The daily union. [volume] (Washington [D.C.]) 1845-1857, 1853-10-22
.yenu, Of that republic 10 sri.e ir.m duties on i'm.


decide That question belongs properly 10 the Con,
gsss OF the United Siaes, which has ye assumed
10 pay Tie debts OF Texas. s.,
Thai question: ii there be any, OF the liability OF the
United States IN The premises, goes deeper inueeu a
The TACT OF revenue from customs expressly o spe
eisy pledged; Tor al The revenues OF
counts Tor supplies AID services NOT expressly eSs1u,
yet implicitly engsged Tor me paymen, " a., .ne
debs o The republic And though ihe accession OF ex'
~ IA The American Union relieved her OF The burdens,
and consequent expenses, military ana csii' " separate
nationality, sii II deprived he' % a . n
which became nevocably vested IN the United States.
public creditor like private creditor, has general
r;ght n receive payment out OF the property Income or
means OF his debtor SPECIAL plsoge q ms OF Una.
fay when made by government, renders such source
of revenue, like mortgage or deed OF trust given by
private individual 10 his creditor, specific len liked
incumbranee, which The government ought no in JUST
ice The CREDITOR to abolish lessen, or ALLEVIATE, until
the debt has been satisfied But public creditor, like
private even 10 debts not secured by hypolheca
lion OF specific property other express en ought not
deprive himself OF the means oil payments as the TWO
governments that of Texas and OF the United States
abundany indicated, well by the compact OF annex
ion as by that for the change OF boundaries
waive, therefore, irrelevant TO the present object
all inquiry as 10 what Congress ought 10 90 IN the prem
Uses. in consequence OF The absorption, by the United
States OF the from duties OF mposs and Ton
mage, which might have accrued TO the republic OF Tex
il she had mol consented 10 become one Of the United
States OF America. .
Secondly them the other great branch inquiry
whether or the United States deliver up 10 Texas
oil Inc reserved on receiving VI
correspondent part OF the debt Of the republic.
Mr. Corwn thought not, and his opinion was concur,
red in by The late Executive Of this Interpretation OF
the compact oil the creditors OF Texas complain and
also the authorizes OF Texas for II tina, be me tue ex-
position of the compact, nasmuch as some OF the credit
tors OF Texas whose claims are reduced py he scae OF
fuse absolutely give releases, then Texas cannot re-
ceve The remaining fve millions Of stock without some
further compact between her and the United States, or
some other legislation by Congress.
Nevertheless, in this part OF the case, cannot on ma
ture reflection, bring myself TO conclusion different
from that of the late that the reserv
ed stock must be delivered boe after all the requisite
releases shall have been filed in The treasury OF the Uni
ted States.
This particular question has been argued in the con-
trasy sense with great ability, BY counsel OF deservcdy
high estimation. (Mr. Francis b. Cutting y which Tact
requires TO sate in brief, some OF the considerations
which chiefly influence my mind to the conclusions
above minated
The words OF the condition, as 10 the Withholding the
delivery 10 Texas of the reserved five millions OF STOCK
Until the creditors of the State holding bonds and
other certificates oil stock of Texas for which duties on
imports specially pledged shall rst he at the easu
nv Of the United Saies releases of all claim against The
United States for OF said bonds or certificates,
in such form shall be prescribed by The Secretary OF
The Treasury and approved by the President OF The Uni
ted States"
Now is admitted on the other side, that the literal.
and indeed. the legal import OF these words is. that
all the creditors OF Texas holding the specified evidence
of her debt may be required 10 release before delivering
10 Texas any part OF tie reserved i've millions
tits admitted, also, that by the ordinary rules OF law,
the United States may Insist upon the exact and complete
fulhlment OF the condition.
IL is further admitted that, in equity there is no
rover 10 dispense with conditions imposed by statutes,
stl % IN form or substance.
h now outstanding all this it is ursal that here is
between Texas and The United States, and that
the United Saes may construe ), as court OF equity
would cOnsirue any contract aud give execution 10 II
.quitabiy and that such equitable execution would be TO
receive releases part OF such choose TO release, and
then 10 deliver stock pro tanto to Texas.
ranv IN he M xp a m
The contract court OF ssuly, that the EIeeu-
-~ps has such authority. The contract is, on one
side, OF Congress- by which the President OF the
United States has authority to prescribe The form Of the
releases but has discretion whatever as TO the SUBJ
Of the contract II the substance OF the contract
involve OF any sort, either TO the United
States Texas, TO any of the creditors, II Is for
Congress- in conjunction with Texas, TO make the requl-
site notifications OF The contracts not Tor the President
of the United States, either with Without the consent
Texas.
reply as TO the alleged eqaitable import OF the
tract that assumes premises no, established TO my sat
sfaction The legal tenor OF the compact Is that GER
tain description OF debts shall be wholly released before
the delivery OF The reserved FIVE millions, or any part OF
the same TO Texas. Congress has prescribed general
discharge of The debt as Tie condition precedent OF The
delivery OF the stock To make an appofuonment oil The
debt and delivery OF stock pro rata, as by the chancery
discretion OF a court OF equity, Is 10 assume thai The
amount OF the debt absolutely fixed. aud is less than
the i've millions, beyond all peradventure. But this, in
my opinion, is not The debt embraced in the com
pact, scaled BY Texas and according 10 my re-
duced view Of its amount, approaches to the OF FIVE
mlllioDs when the accruing interest IS added True,
Texas has stopped the interest But constat that
Texas will adhere this determination, either regard
OF principal by scale, interest thereon. And the lace
OF The debts in the compact with interest
accrued, nearly double the Ave millions Texas, in the
exercise OF her sovereignty State, has rendered pay
10 her creditors OF less sum, and with cessation
OF interest, being all which she thinks 10 be
fairly due them have occasion, nor will ! pre-
sumo, 10 Judge her Bot the sovereign power
which enacted the laws OF March goth, ls4s, and Janu
airy 3ls 1852, provide for ascertaning, QuidatIng
and paying the debt OF the republic OF Texas. may If IL
please, modify the same, and provide rule of pay
ment for the creditors of the republic.
Whstever there may be OF hardship IN either view
i,ors unwilling TO release, and whatever may be the
relation OF either view TO the interest the reserved
stock in the treasury CT the United Siaesthese, 1t seems
to me- questions Tor Congress- not for the Executive
to determine Suffice 1t that by the Of the compact,
the reserved stock not TO be apportoned among the
creditors according 10 their convenience, nor delivered
by the United States Them but 10 the State Of Texas
In conclusion then, TO this branch OF the subject,
my opinion in accordance with that OF MIR. Corwin
and the late Executive: that until sufficient evidence OF
release OF the United States from all clam Tor
count OF the bonds and certificates OF stock required
be released sha have been filed al the treasury OF the
United States part OF the said reserved FIVE millions
can be delivered to the authorities of Texas No appo
tonment pro rats according releases fled be
lawfully permitted
bonds and certificates OF stock and accept OF
rites from Texas if Texas pays the bonds and cef,h
question: ia either OF the two last cases the sad
original bonds and certificates being hled at the Treasury
OF the United States with proper evidence OF
the exngushment of claim by virtue OF the said bonds