The daily union. [volume] (Washington [D.C.]) 1845-1857, 1852-03-25

The Pebble Debt or Texas.

FOR Me Union.
The Pebble Debt Texas.
series Of articles have appeared in the Union in rea
ton to the public debt OF Texas which are calculated
make false impression in relation the whole subject,
they singular Misrepresentation OF all the facts
connected with it,
l. II is said that it unjust in the State of Texas
reduce the nominal amount Of the debt by paying the
amount received and interest," instead of the nominal
amount The Of the debt to which this remark ap
plies created by issuing the promissory notes OF the
republic at their market value. There act OF the
Congress of Texas authorizing these notes, for limited
amount be issued for the payment OF the clerks in the
different departments, at their market value. Under the
the preence Of this law the accounting officers assumed
to audit all the claims against the government in the
way For instance, if claimant held claim for 300,
instead OF auditing his claim for that amount as the law re-
qued the officers the claimant $500 or $500 IN prom
ssory notes Neither the claimant his assgnees took
the notes par under any law which promised to pay
them at par They took them at the market price the
claimant had taken the notes. which were gwen him
for his own accommodation he would hold his WAT
rant for $780, upon which he would have been entitled
| 10 interest What claim has he to full payment
the 5000 $500 npromssoy notes issued
10 him in place Of his warrant Of 500 Neither is his
assignee Of the by delivery in any better condition,
for he took the notes with full notice of this condition of
things The State Of Texas, therefore. does full equity
/ by paying the amo uni received and interest
g. But il is confidently asserted that the proposition to
scale or adjust the debt the foregoing basis came
originally from the creditors themselves. At the first
session Of the Texas Legislature after annexation l648
General Hamilton and other creditors oil Texas were
present in Austin bill, accompanied with report for
the settlement Of the debt the basis OF the present adj
usment, presented in the House OF Representatives
There might be some difference in the details but the
principle the sameths, OF paying the original amount
received by Texas, and interest. This bill and report
presented al the instance OF the creditors and with
their and then thought by
them not only to be just but the most expeden method
of arranging the debt for the creditors The bill failed at
that session because the Mexican broke out in
the midst of it, and prevented any action on the pending
proposition raise funds by transferring the public lands
OF Texas the United States At the next session of
the legislature Tin ls4 this principle OF adjusting the debt
was adopted in substance.
II is urged by late correspondent in the Union that
the Legislature OF Texas had authority to adjust the
debt by paying what the republic received, and Interest,"
and that the Congress OF the United States ought
wise the action Of the State. and provide for the payment
OF the debt in full.
Ii will be difficult prove that any other power than
the State of Texas has any authority TO determine the
amount OF her debt, to whom due. Even IL the United
States legally obliged TO pay it, the right to say what
il is and to whom due belongs to the State, unless the
federal government intends TO pay IT, as grauiiy to any
one who may fit to prefer claim.
g. There is another reason why the Congress OF the
United States has no jurisdiction to egsate this mat
ter The legislature Of Texas, by their act OF goth
March, Isas, created audiloral board, TO which all
claims TO be presented on or before the second
Monday OF November 1s49 or were declared postponed
BY that OF sh February 1850, this time for presentation
was extended TO the first Monday Of September 1851,
ith the declaration that all claims not presented befcss
that time shall be barred" These acts were directed TO
be- and were. advertised in the public prints Of the
principal commercial cities Of the Union so that the
creditors had full notice OF them The act OF is4s ex
pressy directed the board TO ascertain and reduce the
claims "to the actual par value which may have been
realized by the late republic, and issue receipts for the
same to The creditors. The nominal amount Of the debt
10 436 99 81 The amount actually presented by the
creditors is S9647, 253 81, for which they have sunen-
dered the old liability and taken the certificate for the
reduced amount These creditors, therefore, came for
ward OF their own accord and submitted to the jusdc
ton of the board and cannot be heard TO complain
By accepting the certificates they have not only released
the State from all further liability but the United States
also IL principle of law, well settled 10 be qnes
toned, that where party submits himself TO lurisdic
ton from which there is appeal, he ~ bound py the
decision
Again Texas had perfect right TO say that all credit
ora who did not present their claims within limited
time .hould be barred All that were not thus presented
are barred and not only the Stale but the United States
have been discharged by the acbes OF the holder Many
oovernments have pursued the policy Of declaring
claims barred which were not presented within pre-,
.crbed period OF time. The government oil the United
States adopted similar conrse with regard to large
portion Of its revolutionary debt II is necessary to
nal settlement The Congress Of the United States de-
cared all French and Spanish land claims barred which
were not presented before the respective land boards
within given period and the Supreme Court sustained
the law in The case OF Stroller rs Lucass, and variety
o,her ecis;ops The same court, by recent decision,
has sustained similar law in Texrs in the case OF We
Young u.s. the State Of Texas.
II i therefore apparent that the United States y re-