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


custom-house duties of Texas, TO which we have
a legal well as moral claim, shall be applied to
the lips of the exhausted treasury Of this poor
Government Of ours?
BY sanctioning spoliaton and proceeding
like this, Congress would virtually repudiate the
whole Of the Texas debt, and in point of fact
leave us without remedy in the premises, In case
our Government does, however, indulge in this
reputation, will make fair offer to Mr.. Wal
lace. If he will go into the Indian territory
OF Texas, and undertake the location Of the
lands in which should be Interested under this
mode of payment, will give him one-h half of the
whole for his trouble. II is humane that should
give him notice that doubt whether he would
locate enough land to bury him before Bowlegs,
or Red-stick, would have his scalp hung up in
his wigwam of buffalo hides, curious speci-
men OF the once capacious covering of the fine
frontal development OF Carolina nulliier.
But, to return to the bribery and corruption Of
the Texas bondholders AZ unit To support Mr.
Clay's adjustment. As believe have been al
most the sole representative here, let me speak
from the card.
NV friend Judge Butler, chairman of the Ju-
dietary Committee Of the Senate will do me the
justice TO say that have urged repeatedly the ac-
ton Of his committee on the memorial | presented
to Congress, totally irrespective of Mr.. Clay's
bills, because do not wish this measure Of Just
indemnity blended with political questions which
might defeat it. But both himself and Mr.. Thomp-
son, (of Pennsylvania the highly distinguished
chairman of the committee IN the House, have
said that it hopeless 10 expect the action Of
their respective committees until Mr.. Clay's Ad-
justment should find its final solution, and it
Of it by that measure Now, will go one step
| further in relation TO Mr.. Walaces unfounded
charge. do not believe diat single Texan bond
holder had solicited single member of Congress
to support Mr.. Clnys Compromise AT least 1
can speak authorilativey for myself. As an
\ h.,x, .,r
= Southern man not very liable 70 seyse fits OF
moderation, | beg leave to say, without essen
| tial modification, Mr.. Clay s plan would not have
met my acceptance, however might approve in
some respects of the general outline of paciica-
ton involved in that scheme, or die patriotic mo-
man, with the indulgent forbeararne which always
belongs to genius and often to conscious power,
at an early period of the session., allowed me to
suggest to him scheme Of Adjustment, but which
he thought, perhaps, too strongly Southern to au-
thorize hope for It's adoption, however much he
| might have approved of some of its provisions.
| think, therefore, that Mr.. Clay's decoction Of
tin; Cor as the gentlemen of the fancy have IT'D of
| sblunt, has not been so potential drug in Sc
ducing us from our allegiance to the South as Mr..
Wallace supposes
| Whilst have looked to MrClays plan of ad-
justment as scheme which in its progress might
be so amended as to tranquiize the country,
have always att the same time looked to the uti-
| mate payment by the United States OF the public
debt of Texas, for which her revenues had been
pledged, as beyond the contingencies of Mr..
Clay's bill because it rests on obligations so man
fest as not to be susceptible Of violation, except
| by gross breach of national honor.
4thly. That the provision III Mr.. Clay's bill,
| that's the bonds, for the payment of which the
Government of the United States is supposed to
be responsible, should be first paid is a gross in
suit to Texas. 7" If the pride Of Texas is offend
| ed by this provision, should regard her as far
more testy than Sir Anthony Absolute in the
| play. But whether in a sale, considering that the
subject matter Of the sale is specially mortgaged
for the debt and for which the vendee is specially
liable, he has not right to stipulate without Of
Tending the self-loye Of the vendor, that he shall
| take up this lien out of'the purchase money,
think a lawyer would be at no loss to decide,
however difficult the problem to preur cheralier,
| whose optics might be far more accute in discov-
ering insult and indgnity. Hudbras says that
| pigs can actually see the wind; and there is no
knowing how little man can see who wishes to
be blind, or how fur by extending his vision to
see what no one else can see.
5thly. That the bondholders are lobby mem
bers, who have bought up these securities they
hold at great sacrifice below their par palue,
"who throng the purlieus Of the capitol ready to
grasp the promised spoils. I" Yes, "tons Of gold
| and silver"
! There are two affirmations Of matters of fact
in this statement which are worthy Of the serious
| consideration Of Mr.. Wallace. Who are the
bondholders who have thronged the Capitol, so
| much to the annoyance of honorable members in
passing through the obbies to the Restaurants to
take their veal outlet and punch' 1t has not been
| my good fortune, with all the sympathy which
belongs to common sufferers, to have seen one
solitary bondhoder bowling about "the purlieus
Of the Capitol " Perhaps Mr.. Wallace thinks
every man he meets in the rounda Texan bond
holder who has suspicious appearance, more
especially if he has a "lean and hungry look"
can scarcely bring myself within the category OF
a lobby-member, as happened to have the priyi-
lege Of an entree on the floor Of both houses, and
certainly have not disturbed the tranquility OF
any gentleman who happens to receive eight dol
lars a day and his mileage, with the privilege from
1 a high place of abusing those who happen to be
outside Of the Capitol.
| Has Mr.. Wallace taken the trouble to inform
! himself whether the bondhoders Of Texas are
indeed gang of adventurous spectators, who
have bought up her securities at sacrifice far be-
low their par values
Let me give that gentleman few facts in the
place Of his conjectures. The State Of Texas has
taken due precaution, by instructing her auditor
\ and comptroller to report scheme of reduction
| for the payment OF their public debt, by which
| nominal debt is reduced one-half in amount; by
which the bonds are not to be paid by the obliga-
ton on the face of them, but by what at period
of great need the government received on these
securities when their credit was at some 80 per
cent. below par. So that it will be clearly per-
ceived that Texas Is likely to take effectua mea-
| sures to prevent adventurous spectators from
receiving the fruits Of their fraud, to wit by re-
| ceiving ichat Texas promised to pay.
Let me tell the gentlemen, that on three -fourths
of the large debt that represent here, Texas
ceved par every farthing, and that the balance
! (the other fourth) she has made par by special
covenant under seal from the extreme value of
| the loan, at moment Of great peril in her history
Even this latter loan was scarcely negotiated at
larger discount than the Government Of the United
States were compelled to borrow during the war
of 1879.
6thly. That the purchase of 100000 acres
Of slave territory is to make three free States, that
they may get into the Union; for they can get in
in no other way.
Now, sir, do not consider the Texas bond
holders as in the smallest degree responsible for
this purchase. Mr.. Clay inherited this provision
in his bill without consulting us, and do not
know that our claim should be prejudced by the
odium which is attached to this nleditated trans
action. Mr.. Wallace may rest satisfied, even if
the Government OF the United States should be