The daily union. [volume] (Washington [D.C.]) 1845-1857, 1851-09-27
The pusne Dsbt OF Texas.
WAsHINoroN, Sept. IS, 1851.

meeting OF several OF the creditors OF Texas,
resentng large amount OF her public debt held in this
civ ON The 10Th instant, Richard Smith, esq of The
District of Columbia called 10 the chair, and Sim
con Stevens, es oil Pennsy yana, requested 10 act as
secretary ,
Whereupon Gen Hamilton, OF South Carolina, chairman
OF the special committee OF the creditors, and SAID
that in obedience TO the direction OF he meetings OF me
creditors when they last assembled al Washington me
committee had applied to the Secretary oil the reasuy 10
INFORM them which class of The creditors OF Texas Were
entitled the benefits Of the protection oil Inc poVso IN
the boundary act in the opinion Of the government OF The
United States-an inquiry OF Indispensable necessity as
The OF the Executive would DC required Dy the
leases al The Treasury OF the United States by thai me
in conformity with the requlstons OF the treasury cir
The Secretary of the Treasury informed your com.
mittee that on a careful examination OF the law he
found that this decision devoved exclusively on the
President OF The United States 10 whom he referred your
committee
On our waiting upon the President he was pleased to
inform your committee that by the time of meeting
this day, al Washington, his decision would be com
Runicaed 10 the committee. which. with the permission
OF The meeting would now be read, and be made part
OF their proceedings
TREASURY DEPARTMENT, Sept 10, 1851.
SIR: The President has decided in the matter OF the
Texan public debt
First That only five millions of the stock can be de-
vered to Texas, until releases provided in the act OF
Congress of the 9th OF September, 1857 filed in the
Treasury Department for all that portion OF SAID debt
which issued prior the 18th Of January 1910, as in his
judgment the act OF the republic Of Texas, OF the IAN OF
January $780, specially pledges the duties on imports for
all the public debt OF Texas created prior 10 The passage
of that act.
Second That all the issues of Texas bonds certificates
Of stock notes. made receivable Tor all public dues.
claims for which The duties imports pledged
within the meaning OF ihe aci OF Congress OF the sth
September 1850, and releases OF all such must be ed IN
The Treasury Department provided in the last named
act, before he can be justified III delivering the remaining
five million OF stock 10 the authorities OF Texas
The President has instructed me 10 communicate this
decision to ynu compliance with your request made III
behalf OF the creditors Of Texas.
HoTSs SnIN e
General JAMES HAMILTON chairman OF the committee Of
creditors OF Texas.
Alter reading the letter of the Secretary of the Treas
uIy, General Hamilton then said that ght 10 be
the duty oil the committee 10 submit plan Tor the
settlement OF The public debts of Texas, which would
be essentially ssary the meeting should deem II
sab y't"' : 'S'0 ''Ns ''e legislature texas Oh '
The committee aware Of the intrinsic difficulties Incl
dent to the preparation of such scheme OF adjustment
and that Texas would doubtless after all and
ercse sovereign State the right OF defining, fixing,
and paying her public debt on such basis she may
deem just and equitable have iorboe offer any formal
resolutions the subject. He authorized, however,
to present. for the information OF The meeting, paper
containing project for settlement 10 which he thought
the assent OF Texas might be obtained provided II should
command the approval and concurrence OF large major
iy OF the creditors.
He would now read the paper in question II it did not
obtain elected by discussion the appreciation OF those
present, he was authorized TO withhold the paper that II
might form par, OF the formal proceedings OF the meet
tbey we're resolved mat OF lheIrs
should form the elements of discord among those whose
interests dictated mol only The policy OF harmony and
union among themselves, but observance OF the ui-
most Cancellation and respect 10 Texas.
After this paper was read All animated discussion took
place the basis which Texas ought 10 settle with
her creditors, in which Mr.. Houston OF Delaware Gen
Combs. of Kentucky; Mr. SleyeRs and Mr. Grund, OF
Pennsylvania Gen Hamilton, OF South Carolina, and
several other gentlemen took part
This discussion indicating an essential difference Of
opinion among the members OF the meeting, General
Hamilton, In conclusion, said that he would not offer,
for the action OF the meeting, the paper which the com
miiee had prepared, quite obvious a unanimous
could not be obtained among those present
TO this, and he feared 10 any plan OF settlement, which
would have TO be left 10 the legislature OF Texas 10 whom
rghtfuy and morally belonged
IL was then
Resolved, Tha, the proceedings 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.
p. S.-Snce the adjournment OF the meeting, at the
request OF the committee the Secretary OF the Treasury
has obgingly communicated his report 10 the President
which his decision founded, which IS published
with the above proceedings for the information OF the
creditors generally:
The Report TO the President
In obedience your order proceed report the cond
ton and amount OF the debt of the late republic OF Texas
reported TO by the authorities OF the State, and 10
present very briefly my construction OF the powers and
duties OF the President prescribed by the first section
OF the act OF Congress, approved September Q, 1850.
BY the act referred 10, 10 consideration of certain
eess'onb Wy Vi Texas, II ~ WONlueu tHht lle
United States "sba pay TO the State OF Texas the
OF ten millions OF dollars 10 stock bearing five per cent
interest," and redeemabe The end OF fourteen years. the
interest payable half yearly al the treasury oil the United
States"
10 the same section of the law il is further provided
''tba, no more than five millions of said stock shall be
issued until the creditors of the State holding bonds and
other certificates OF stock of Texas, for which duties
imports were specially pledged, shall first file at The
Treasury OF the United States releases OF all claims
against the United States for account OF said bonds
certbcaes such form shall be prescribed by the
Secretary OF the Treasury, and approved by the pes
dent Of the United States"
The release thus provided for has been prescribed by
the Secretary OF the Treasury and approved by the Pres
ident Ii has been published In all the leading newspa
PETS in the commercial cities OF the United States and
all persons holding claims OF the kind specified the
foregoing proviso required 10 file their releases On
the form thus prescrbed) in The Treasury OF the United
Siaies before the Is, day OF October 1851. Al
though this publication has been continued from the 25th
day OF March, 1851, yet, up TO this time comparatively
few releases have been filed by the creditors OF Texas
BY the terms OF the law, the President is to the
stock 10 be issued and the restriction which urbids
issuing OF FIVE millions oil said stock until the release
claims, stated in the law, attaches the stock in his
hands.
II would seem 10 result from the foregoing propositions
that the President should determine what classes and
amounts OF the Texas debts shall be released to the Uni
ted States before he can lawfully deliver The whole OF the
ten millions Of stock to the State of Texas.
To form opinion this point, il becomes neces
say TO ascertain what portion OF the public debt of Texas
was contracted by her while an independent republic
with special pledge OF duties imports" for its re-
demption.
present herewith reports marked A, B, c. d. T. FIG
and n, certified by the auditor the State and verified