The Texas Republican. [volume] (Marshall, Tex.) 1849-1869, 1851-05-17

TIE Government Of the Usittd -tsses
having rstainsd FIVE millions Of the psvrhase
money 10 whirh Texas IL entitled in COZ
si.isration a the sals Of her north wvstsr"
territory, auth Ill the creditors Of Texas
having . special lem on the duties o" ip-
port. shall have filed releases Of the claims
upon those duties At TIC Treasury OF the
United States, it il incumbent on the Slate
Of Texas to ,sAe early action TO ascertain
what that deis smoun,s TO. and TO provide
70, it. payment The Government Of the
United States, having taken the duties
under the contract OF annexation, considers
itself bound for the fual payment Of the
deb. for which those duticY were specially
pledged" the lein hsviag st,nchsd previous
to the transfer; il is therefore proper that
the Ge..essi Government should cxeUs
/ jurisdiction ccncurrsnhy with the state Of
Texas, in the sscertainnent Of the amount
Of the debt for which It is thus bound.
! The net Of the Texas Congress approved
January 7th, 1897. BY which the consolida
ted fund wns Issued, specially pledged '
the impost dsf'es for the payment OF the
q" interest +" aecruing on that debt. which ia
supposed to amount 10 fraction only over
o8OO. $50. The sets Of 1exu creating the
other denominations N ~ debt " specially
rAesleed I" the puiAic faish and reressss :
for payment. Qsesy; Ar - d.iiaa -!
port. sp.cisily gll441 V TN
a".wss 81 I'll. hs'1s* affirm
49, whether made by the
Washing on or the Texas
.slnture, or both, can be OF but little
\ consequence, II II should not interfere with
the right OF Ioxas to scale bor debt. or
rather, il tho Department should consider
the creditors Of Texxs bound to observe the
rule that Texas might adopt on the sub
jec. Of payment i,ut suppose the question
should he answered by the department,
in the affirmative, then another question
nrises. viii the Department consider the
pledge to extend TO the nominal amount OF
the entire debt, say $4,000, 900 or. to
the par value. $1,000, 900, ouly' u it
should be answered that the pledge extends
10 the nominal amount the five millions
will he retained until Texas pays the entire
nominal deb, and her creditors Will be EN-
boldcped to hold out ngains, an equitable
settlement.
II is not our purpose now to give our
views in argument Of the questions here
presented, but merely to offer the questions
themselves, believing tbat they are inherent
IN the contracts between Texas aud the
General Government, pertaining to snnesa.
ton and sale Of the territory included in the
Pearcc Bill. and that they will necessarily
arise in the course Of arrangement by Tex.
as 30 receive the five millions retained by
the General Government. Those who
have given their views To the public on the
subject, have treated It as though Texas
had the entire ten millions under her exclu.
sivc control and nothing renamed but for
her 10 pay it out--first 10 the discharge of
the public debt, secondly. to internal i'm.
provemcnts. thirdly, to education &c. We
view the matter in n very different light
Instead of the next Legislature making pro-
vision for tho investment or application Of
the fond, think il will devolve upon il,
first to devise the ways and means for pro
curing it, Ito hs con,inncd