New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1852-08-14
NrwvopK DAILY TRIBUNE SATURDAY, AUGUST ID, 1852.

debts The contracting parties are, OF course oound
by this but the rh,s of creditors are no.
limited by II These rights At least equalto What they
would have been bad Texas been annexed without any
stipulation whatever To the terms The effect oil sucn
m annexation would have been that the sovsreisnty OF
Texas would have been Merged in that oi 'ns On'sn
States snd Der pared with 90 tar as oy tns
Constitution Of the United states they would % COL.
leciec By the Federal Government This transfer OF
revenues a. Ia ibe sss of nations, recO2BiZed "a IN
posing n corresponding obligation on the part OF me
Government which II is made 10 pay the DEBTS OF tue
Government which thus yields It's resources. In case
where the entire sovereignty and control O s revenues
!, Transferred from one ate 10 another whetnsr II %
by conquest oy ceesion, liability would DO assumed
BY latter 10 pay the debts OF the former II part
CDly OF the revenues should be parted with, then tne
obligation would be pay the debts - the extent OF the
revenues received.
IRIS principle Is well set,ed and although In the con.
f,c,s Of he erent nations may not always be regard
ed yet asserted by neutral powers Ia benslf OF their
ci,iIens whose rights involved, and this Govern
ment would not fail 10 claim OF any foreign state which
should subyor the sovereignty OF another the settlement
81 any claims which citizens might have upon the
Government OF the conquered nation Equally strong
would the claim be, and more easily admitted when
the trsDsler Of Sovereignty has been bv treaty.
10 the sbbexsiiUp OF Texas 10 the nltrd states this
principle sppies with only tbe limitation that part
only OF tie revenues were ce1ed VIZ duties on i'm
pOrts Bot Oh The other hand portion OF lh@ teerit0ry
elaine 10y Texas a. belong her, has been since coded
by her e. the nted States public domain IL
makes certnce whcit er that territory actually be-
Oused 10 Texas. Il c-imed aud the 0ted states
have Treated toe c-im valid 10y making toe purchase
To hr extent then OF the whole value U, this territory
the UIod States Is bound 10 answer TO the creditors OF
Texas.
The presented is this The United States is,
By the Ct annexation possessed Of the revenues
arising ON du,it on importi and By the compromise
of 1870 las also dcqDife3 part OF the territory OF
Texas pubic domain. BY the act Last referred To,
five nit At yer -
States from the pa Fable 10 Texas tor the pur.
chased terTo1y-as fund for the discharge OF debts,
fer which duties on Imports were specially pledged
that being supposed upon the iarh OF statements
made By the Representatives. OF Texas in Congress to
be amply Sufficient for the purpose. 1t now, however
10 ssc-Isinen that the debt OF that class amounts 10
upward OF = W0tN0
Texas. her6 furnishes the proof Of the amount by
the Official reports rendered to the Secretary Of the
Treasury buy by her Legislation is seeking 70 detraud
the creditors OF more than O1ehalt OF the amount
Justly due to them An arbitrary scalsge has been
ado pied by which claim il allowed In full and a
large part reduced to merely nominal amount; not
or the grourd OF insufficient evidence OF the claims
but by atrOCOus assumption that the State OF Texas
is not bound by the terms of the contracts upon which
ihe borrowed money OF our citizens Tne creditors
appeal 10 the United states, not for redress against
distonoIed State which refuses to fulfil s obligations
but for payment OF debts which nave become charg
able sgars the United States by the voluntary acts OF
our Government
The Obligation on our part Ia of primary character
that II to say the creditors have right to look TO our
Government in the first instance and are not bound
first 10 exhaust al means OF obtaining payment from
Texas VIII Il be consistent with national honor TO
Tepuoste these claims l-can the bad faith of Texas
any dect pton practiced by her Representatives, be
Justly set up by The United States in avoidance of an
obligation which exists against Il principal equally as
egsinst Texas
The suggestio that the nted States should ditrib
ute the tive millions pro among the creditors 10 sub
ect to the objection Ihst II Is Is meant to be final set
Element, il would not fairly provide for the equitable
rights Of creditors. Some are no doubt entitled
TO preference others, II all not to be paid in
full But upon what principle can the Federal Govern
ment discharge tset by the payment OF that amount
The obligation Is the 10 pay the balance. The
proposition now before Congress understand to pro-
vide payment In full by the Issuing Of three per cent
stock II accepted by the credtors il will be an honor
able settler by Government and In the end not
more onerous, perhsps than the payment of i've mil
lions in i've per cent. stock.
II this should be adopted the next best thing to
be done would be- It seems 10 NE, 10 allow every cred
or 10 settle vita Texas upon the best terms he can
get As the law stands no creditor can get pay
ent I'll the debts OF all the creditors are released
This is the construction put upon the Compromise act
by the Secretary Of the Treasury. modification at.
low ing the .ue CT the amount due to any individual
crecitor upon his executing release would furnish
relief to those who willing TO accept what Texas
offers A NEW-YoRK CRKDIToR.