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 ill.,
terests to the State.
To the Chief Justices Of the different coun-
ties was confded the discretion Of appointing
the d:y for receiving the votes upon the propo-
sitions submitted, and was induced to adopt
this arrangement from the very limited time
(much too limted) which the bill allowed the
State for consideration ana action. 1t imposed
a degree of responsibility that was assured
would be promptly met, and necess arly 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-
reetly 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-
ceived, there remains but little doubt that the
people Of the State who have rendered their
votes, have decided by maj orty, 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 did) as n
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 it is so 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 rs prac-
ticable.
IL may also be necessary that the Legislat ure
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 ill 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
J such public revenues and property as were
G transferred to the United States at the time OF
s. 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
i stock of Texas, for which duties on imposts
r were specially pledged, shall first file at the
# Treasury of the United States releases of all
u claim against the United States for or on account
of said bond for certificates.
r 1t is to be regretted that Congress WAS not
more specific in defining in this artitle, the mode
d of ascertanng and making known at the Federal
t Treasury the amount of debt for which this five
s millions Of stock are to be retained, or had not
d deemed the REIMBURSEMENT by the State of all
e liability on the part of the United States, rs
n sufficient guarantee for it is manifest that the
e officers of the Treasury can never know, except
d through the acts of the properly authorized Off,
d GERS of Texas, what is the amount of "bords OF
It stock now due from the State, and 'for which
duties on imposts were specially pledged" and
G consequently can never know from any other
h course when the time will arrive for issuing the
t. stock on the retained five millions. Every Gre
n dtor Of the State embraced in this provision
= might file his REIMBURSEMENT at the Treasury OF
d the United States and still the stock would moi
,e be issued, because under the law no mode
l. has been prescribed for the asccrtainment ant
4 establishment at the Treasury of the United
a States of the actual amount of debt for which
he the retained five millions stock were pledged.
le We ouy int not to presume, nor does the Ian
~ guagc of the act require us to do 50, that thu
lie General Government intended to assume tn
IN right of ad listing the liabilities Of Texas, incur
IA red while she possessed a separate national cha
ne ractcr, and of settling with her creditors upo
ed the terms of such an adj ustment without refer
he encc to, and respect for her own acknowledge
IS menu OF eAtcuI Villully Vi
We can only suppose that the provision to whic
Ell | have advertcd, was incorporated in the law a
nd security on the part of United States agains
on all liability for the payment Of such legal an
ne acknowledged claims against Texas as her trans
e, ferred revenue was pledged to protect Tex,
,r- alone can determine what those claims are, an
he to Texas only can they now look for its dust
vc ment. would, therefore recommend to tn
for honorable legislature the passage OF a law {
he the present existing laws on this subject nc
nd deemed suiliccntD which will authorize and re
to qure the Auditor and Comptroller to make on
on tabular statement of the amount for the pay
lily mcnt of which the Custom house revenue of tn
m late Republic was pledged and for which TIN
in State is now Justly and equitably indebted thi
IL statement to be filed at the Treasury of tn
rs United States rs evidence which the State ca
ay admit of her liabilities to such creditors-and il
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
e. was created aud of allowing interest thereon
be should not be observed.
he 1t was the misfortune of Texas when labor
zee ing under greatly depressed financial condition
to in her struggle for independence, to enter int
me contracts for different obj ects supposed to b
Ire beneficial to her government, embracing stipula
at tons therein, by which the republic was obi
zee gated, in the event Of failure, to comply Wit
nd the contract at maturity, to issue to the cor
Try tractors bonds double the amount called for i
ry the original contract. Some Of these contract
d. were not cancelled at the time specified, ant
e. bonds of the government for double the amour
q actually expended, were issued and delivered t
ly the parties concerned, and the revenues Of TN
o. republic paid for their redemption. These bond
m now constitute very material item of the pub
m lie debt of Texas, for which certificates of stoc
for the five millions Of dollars are withheld. /
in feature in contracts such these, if made be
mt tween individuals, would, under the Jaws o
he most civilized countries, be void for usury TIL
WI creditor, in some instances, would lose not onl
OH the amount Of the unlawful cxaction, but like
It'll wise his debt. do not desire or intend to sug
is gcst the adoption of so stringent rule to con
rd, tracts made by governments. The governmeo
re should certainly pay to is creditors the fu
re- amount Of the benefits received, and interest
Of the amount from the time when it should hay
te been paid. This is all that our creditors ougf