The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1851-04-01
WASHINGTON, Jan. 30, 1851.
Hon. THOMAS CoRwIS,
Secretary of the Treasury.

secretary OF the treasury
SIR-Before returning to Texas, il is desirable
that should know from the Secretary of the Trea-
sury, the construction which will be given to the
following questions, growing out of the act OF Con-
gress, approved September 9Th, 1850, "proposing
to the State Of Texas the establishment of her
northern and western boundary" &c.
lst What rule will the government adopt in
order to arrive at knowledge Of that portion of
the debt of Texas for which duties imposts were
specially pledged, in conradistinction to the resi-
due Of her debt!
I'd. What plan will be adopted to ascertain the
number Of creditors of the description alluded to- so
as to know when all of the releases referred to in
the act have been filed!
Sd. How is it proposed TO ascertain the amount
actually due from the State to each Of said credi-
torsl
The authorities Of Texas consider that the only
debt for which the impost duties were specially
pledged, Is the interest which has accrued on the
consolidated fund.- issued under act OF the
Texan Congress, approved January 7th, 1887. This
| amounts to n fraction six hundred thousand
dollars For the reasons, in support Of this consruc
ton, refer you to the letter recently addressed to
you by the delegation of Texas, in Congress, and
the opinion OF her attorney general; this letter you
inform me was received.
4th. Ii upon examination, II be found that the
debt for which imposts duties specially pcgcd
does not amount to the five millions of dollars which
i authorized by the act Congress to be retained for
the payment of such debt, will not the stock over
and above that necessary to discharge this character
of indebtedness, be delivered to Texas soon rs
that fact can be asccrtained
9th. Should Texas think proper TO pay any por-
ton OF her debt, for which lmpost duties were
specially pledged, out Of the five millions Of stock
which, by her acceptance Of the proposition, she
becomes in immediate possession of, would not
corresponding amount Of stock OF the retaiaed hve
millions be delivered to Texas, on her finding the
proper releases from the original holders Of said
debt
9th. From what date will the bonds or certificates
Of stock bear interest II is conceived that, by
fol nGfr Of Ia Of IAN
entitled 10 have interest from the 18th Of November
1850, that being the day which the contract was
consummatcd on her part by transfer Of the terri
tory to the United states. Will not the interest
upon the entire ten millions be paid semi-annuay
as becomes due, although the stock, for portion
Statesl
In the interview which we had on Tuesday, you
gave as your impression that the original evidence
Of indebtedness should be fled with the Secretary Of
tee treasury. before payment can be made OF any
OF the debt for which the impost revenues of Texas
were speedily pledged. Ii you still adhere to this
impression, II Is important that Texas should be
advised Of the fact that she may take the neces-
sary steps TO conform to such requirement.
should Texas undertake TO pay any OF ner credit
| ors holding bonds for which the customs revenue
was specially pledged, il would be necessary for her
to know the form of release which will b. required
of such creditors to sign would therefore respect
fully request to be furnished with such form OF re-
lease as you conceive the act Of Congress conten-
plates.
As the value Of stock is to some oxtent governed
by the sine of the bonds, aud the mode OF transfer
ring them, 1t is hoped that the Secretary Of the
Treasury $50 Tar the rule OF his oi,e may per-
mit) will issue the stock in such form may he cal
culated to command the highest price, am ADVISED
that bonds Of the denomination of $500 $1,000 aud,
$1,000 would be more marketable. | would there
fore suggest that equal amounts Of tho stock be IS
sued in bonds on these respective denominations,
| and II conformable to the rules OF the treasury,
| with coupons of interest warrants attached.
| You will readily perceive how important u Is to
the interest Of Texas to acquire the information
asked for above. Then her officers and Legislature
will be enabled to act adviscdly in regard to the
bnsl adjustment Of her public debt.
/ As am extremely anxious to return to Texas, |
respectfully solicit the favor of reply Mt your carli-
est convenience. have the honor to be, with great
respect, your obedent servant.
JAMES u. SHAW,
| Comptroller Of Public Accounts,
STATE of Texss