The New York herald., 1851-09-25

I 6QuAIly ro
venue arising from "duties on importsp wss amongs
all nations In modern times, one resource II 10
the principal one, for the payment Of the debts Of
that BY the annexation fsxas the United states
power TO levy duties imports within the ports
transferred to the United States It was therefore as
sumed that tho United States should pay IL Texas did
not eli that portion of the debt Of Texas for which du
ties on imports bad bsen pledged; for the obvious
son that these duties thus pledged taken from
Texas and transferred TO the United States and to that
ssi s s.
With these facts and principles for the basis Of lea
ton the question recur what class Of debts were COM
pretended In the terms used In the law +!
entertain no doubt of what the design Of Con-
sress They evidently intended that Texas should pay
out Of the ten millions granted all debts of hers for
which they deemed the United States had become liable
incorporation Of Texas into the Union; and they
deemed this liable for all debts of Texas for
the payment OF which the duties imports had been
psdged in any form. The words employed are for
which duties on imports are specially pledged In all
laws Of Texas been specially apart for the Of
any Loan IN my gment 1t becomes the duty Of the
fendent 10 require the releases specified in the Law Of
Congress before he issues to Texas the remaining five
millions of stock A''
pledged her public faith Tor the redemption Of every
loau under that law and also of the
cessary to meet the annual interest of the funded debt
(see Schedule A, and the law there quoed Under this
act appears by Schedule A. loan effected which,
with its Interest," leaves outstanding the LIST Of July
The terms Of the law plainly secure, by pledge OF
import duties, the payment OF the interest which in
effect Is special pledge of duties imports for the
payment Of the interest, which interest while the fund
set remains is perpcually secured This then
releases Of which should be filed In the Treasury Of the
United States for all interest which has accrued may
accrue before the remaining five millions Of stock can
The loans designated In schedule were made under
1885, ed January, 1885, 14th January 1910; and LIST
February $50 Tha amount, with interest computed to
By the 9th section of the act of 1896 the public faith
the proceeds Of the sales Of public lands and all the
on lands which may to the State after the year
1888 are set apart or the payment Of the interest and
principal ofthe loan therein provided for.
The only provision Of the before mentioned laws which
It seems important to consider bearing the act Of
Congress In question: is the 18th section ofthe act Of h
January, 1870 That section contains the following pro-
Be 1t further enacted That for the redemption Of all
loans negotiated BY the authority Of the republic of
Texas independently Of the reservation of the sinking
fund the proceeds OF the sales Of the public lands its
revenues, and public faith, are solemnly pledged.
1t perfectly clear that pledge Of ali the ere.
venue OF government whose organic form admitted the
power to raise revenue by " duties on imports Is
special pledge of duties on imports, well all the
IT. instead Of pledge Of the revenues term CON-
pretending every item Of revenue, another form Of
preston had been adopted which had enumerated each
item, including duties imports then no cne would
doubt that the law contained special pledge of the
II, then the pledge Of all revenue" without enuma
ration Of items classes does not include duty
ports neither does it, for the reason include any
other species OF revenue and thus il would follow that
nothing was pledged by the act in question-an absur
dity too fragrant for consideration Such construo-
Congress of Texas TO hold out to the world a deusye
promise seeming TO be substantial and yet in fact
ing no real security The section referred to- therefore
must be considered as pledgng specially the duties
imports rs well any other species Of possible
under the government then existing II these views
eonect all loans negotiated by Texas prior to the 4th
January 1870 and under that secured by spe-
cia pledge Of the duties imports 1t follows that the
i've millions Of stock specified in the act OF Congress Of
the 9th September, 1850 hould be issued until re-
leases are filed as prescribed by all owners Of that portion
The public debt created under one Of the acts of 9th
February 1870 j. stated in Schedule to amount with
interest up to LIST Juy 1850 to the Of &c
do not find any podgo in this act for the payment OF
either the principal or interest Of this portion Of the
debt.
The debt set out in Schedule D. with interest up 10
1st July, 1850, is slA'29ls 50.
This debt was created under another act Of the 9TH
February lsio BY the ID section OF this act it is pro-
vded thai the bonds before referred to shall be at oil
times receivable BY any collector Of revenue at tbs
Treasury Department, in payment Of any debt to the
on, for the amount value such funds and the In.
tsrest which may hare accrued thereon"
bonds under this furnished In Schedule d, that the
pledge stated on Its face. The phrase receivable for
in conspicuous capitals suppose that any in
tcrpretation be given to this act which would
the sosasrss,.t arising from imports II would seem
that no Language could croate special pledge OF duties
on imports promise u receive the stock In payment
for all gov srnment dues arns In the language Of the
law from imports or direct taIstion,r does not.
am Of opinion therefore, that the debt set out in
Schedule ., amounting to sls'oels So should be re.
leased in the form prescribed and approved by the Pre
dent before the Issue Texas Of tho last FIVE monsof
stock as provided In the act 0 Congress ofths Sep
The Issues sot forth In schsdule are not suncien,y de-
scribed to enable me TO deermne whether the whole
pH' hs S s % o
and $50 000 Of terest due issued made
receivable for al dues 70 the government The |
s26s65i6 may or may not fall within any Of the laws be.
fore meniioncdss containing special pledge II thc lat
ter Issued prior to the law Of the 18th January 1870
SECTION q Il At act which Wedges te Of rss
m for their redemptou; md in my Judgment all Issues
ofsy,de,es q public dob. q Texas sior TO that isvcome
within the fi caning Of the provio In the t section
Of the act Of Copgress OF the 9th September 1850 am
also slcay .hs. an portion Of her pubic debt
mept Of all dues to the gov~nmsnt" are claims for
which the revenue arising from duties on inpors are
As tho report Of the authorities Of rex, does not ena
bic TO FAY what amounts covered by the foregoing
principles Is only nccceary for the Information OF
which the PRECEDENT deems II right should be- released
before the ns I'VE millions Of stock can be issued TO the
The amount set out In schedule c. being s21151si 81,
made up Of parts q previous issues under the Laws OF
Texas, and II does not appear what portion Of this
amount Tails within any Of the laws q Texas, authorizing
issues OF loans.
repeat, therefore that for the information of all
debt Of T. created prior 10 the act Of Conge m that
republic OF the lfsh January lsl0 and all the debt OF
said key ubc made receivable for all public dues In
my Judgments debts Of Texas for which the duties on
imports specially pledged AMI that releases o. all
oaim against the unked States for account Of such
debts should b fled In the Treasury Department q the
United States before The Fresdcrt will be justified in
Issuing the cond Eve millions Of stock 10 Texss ~ pro-
yidci In The act Congress OF the 9th September 1850
These Wow, though hastily sketshed at this time
der the pressure a much Indispensable current ba-
nes arr nevertheless the result Of much previous repe.
top and examination. find them to accord with \
very elaborate argument the subject presented by the
late Attorney General n. John and therefore sub
init them with entire confidence in the legal ncusons
stated. N,ry rspec'fully submitted.
TIlOs C0EwiN, Secretary Of the Treasury.
To tb. rKsIpISr.
Exrcurrr Cu,Nrys,(
W,sui-syc~, Scptemo 10, 1871
Copcurrc iu the concluions Of the foregoing report
the Secretary q the Tca ury hereby drrc ed to Issue
the last Eve millions Of stock 10 Texas the condition
specified Ia ,aid rcport. MILLARD FILLMORE,
= nj 4 A.