The daily union. [volume] (Washington [D.C.]) 1845-1857, 1851-12-25

ua par Fdue winch was realized Dy The republic at tht
time OF their issue
Between the beginning Of 1893 aud the close of 1914
the British government. according to Hamilton issued
eerucaes OF stock TO the amount Of 573 7S SS7 pounds
sterling Tor which II received only 3S46l6, pounds
For every bond Tor 900 pounds received only about
o7O In other words IL issued stock 10 the amount OF
abouttwo thousand eight hundred and sxiy.fye mil
lions OF dollars, ard received therefor the equivalent
OF only one thousand nine hundred and twenty mil.
lions OF dollars less value received than bonds issued
nine hundred and fo1y-6ve millions OF dollars
" These bonds and other evidences OF debt were exc.
cuted' by Great Britain "in an exceedingly dark and
gloomy period of her history" when at became neces.
sary 10 issue them for nominal amounts bearing pro-
portion 10 the amounts actually received !" and yet she
did not entertain the opinion for moment that the gov
eminent was not under any obligation, either in Justice
or morality TO redeem them by paying the amounts ex
pressed on their face"
For stocks included in the sum total OF the amount of
259,2l5s75 pounds sterling, she received the value Of
only 900 pounds about GIL pounds for every
certificate for 1000 pounds Yet this did produce
injury resulting in the passage of act OF Parliament
requiring the Chancellor OF the Exchequer to reduce all
claims 10 the actual par value realized by the govern
ment al the time OF their issue"
In the year l79s the British government borrowed
fifteen millions sterling for which had TO issue stock
to the amount OF thirty millions In other words, il re.
ceived but fifty in the dollar on the nominal amount
OF it's certificates yet the British government sup
posed that il hads right to pass law enac,ing that
the holders OF the claims should be paid accordance
with the amounts ascertaned by auditoal board" re-
ducing their claims one-haf
This is not all In many instances the British govern
ment have been obliged 10 borrow in deprecated bank
paper that she did not receive than forty cents in
The dollar yet what she has promised TO pay che has
paid.
If the government of Texas wishes to do what is
AZ, al
and Great Britain have donetba is, when promises to
pay thousand dollars, pay that amount in full, al.
though il may not, in exceedingly dark and gloomy
periods OF its history" be able 10 get for It's bonds
half of the amount expressed on their face
4. We have heard much of American reputation
much that is true, and much that is false For most
of the instances OF reputation that have occurred paus
Bile, at least if not solid may be given. The
people OF Mississippi for example. affirm that the Unon
bank bonds negotiated in defiance OF both law and
constitution. and that the parties concerned in the BUSH
knew it. In the cases OF some other States, 1t has
been alleged that there gross frauds in the transac
tons But Texas cannot make either this or that.
Her whole for reputation is, that she received
less than is expressed the face of her bonds, when
is notorious to all the world that her credit bad,
and her exgences great that she glad to borrow
on any terms She received full value for her obligations
She received every cent that they then worth in the
market and that they then worth what she got for
them solely owing to her promising 10 pay more
than she received.
s. Many instances have occurred of governments. in
OF necessity, making compromises with their credi-
tors, and paying them less than their due but this
plea canno, be urged by Texas She has ample means.
and that she might have ample means for paying these
very debts among the reasons why the United States
government was liberal in its settlement with her.
Even after her debts shall be paid she will have abund
ant resources She hundred million of of
land In all the other States, the public domain is
the property of the United States. Yet, Indiana Illinois,
and Michigan are making the most strenuous exeIoDs
TO pay wha, they owe and if Arkansas does nothing
more she annually expresses her poignant regrets that i,
is not in her power to fulfil her engagements
Many more reasons might be urged why Texas should
in good faith discharge her obligations but enongh il is
hoped has here been said induce the governor and such
of his constituents as think with him, to review the
grounds OF their opinion. THETA.