The southern press., 1851-12-18
The Texas Debt.

We find in the State Gazette the following
notice of this matter, which may serve to show
the feelings in that quarter
The Galveston Neus of the 4th inst. contains
the following;
The editor Of the State Gazete, of Austin
is strenuously opposed to paying theloublic debt
either in money or lands, according to the face
value or written promise. We believe the edi-
| tor ia an old Texan, and well acquainted with
the history of that debt, and we would respect
| fully ask of him, whether the amount which the
government obtained for its bonds, notes, &C.,
which constitutes that debt, could have been
obtained, had the government only promised to
pay lust the amount received with ten per cent
interest? In other words, could the govera-
ment have obtained the money which il did OBJ
tain, had it merely promised what the scaling
plan proposes now to PERFORM namely; to pay
back the same received with interest? We ask
this question for information, and shall feel un.
der obligations to the Gazette for negative or
affirmative answer"
We can answer only by the expression Of our
belief which is, that IL could not; for unless we
have missapprehended the motives which inhu.
enced those who became our creditors, they
never would, in the great majority OF causes
have lifted finger or advanced dollor TO aid
us, without the expectation Of lnordmate gain
by the transaction. This precisely the light
in which we regard our creditors, and out Of this
convection has sprung our strenuous opposition
to paying them the face of their bonds. We
have never pretended to assert that there was
any other understanding between Texas and
her creditors than the terms of their contract,
but we insist that these terms were unfair and
unconsconable, imposing obligations upon us
hna r,nfF IiSf nnnhl n rnln tin IN
the benefits received, and we have msintained,
and still do So that it is the right and the duty
Of the State to protect her people from the con-
sequences of profligacy, extravaganza and indis-
cretion in former governments, when she can do
so without iufiicting all injury on those who are
the holders of claims against her.
Besides answering the question propounded
to us by the Neios, we will say to him, that it
would have been vastly better for the republic of
Texas then, and for the State of Texas now,
had it been found impossible to realize dollar
upon her bonds, or to give currency to her notes.
The revolution Of Texas was fact accom-.
plished before We ever commenced hawking our
bones abroad, or issuing our notes at home
This debt, which we find encumbering US now,
was not incurred in prosecuting our war; nor il
feeding or clothing the soldiers who periled their
lives in our cause, not even in maintai ing the
advantages won IN The brief but bloody strug-
gle for our independence; but rather in keeping
up an establishment at home and abroad, use
less, unnecessary and Improbable, Inconsistent
with republican simplicity and the habits of
people Injured to hardships and familiar with
danger.
tbs well known that the principle adopted for
ascsrtaining the debt of Texas does not contem-
plate an indiscriminate reduction of the debt. All
ofthat class for which we realized fair equivalent
is acknowledged at par, and a very large amount
which never benefited the republic to the amount
of ten cents OH the dollar, has likewise been so
admitted, because the amount was really adj
vanced, but was appropriated in paying foreign
ministers, and other equally Improbable nodes
When it is perfectly well known that our public
debt was swollen to its present enormous sum
by purchasing everything which was needed, and
great dC al more which was not at five times
its value, and when it is equally well known that
scarcely present holder of any form of our
debt, paid even at that rate for what they hold,
Te feel no reproaclI in yindicating as just and
fair the plan of payment proposed by the State
for in doing we think she fulfls every require
hent of Justice, inficts no private wrong, and
violates no moral duty.