New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1851-12-18
Wexas Illustrated,

49,, no issue tnsm for nominal amounts, bearing 40
sort of proportion TO the amounts ac'usti' recevel
and 70 rletae her resources. arising manly AZ shn
time. from her revenues, for their redemption
TLese securities, generally speaking, were cDa-
trscted AZ very low rates IN the naDos OF Roneyed
spec rlators, who had contribute go nothing to the
ACHE neht OF her indepeadence OF 70 me fest OF
her actual necessities IN the administration oi the
Government at the time they were ISSUED. mis-
consideration, well understood and apprecla'eo' IN
duced inquiry IN pect 10 the moae OF re lee mug
these 81 enr,es as ~ one cd en:srtIta the cpins
fyr a -rows,f that the GovraTSnf U1S under ary OBJ
Lgattor eafhlr ,sstice or rornify to redeem fHfn
bv Saung the amounts expressed on fhsu face; AMI
that inquiry resulted IN the passage OF the act oil
Tho state fer,ssture OF March 20th l54S, TO pro-
vide for sscertainlng the deot Of the late Republic
of Texas which act required the AUDITOR ana
Controller Of the State to reduce all claims pre-
sented for liquidation. to the actual par 1dle Wh'ch
,ras realized bp the Republic at the tune Of fttT issue
The evident meaning and contemplation OF that act
was that the holders Of the claims should De PAD IN
accordance with the amounts thus ascerianed 10y
the ADDITIONAL Board subject to the revision OF the
Legislature and the amounts so ascertalned, were
considered all that was actually due from the
State TO her several creditors Tha' tue Legislature
had the night to pass this law there can be no ques-
ton and that the individuals holding the PONDS or
other evidences OF debt against the Republic were
bound by it there can be as little" &c
- Let us here pause for a moment, and
consider the facts inthe case, as set forth by
Gov. Bell
|. There was once can exceedingly
dark and gloomy period" in the history OF
Texas. That is to say-it was exceeding
W. doubtful whether she would be able to
maintain her declared independence. Who
ever then leaned her money, did it at
great risk Of never being paid.
,. STILL it was " necessary" to raise
funds by Borrowing and, to induce capital
lists to lend, the State said to them in sub
stance Lend us your money, to enable US
to struggle on ; and if we shall ever be
able to pay at all, we will pay you great
deal more than we borrowed In other
words, a great risk was to be run, and Tex
as undertook to induce men OF means to
runit-and succeeded. She borrowed their
money on the best terms she could COM
mainland those who loaned it have re-
ceived no portion of principal or interest
from that day to this. And many of them
have been obliged by their necessities to
sell their stock for far less than they paid
for it.
3. At length Texas is happily relieved
from all her embarrassments. She Is at
peace with all the world, shielded from al!
danger, and furnished by the Federal Gov
eminent with Ten Millions of Dollars il
solid cash, so that she is able to pay her
debts in full if she sees fit.
Now we ask, What did she mean when
she issued her Stocks, bearing on their face,
The Republic of Texas will pay Peter
Jones or bearer One Thousand Dollars, on
demand after 1850, with ten per cent. inter-
est per annum What sort of promise
did she intend to be understood as making
to the receiver of her scrip Did she mean
to be understood, True, this scri says |
will pay One Thousand Dollars, but only
mil pay Four Hundred Dollars, or the
sum that received 80 that my creditor
may very probably lose his debt, but, at the
very best, he shall only get back what he
paid, after going without interest ten or
fifteen years - If she had allowed that to
be understood would anybody have been
fool enough to trust her :!
Nor can she plead, with any show of rea-
son, the fact that many of her original cred
itors have sold their Stock for less
than it cost them They might possibly
make this a ground of claim upon her for
relief, by proving the fact that their losses
were caused by her violation of her prom
ises to them but she cannot plead il in
bar of the claims of her present creditors.
They found her Stocks kicking about at low
prices and bought them-what did they
buy ? They bought her solemn promise to
pay definite sum printed on the face OF her
Stocks; they bought the sellers claim upon
her-the whole of it, Whatever she owed
before, she owes the purchasers since the
transfer. She has no reason and no right
to play OIL her former creditors against those
to whom she is now indebted.
Texas has some illustrious predeces-
sors in the career of systematic rascality
on which she appears to have entered but
ten thousand of them could not make it any
thing shor. of villainous. She may, if she
pleases, invoke the potent name Of Thomas
Jefferson in paliiation of her wrong for he
proposed, at the outset of our Federal Gov.
eminent, to cheat our Public Creditors, no.
by any means so outrageously, nor with so
little excuse, but on the same principles as
are here prOpOunded BY Gov. Bell He
was successfully resisted by Alexander
Hamilton, backed by the inaexible integrity
OF Washington, and our public creditors
were paid in full but Hamilton was de-