The daily union. [volume] (Washington [D.C.]) 1845-1857, 1853-02-16

cation, which at any time indicated the market value OF
our Issues but because inexofabe necessity eit us no
alternative.
Had not The continental money, under the arrange.
menls oil $780, been redeemed at forty dollars Tor one
he government OF the Union in 1890 would have found
Itself encountered by domestic debt including the issues
oil the Sales OF quite 0o0 the interest OF which,
even al three per cent, would have amounted to Sl2,
900 700 would certainly have been impossible that
could have given any additional value TO these
sums by funding them, because IL never would have
been able to pay the interest The whole exports OF the
country IN 1890 were only Sl5,ooo,ooO All the expend-
lures oi General Washngton's administration were only
Ssooo oOo year. and II would have been utterly I'M
possible 10 pay the current expenses OF the government
ana also even the fourth part OF the interest OF this enor
nous sum OF money. The truth 49, it was question OF
possibility and mpossbility The nation was in state
OF bankruptcy, and 10 this nexorabe necessity yield
ed, paying however our foreign deb-hoders every dol
lar o lhelr demands Such, however, Is not the neces
sy Of the government Such is not the necessity
Of Texas al this time; and although gentlemen may con-
cude that Texas is able to pay those debts OF her own
contracting the fact is that she has not paid them that she
does not propose TO pay them dollar Tor doa and that the
plan upon which she proposes to quidate them is not salts
factory to her creditors Trey unwilling TO accede 70
il, and come back to reminding OF original OBJ
lgatoD the transfer OF the pledged fund, TO apply at
least that fund to The payment OF their claims They re-
mind us OF our vain endeavors 10 escape from our obi
cations, by The conditions OF the resolutions OF
on, OF the admission made, al all events, by the bounda
y act OF 1885, and they make appeal to US grounds
Of manifest justice and equity and make apparent that
Texas were IN the possession OF the revenues from
duties her ports, and her consumption, she
would have ample means 10 pay those pledges. The
United States receiving all those duties imports
10 amount greatly exceeding the interest upon this
debt, for which, il is claimed that they liable to The
creditors OF Texas for il will be recollected that her
revenue in ls44 from customs was $l77,0oO. Her popu-
laon has been quadIupled since that time, and the
pacy OF that population for consumption has increased
in much greater ratio than the population itself;
that in all probability, the revenues which this govern
ment derives from the duties goods Imported into and
consumed in Texas not less than 81 1000 year,
and they rapidly increasing sThis government there
fore, has got from the annexation OF Texas and the d-
version to our treasury OF duties on her consumption OF
imported articles fund much more than sufficient to
BILE il to pay all this debt OF Texas-princpal and inter
est-iD reasonable time.
II is true that we have provided for the issue of S5
100000 of stock 10 Texas, which has not yet left the
treasury, and which, under this bill, will not leave It,
The condition upon which these hYe millions Were 10 be
issued TO Texas Is, that releases shall be filed at the
treasury OF the United States OF all the revenue debt OF
that republc. A literal compliance with this provision
is necessary before the stock can be issued When that
provision made II was anticipated that Texas would
make arrangement herself with her creditors, and that
the OF Argument used here. Gentlemen VIII
very well recoec that il was then said that the State OF
Texas could better with her creditors than we
could and that il much 10 be desired that she should
make such arrangement But, sir she has not made
such arrangement Iwo years and more have passed
away since the passage OF The boundary act and no prog
ress towards such arrangement has been made with
any OF the creditors of these classes How long is the
government OF the United States 10 wait What is a
reasonable time II seems 10 me That we have arrived
the arrangement which contemplated under the pro-
visions OF the boundary act and does not thus protect
the treasury of the United States from the demands OF
these claimants, that We should now, taking care that
do violate compact with Texas, make such an
arrangement for ouseves and that what this bill pro-
poses 10 do.
This bill, as amended or as proposed to be amended
by the Committee Finance authorizes the issue oil tins
stock TO the creditors OF Texas, and IN return we are 10
take from them assignments OF their claims against Tex
"a. We are not take releases but assignments Then
which
be paid 10 Texas will not occur and the necessity o
their issue arise Indeed, if il be necessary
we can hold these evidences OF Texan debt which we
may under the provisions OF this bill ofse
against any claim that Texas might have for the five mil
i lions OF dollars
Texas herself has proposed 10 us that we shall modify
the act oil 1850 but do not propose 10 modify that act
We propose that, nasmuch The provisions OF that ac
do not 10 be likely to be carried into effect by Texas
tby her procuring releases from these crediots) tc
makean arrangement with them ourselves; and thai
arrangement ia nowise conflicts with the provisions
of that compact. There is nothing in the compact
itself which forbids it-pohing IN reason and com.
mon sense which shows a conflict between them We
know very well that the government OF the United
States is under obligation to pay five per cent on the
sales OF the public lands 10 certain States oil the Union
and that too by compact and yet when we hold stocks
OF such States entitled 10 this hive per cent fund
and they in default for payment OF interest or pnc
pal on investments IN their bonds or stocks, we DC
not hesitate to withhold that hve per cent. fund and
indeed by joint resolution OF Congress, passed IN lsi5
the Secreary fhe Treasury has been expressly directed
to withhold the centage upon the proceeds OF the sae
OF the public lands within the limits OF any such default
ing Slate. This bill proposes at the moss nothing mor
than that and am not that IL goes TO that
tent Provision is made for satisfying the creditors
taking assignments of their claims No provision il
made for Withholding the five millions from Texas be
Supposed to be necessary, since the
cason upon which the Secretary OF the Treasury wa
authorized to issue the FIVE millions Of stock would no
occur.
| | shall now consider the amendments which the Com
miltee on Finance proposed TO The bill The first is Il
strike out in the second section the words "a full dis
charge and REIMBURSEMENT OF any alleged or actua
claim upon the United States for or on account OF th
same, and also assigning the Ualted States, and de
liverng all the certificates other evidences Of salt
debt" and inserting in lieu OF them these words "A
full assignment OF The said certificates other evidence
OF said debt, and where any original certificates ohe
evidences OF said debt have been Surrendered up 10 thu
authorities Of the State OF Texas and new certificate
have been issued therefor by the said State said
certificates shall be received evidence of the oTlgns
amount oil the claim" II is well, perhaps, that shou
explain this. The first part OF the amendment is 10 max
the bill correspond with the plan which have sketche,
out 10 the Senate, that assignments OF those cerli
Gates shall be filed al the treasury, instead of releases
The second part OF the amendment provides Tor this
Under the acts of the State of Texas, by which be
creditors have been called upon To file their claims
her treasury many OF the original evidences OF debt hav
been surrendered up and certificates OF debt bav
been issued. These new certificates state the origina
amount OF the claim for which they were given, the rat
OF interest payable upon them &c. In order 10 show
what The original character of the claim was the orig
nal certificate mol being in The possession of the holder
is necessary to provide that the substituted certificate
L a hal ha .u.l. -. Il Il.