The daily union. [volume] (Washington [D.C.]) 1845-1857, 1851-04-03

TREASURY DEsARrmESr

March 81, 1851.
Since the publication OF the notice OF the 22d instant TO
the creditors OF Texas who hold evidences Of debt for
which duties on imports specially pledged by the
late republic the letters Of inquiry which have been ad-
dressed to the department on the subject have been 90
numerous and The object OF that notice and The pTovis
ions Of the law Of Congress granting Ten millions OF stock
TO Texas being generally misunderstood by the credl-
tors that the department deems II advisable 10 issue the
present circular ior The more particular Information OF The
claimants.
The general impression Of the writers OF the letters
thus received appears TO be that this department will pay
from the reserved five millions the amount due to those
creditors who hold that portion OF the debt or which the
duties imports were pledged. after they have signed
and filed their release Of the United States instead OF
which, soon az all such creditors have executed the
releases aforesaid, the reserved five millions are then 10
he issued 1eras when all further action by this depart
ment respecting will cease. and the creditors ATE TO
look TO Texas for the settlement OF theif respective
claims, will be by the following conditions on
which the stock 10 be Issued. which will be found IN
the first section OF the act OF September 9, 1850, usually
known as the BIO undary law:
'.Fomth. The United States in consideration OF said
Enlistment of boundaries cesson of claim 10 territory,
and elinq OF claims, viii pay to the State OF
the oil millions OF dollars, stock bearing
eeE interest," and redeemabe al the end OF fourteen years
the interest payable hafYeaHy at the treasury OF The UNI
"IiHh. Immediately after the President Of The United
States shall have been furnished with an authentic copy OF
the OF the general assembly Of Texas accepting these
propositions he shall cause the stock to be issued Ia favor
Ibis agreement Prouiaea also, That no more than five
millions OF said stock shall DO issued until the creditors Of
pledged, shall ars, file at the Of the United States
Of bonds certca'es n sach iorm US shall be
prescribed by the Secretary Of the Treasury and approved
by the President OF the United States"
In order to obtain full information the subject the
department has called upon the authorities OF Texas
TO furnish il with authenticated copies of all the laws
sreclns the debt specimens OF all the different evidences
OF debt originally issued by the republic or renewed by
the State, whether in The form OF certificates OF stock
bonds, treasury notes. otherwise, and certified list
OF the creditors, with their names. residences, &c. SO
far as they can be ascertained. These documents will
enable the department to ascertain what portion Of the
debt under the class for which the five millions Of
stock is to be reserved and, by comparing the
which is 10 be furnished by Texas, the department will
be able determine when The whole OF them have been
thus presented that it issue the reserved five mil
lions of stock to the State.
Until the information thus required OF Texas has been
received, the department will be unable to determine
the of the debt which will be applicable TO the
reserved stock and in the time it will rest with the
creditors themselves 10 decide whether the evidences oil
the debt which they may respectively hold, in whatever
form these evidences may exist come within the descnp-
ton alluded to- and file their claims and releases &C
cordingy the department al present is not prepared to
give any opinion on that point
In claims filed for larger amount, for diff
ferent kinds OF debt, which the holders may think
applicable to the reserved five millions but which may
not be included in the list 10 be furnished by Texas
coming within that particular class of the debt such in
creased such other species of debt thus fled
will be submitted to the authorizes OF Texas for further
and for their views respecting it, The pres
object OF the de parment is to obtain from Texas and
her creditors respectively statements on the subject of
this description OF claims, which statements shall may
by further explanations, be made to harmonic, TO
enable il TO act advisedy in issuing to the former The
served five millions
ment in connexion with this subject the creditors
iered to the annexed correspondence between il and the
comptroller OF Texas,
VIM l.. HODGE.
Acting Secretary of The Treasury