The republic. [volume] (Washington [D.C.]) 1849-1853, 1851-04-03
wAsn1xeroN, January 30, 1851.

WAsAINGToN, January 30, 1851
Hon. THOMAS CoRwIN. Secretary Of the Treasury:
Sir: Before returning to Texas it 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, "proposng
to the State of Texas the establishments Of her
northern and western boundary" &c.
1st. What rule will the Government adopt in or
der to arrive at knowledge Of that portion of the
debt of Texas for which duties on imposts were
specially pledged in contradstinction 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- go
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 credtors
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 an act Of the
Texan Congress, approved January 7th, 1887. This
amounts to fraction over six hundred thousand
dollars. For the reasons in support of this
structon 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, il DO found that the
debt for which impost duties specially pledged
does not amount to the five millions of dollars which
ia authorized by the act Of Congress to be retained
for the payment CT such debt, will not tho stock,
over and above that necessary to discharge this
character of be delivered to Texas so
soon as tnat TACT can De ascertalncd!
5th Should Texas think it proper to paw apy
portion Of her debt for which impost duties were
specially pledged, out of the five millions of stock
which by her acceptance of the proposition she be-
comes in immediate possession Of, would not
responding amount of stock of the retained five
millions be delivered to Texas, OH her fling the
debtS ~ ~ VIZ AA' "0''0'' - '~'u
9th. From what date will the bonds or certificates
OF stock bear INTEREST," tits conceived that by fair
construction Of the act Of Congress. Texas Is enti
tied to have interest from the 25th of November,
1850. that being the day on which the contract was
ritory to the United States. Will not the interest
upon the entire ten millions be paid semi annually
as it becomes due although the stock for portion
OF the principal may BIO retained by the United
States.
In the interview which we had on Tuesday, you
gave as your impression that the original evidence
Of Indebtedness should be filed with the Secretary
OF the Treasury, before payment can be made Of
any OF the debt for which the impost revenues of
Texas were specially pledged. Ifyou still adhere
TO. this impression, il 10 important that Texas
should be advised of the fact, that che may take
the necessary steps to conform TO such require
ment
Should Texas undertake to pay any of her cred.
itors holding bonds for which the custom revenue
was specially pledged, it would be necessary for
her to know the form of release which will be re-
quired Of such creditors to sign. would therefore
respectfully request to DO furnished with such form
OF relcase as you conceive the act Of Congress con-
templates.
As the value of stock ia to some extent governed
by the size OF the bonds, and the mode Of transfer
ring them, it ia hoped that the Secretary of the
Treasury ESQ far as the rule OF his Office may per-
mit) will issue the stock in such form as may be
calculated to command the highest price. am
advised that bonds of tho denomination of s 500,
3 900, and $1,000, would be moro marketable. /
would therefore suggest that equal amounts of the
stock be Issued in bonds of thcsc respective denom
nations, and, If conformablo to the rules Of the