American telegraph. [volume] (Washington [D.C.]) 1851-1851, 1851-05-06
THE DEBTS oFaTEXAs.

We find the following elaborate opinion upon
the morality and expediency of debt-paying,
with its suggestions as to the best mode of per-
forming that duty, in the Galveston NesOs, which
journal credits it to the Houston Tslegraph. II
cannot be said that Texas is Indifferent to the
subject Of her debts nor that she wishes to
trapsfer, her obligations to any irresponsible
lpersonage. i5s t3faa.i .,..s.f ss.sat .r
| Isf'The nominal value of the whole debt OF
Texas will, in all probability, when fully ascer-
tanned, exceed fifteen millions of dollars II
Texas, therefore, is toiredeem all her liabilities
at their full nominal value, she will require a
much larger sum than the General G Government
has yet placed at her disposal. The citizens,
actuated by the nohlest sentiments of honor,
may desire to redeem all her liabilities to the
utmost farthing: but can they be expected, or
shouldi they be required, to do this when the
publ lie lands, the revenues, and other resources
that were intended to be applied to this object
are transferred to the hands of the General
Government? 1t seems to us that if disllonor
can attach to any party, If Texas is compelled
toiadopt the ",scaling system, y it must attach
to the General Government, and not to Texas
Ihe General Government, by retaining FIVE mil
lions under certain restrictions, acknowledges
that she is under obligations to liquidate por-
ton OF the debt of Texas 1t remains for the
Legislature of Texas to decide how large por-
ton she ought to liauidate. Itis presumed that
| the people of Texas are best acquainted with
their own affairs. If they declare, to the world
that they acknowledge the whole debt, and as
sert they desire to pay tito the uttermost far
thing, the disgrace of reputation may rest upon
the General Government, if it refuses to liqui-
date all the claims that the people of Texas are
unable to iquidate ON fair and honorable terms.
The Constitution declares that one+tenth of
the revenue of the State is to be set apart for
the purposes Of education. If the ten millions
are appropriated in the nature Of revenue, one
million must be reserved for the purposes of
education. The remaining four millions must
then be applied to pay the domestic debts or
those inIthe, hands of original holders and citi-
zens Of the State. The remaining claims that
are held by capitalists abroad should be liqui-
dated by the General Government. If the four
millions are inadequate to redeem all the do
mestic liabilities at their full nominal value, or
the reserved five millions are inadequate to re-
deem all the foreign liabilities of the State. or
those in the hands Of non-residents, the General
Government should be required, by every prin-
ciple Of honor, to increase the appropriation of
ten millions to fifteen or even twenty millions,
until every farthing Of the State debt of Texas
is fully and honorably settled. Nor need any
patriot indulge in disparaging reflections, il
Texas demands that the General Government
should place at her disposal the means to re-
deem her public faith wherever it has been
pledged: for the broad and fertile regions that
she has taken from Texas, and the revenues
she has assumed, may, at no distant period,
return to the General Government hundred
fold for every dollar that she has advanced to
redeem these liabilities"