The
n creditor, in some instances, would lose not only
N the amount of the unlawful exaction, but like
til wise his debt do not desire, or intend to sug
s. grst the adoption of so stringent rule to con
d, tracts made by governments. The government
e should certainly pay to is creditors the full
e. amount Of the benefits received, and interest or
Of the amount from the time when it should have
e. been paid This is all that our creditors on uhi