The daily union. [volume] (Washington [D.C.]) 1845-1857, 1853-03-24

mind that those who come in would be those who
ceved lhe largest amount OF the scaage, and those who
siood out would be The persons whose obligations We're
scaled al low rates. / did suppose thai the whole
amount would be absorbed by the higher rates OF sea-
iaBe, bn Inc honorable senator from Texas says not,
bu tha lee Is enough for the whole, according TO the
scalage adopted by Texas. So be it, The proposition.
then, is to deliver 10 the State of Texas five millions of
dollars 10 lei her dispose OF il she pleases. Now
ee Douhu as one having participated IN this transaction
when look place in this chamber 10 say that feel the
responsibility upon tfisee for the creditors
well as trustee for the State OF Texas These five mil
ions were reserved TO be held by the United States
III the Sate OF Texas should present and file IN the De-
parlmen oil the Treasury releases from those creditors who
claimed that the United States bound in equity and
honor 10 protect their debts against the State Of Texas
Now, sir, these creditors absolutely placed in the
position that there five millions OF dollars in the
hereon without the consent perhaps OF the State OF
Texas his amount OF money shut up from their pos
session because it cannot be delivered according TO the
provisions OF the act.
| was about saying when was interrupted. that the
estimated amount OF the debts for which the United
States were incupated according to the doctrine held
by the creditors of Texas, though never believed 1t
myself amounted finally TO $6333. 000 The amount at
the time the boundary act passed was supposed not
to exceed $4,000, goo or $5 900 That amount was
then supposed to be sufficient to the whole debt
and representations To that effect made here in this
city appeal 10 The honorable senator IRON Maryland,
who knows more OF the specific details OF the matter
than do to say whether 4 500 900 not sum then
supposed TO be ample to cover all the claims tor which
the United States supposed to be responsible under
this hypo ecaon OF the duties OF the State OF Texas
1t has been ascerained that there are 3330O0 oil those
claims and there are s5,O00,0OO IN the treasury with
which TO pay them
am opposed to The amendment of the senator from
Virginia, allowing those who have got the highest rate
of scaage and take out OF the treasury this
money which held there in trust for all The creditors
and, far as we know. they are all alike. am also
opposed TO the proposition OF my honorable friend IRON
Maryland 10 grant to these Creditors an issue OF $S333
900 OF three per cent bonds instead OF OF hve
per cent bonds which 10 be issued under the ac
ISE Ham t~ fhay1 hu na are nj An 4
most specious argument on the lace OF t-that The
interest rs 1888 O0O at three per cent no more than
the interest upon 100000 at hve per cent That IS
all very true and if you intended never 10 pay the prn-
cpa il would be precisely the same thing; the interest IN
either would be $25O,O0Q year, and there would
be difference If the United States never intend TO
pay the principal il would make no difference 10 them
whether they paid 900 nieres, upon bonds to the
amount of $S,333Oo0, or upon bonds to the amount OF
5o0o,ooo and each individual creditor would gel pre-
csely his proportion. But that is not the fact Al the
expiration OF certain time you have got TO pay the pn-
cpa You have pay the interest year after year, and
at the end of the time you spuaie you have TO pay the
principal; and when you come 10 pay that, instead OF
paying $5 900 000 you have TO pay Us 900 SO tha
fact instead of giving the Stale OF Texas, under the
compromise act or rather the act which passed al
ter the compromise bill defeated instead OF l0,000
900, you pay TO the Stale OF Texas $3,333,O00 Was
that the intention of the act' Is that equitable is IT
righ' Now, sir, there is an equity IN this thing, and
weld the floor TO my honorable friend from Indiana 10
propose an amendment which think will meet pre-
csey the equity OF this case, and which accords pretty
much with my views.
Mr UNDERWOOD Is the gentleman from Rhode
Island through with his speech
/ Mr. CLARKE. No. sir I; not by considerable ! only
yielded for my friend from Indiana Mr. BRIGHT TO offer
his amendment. which meets my views precisely.
Mr.. BRIGHT presume my amendment is not now
in orders but will be entirely proper Tor me to state the
substance OF it, in order that the honorable senator who
has the floor may have opportunity OF discussing II
be proceeds give notice that II the amendment now
pending shall be voted down, shall offer the following
That the sum of So 0oo with interest thereon from
III nfztl pt Is he
vied pro among those creditors of the late republic
lie pledged according the decision of the Secretary
State under date Of sepIember is 1851 10 wit The hold.
OF the certificates other evidences OF debt issued
under The acts si June aud June y 1887, OF November
IsiO and one Of the Of February 1870 described
in said report of said Secretary Propided That the said
fall assignment United States OF said certificates
other evidence of said debt and where the original cer
dered up to the auhoes Of the State OF Texas, and
certificates have been issued therefor by the said State,
said new certificates shall be received evidence Of the
oginpl OF said claim, and shall be assigned ac.
cordngy.
| Mr.. DESAUSSURE. The senator will allow me 10
ask him aqueson. want an explanation of that amend
ment understand the mover 10 say that the IS 100000
mentioned in the amendment to be confined exclusive.
ly TO that class OF creditors who have mortgage upon
the customs.
orsble senator from South Carolina Yhe $1,000 900,
together with the interest and premium named in that
amendment intended TO be applied to the payment oil
the deb, for which the OF Texas were under
stood 10 be pledged at the time OF her annexation. The
object Of The amendment is TO divide that amount pre-.
MUM and interest, pro raa among The creditors accord
4 ing to the face OF the debt
| MIR DESAUSSURE. That class Of credorsl
! Mr. BRIGHT. understand that the reservation OF
FIVE millions, made by the boundary act, was considered
be sufficient, the debts for which the custom
revenues OF Texas were pledged That was the inn
preston the mind OF the honorable senator IRON
Maryland al the time be prepared the boundary act
Subsequent examination proves, however, that the hve
millions are not sufficient 20 the amount The OBJ
iect OF this amendment is, repeat to retain the five
hold that class OF debt for which the revenues OF Texas
were pledged.
| Mr. BUTLER | want an explanation before | can
really understand the remarks OF my honorable friend
from Rhode Island Do understand from the honorable
/ senator who offers this amendment
| Mr.. BRIGHT. have not offered IL. | have merely
given notice that intend TO offer H.
MIR. BUTLER. II is an arrangement between the sen.
aioIs as understand One offers the amendment, and
the other speaks to IT,
| MIR. BRIGHT. There arrangement at ALL sir.
have merely stated that il the pending amendments be
voted down, shall offer this.
Mr.. BUTLER Oh | understand IT perfectly.
Mr.. CLARKE II is an inerpleader. tLaughter.l
Mr.. BUTLER want 10 know distinctly from the
gentlemen, who understand each other, have no doubt,
whether the man who paid but twenty and the one who
paid eighty cents the dollar, shall pro rata receive
their proportion of these five millions OF dollars In
other words they be perfectly equal so far as re-
CARDS the receipt without regard TO the scaling sup
pose that is II,
Mr.. RUSK Yes, sir; that is it.
in my amendment TO debts scaled not scaled ! sup
posed that Texas intended pay all the debts which upon
their face she appeared bound TO pay or IN other words
that she did not intend to repudaie any portion OF her