The New York herald., 1851-09-25

AZ meeting a several Of the eredi0s Of rsxaa repre-
As si Instant. Reh!Ssa SS'f SsS' Esa sa T.
pstr1ct o. Ooaumb called T. IT, chair and Simeo
Stevens tsa Of PsnnsyivAnia requested to Get 30
whersupon Cen. Hamilton, Of South Carolina, CHAIR
man Of the special committee orsdltors rose 40 sst
creditors when they last assemble az thu
committee had applied TO the Secretary Of the Treasury
inform them which class Of the credors of rexas
entitled to the benefits Of the protection Of the proyIso
the boundary act In the opinion Of = ,nI
United statessn inquiry Of Indispensable nesessty as
the Of the executive Woud Be required by the LAT
of October who would be required TO sign
at the Treasury Of United States by that time in
formty with the acquisitions ofthe Treasury circular
The 6ecretsry OF the Treasury Informed your commit
tee that careful examination OF the Law, he found
that this decision devoved exclusively
Of the United States, to whom he referred yoar com
mittee.
On our waiting upon the President he was pleased tc
inform your committee that by the time Of meeting
this day at Washington, his decision would bs
municated to the committee which, with the mission
Of the ting, would now be read and be made part
their proceedings,
SIR-rhe President has decided in the matter Of the
Texan public debt First, That only FIVE millions OF the
in the of Congress OF the 9th Of september 1850
filed In the Treasury Department for all that portion Of
said debt which issued prior to the 4th Of January 1910
as In his Judgment the act Of the repu Mic Of Texas of the
l4th Of January, l840 specially pledges ths duties
imports for all the public debt Of Texas created prior to
Second That all the issues Of Texas bonds certificates
OF stock or notes made receivable for alt public dues
are claims for which the duties imports pied
wn Inc meaning OF the act OF Congress Of the 9th
September 1880 and releases of all such must be fed in
the Treasury Department provided in the last named
act before ne can be Justified in delivering the remaining
five millions Of stock to the authorities Of Texas
The President has instructed me to communcate thi
decision TO you in compliance with your rs1uegt maj
in behalf Of the creditors of Texas
am, respectfully, your obedent servant,
THOMAS CoRWIN, Secretary Of the Treasury.
General James Hamilton, Chairman Of Committee
After reading the letter Of the Secretary OF the
Treasury General Hamilton then said that it might seem
to be the duty OF the committee to submit plan
the settlement Of the public debts Texas which would
be essentially necessary IL tho meeting should deem
expedient to memoralze the Legislature Of Texas on the
subject.
The committee. Of the intrinsic difficulties incl
dent to the preparation Of such scheme OF adjustment
and that Texas would doubtless after an assert spd ey
ercise sovereign State the right o. defining fxiuc
and paying her public debt such basis as she nav
deem and equitable have forborne to oer any formal
resolutions on the subject lie authorized however
to present. for the Information Of the meeting pape
containing project for settlsment TO which he thought
the Of Texas might be obtained provided should
command the approval and concurrence Of large ma
joity Of the creditors.
lie would now read the paper in question II it did
not obtain elected by discussion the approbs Of
those present. he authorized to withhold the papsr
that it Esht form part of the formal proceedings OF
the meeting they resolved thst procossion
Of theirs should form the elements of discord am,ug
those interests dictated only the policy of lar
mony and union among themselves but an observance
Of the utmost Cancellation and respect to Texas.
After this paper read animated discussion took
place to the basis on which Texas ought - settle with
her creditors In which dr. Houston, Of Delaware Gen.
Combs Of Kentucky, Mr.. Stevens and Mr Grund, Of
Per ylvsnia Gen Hamilton Of South Carolina and Sc.
veral other gentlemen took part.
This discussion indicating an essential difference OF
opinion among the members Of the meeting, Gen ami
ton In conclusion said that he would Offer for the
action Of the meeting the paper which the COMMITTEES
had prepared it quite obvious amino US con-
could not be obtained among those present TO
this, and he feared to any plan Of .ettement which
WOuld nf 70
whom it rightfully and morally belonged.
Resolved. Thatthe, roceedinss of this meeting. and
the letter Of the Secretary Of the Treasury be published
The meeting then adjourned sine de-
RICHARD SMITH, Chairman.
SIMEON STEVENS, Secretary
PS-Sincc the adjournment Of the meeting at the
request Of the committee the Secretary Of the Treasury
has obgingly communicated his report to the President
which his decision founded which Ia pu ub,ished
with the above proceedings for the information Of tho
creditors generally.
IuE REPORT TO THE PRESIDENT.
In obedience to your order procesd TO report the
condition and amount Of the debt Of the republic OF
Texas reported to BY the authorities Of the state
and to present very briefly my construction Of the
section of the act Of Congress- approved September 9th
1850
BY the act referred TO- in consideration Of certain con
csssions by the State OF Texas 1t is provided that tn,
United states ahsn pay to the State rexas the sum
Of ten mious Of dollars in stock bearing Eve per cent
interest," and redeemabc at the end OF fourteen years.
the interest payable half yearly at the Treasury Of the
United States"
In the section Of the Law - Ia fasvr provided
that no millions Of said stock shalt b.
Issued until the creditors Of the State holt.ng bond
and other certificates Of stock % Texas for which dute
ports specially pledged, shall first file At .h
Treasury Of the United States releases Of all claim
against the United States, for account OF said
bonds certificates, In such form shall be pre-.
scribcd the Secretary Of the Treasury approved
by the President Of the United ststes.n
The release thus provided for has been prescribed by
the Secretary Of the Tearury and approved by tho
sident 1t has been published In ali the ieading news
in tho commercial cities Of the United States and
all persons holding clms OF the kind specified In the
foregoing provso required to fc their releases lin
the form thus preecribtd) In the Treasury of the
nted States or before the ist day Of October 1851
Although this publication has been continued from the
18th day Of March 1851 yet, up to this time compare
lively few releases have been filed BY the creditors Of
Texas.
BY the terms Of the law the President is to cause the
stock to be Issued and the restriction which fbs the
issuing Of i've millions OF said stock until the releases
claims as stated in the law attaches to the stock In his
hands
1t ~5uld seem to result from the foregoing propositions
that the President thoud determine what classes ami
amounts OF ne Texas debts snsu Dc released 70 the
the ten millions Of stock to the State Of Texas.
To form opinion on this point II becomes necessary
to ascertain what portion OF the public debt Of Tex
by her while independent republic, with
special pledge Of duties Imports for its redemption
I present herewith reports marked A, n, o. D. Eff O.
and H. certified BY the Auitor Of the State and verified
y tie signature Of Governor Bell and ths seal OF the
State
Texas contracted and the amount Of bonds other
evidences Of debt issued under the laws refereed 20
Iectively.
The amount of the debt In the aggregate, aad the
character Of each class n presented in the paper accom-.
,anyirg this report submitted to by the Asssan.
secretary of the Treasury and dated September u.
S5l.
Prom these papers s shown that the public deb. Of
exas with interest &c the rete prescribed by ths la
lndor which u contracted, computed up the ls
luy ls60 amounts in the whole 10 the OF twelve
millions four hundred AMI thirty Eve thousand, nine
hundred and eighty two dollars and sixty eight eena
(Sl2i35 9S2 Cs)
Wy the terms ofthe act fCongress Of 9th September
$50 FIVE q the ten millions Of stock provided for 10
issued TO Texas at once; the remaining FIVE 10 b.
shheld by the President until all claims aysnst the
ned States for that portion Of tho above stated public
iebt Of Texas, for the payment Of which the "dues
IMPORTS specially pledged shall be released TO the
ted States.
what class amount Of this debt falls within this de-
crption to be rtsned by the laws Of which
ofcours fern the basis OF the contract between her
md the present holders OF ths sse claims.
10 IS obvious from the most careless pcrusa of the law
hat Congrefs considered the United States liable 10
'ay all that portion of the debt Of Texas Zoe the remp.
isn Of Witch duties on imports had been pledged By