The daily union. [volume] (Washington [D.C.]) 1845-1857, 1853-10-04
WAsHIscrok. October /, lss


| & To he Editor Of the Union;
Ss: regretted to in the columns Of the Star la.,
evening" article headed The condition OF the TSr
| bond question"
Tie article was evidently aimed at Gen James Hamil,o
of South Carolha but in attempt to strike that gens
man. the editor OF the Star has permitted The blow 10 s
most apsenerousy. upon the Stale of Texas and have
beg The favor of you. 10 permit who Texan
one too who feels just pride in tbs honor and char
acer Of his adopted Siair to correct through the column.
Of The UDioD the many errors into which the editor Of
the Star has fallen.
The editor says the whole subject (,he Texas bond
queston) is now in the hands Of the Presideni who :
revising the action OF his subordnales" II this wers
the fact why not the subject permitted to undergo
the ordeal OF executive revision, unpsIudiced BY high
| wrought editorials? Why, 1 would ask, whole
column of the Star devoted TO the abuse OF Texas and her
financial policy just at this particular crsis II coud
not have been from silly Idea that the article ques
lion would influence 10 the slightest, the action OF Pres
The editor Of the Star says.
"E seems be understood in tho neghborhood Of Aus.
ectons BILE scaling ststue by which United States Bank
be paid ST. 100 900 for what The $3.50 OOO-st
worth than fiity the do!~r-and tho ex.
eeeh Lady In this city who wa; paid 70 Texas bond; 10,
with few pennies on the dollar" lsf
II certainly required sfon upon the part OF the
writer 10 crowd 90 many errors into SO small space.
gross which should not be perrsd
10 pass without correction. ffsF M
The objectionable ing statute OF Texas has ever
been Gen Hamtons great .bug hear" and barrier IN
all OF his long ershed ideas OF financial speculation
He has sbored faithfully and without ceasiDg to svs Tia
"Audoria Board" of Texas reopened. and this scaling
statute repealed In 1851, his circular /" to The peops
OF Texas appeared in every newspaper in the State,
Gas ADVERTISEMENT in which he urged upon them
eadjus,ment OF the public debt, and promising that II
Texas would repeal the scaling siatnie and nav Tho
face Tor nomna value Of her debt the creditors wovld
obligaie themselves to invest in railroad stock, within
the State, the entire difference between the nominal and
scaled value OF their claims This proposition which
rejected amos, unanimously by the people OF Texas
does prove that Gen Hamilton considered il grand
Dancierng ESQ far his interests en-
gneer such proposition las the scaling slaute) through
the Texas legislature !; or that by this scaling statute
his claims were 10 be paid ninety cents the dollar
while of her claimants be paid as hev are 10
| pay the lady boarding house-k keeper.
As 10 The excellent lady in this city, who was paid in
would say lha instead Of being fobbed of with few
pennies the dollar" whoever holds those bonds II
any such were ever paid will again receive The uil
amount for which they paid, together with interest
thereon from the date I'LL payment at the rate Of 10 per
ceni per annum Tor such is the operation OF this cob
lec,ionable scaling statute OF Texas. That State ob
gales herself to pay back every dime she received
tog ether with 10 per interest This NAV be re-
pudiaon IN the estimation OF The outr-,ighsous, but
among honest it is all which required by equity
The editor of The Star assumes himseli great praise
for having exposed whilst editor OF the Colorado Gazette
and Advertiser Ia journal OF which never heard until
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Of Gen. Hamilton He says: 5a 5sss
We ri,ce This hour know tina, this issue Of our
did tie business OF shs banking :schee oil the
a. npei many OF It's members
dip into the $500 0C0o pat back the temptation
This might appear rational TO readers who are igno.
rant Of the public sentiment OF Texas the subject Of
banking. But when the unanlnly with which all bank.
ing schemes have uniformly been rejected by the people
Of that Slate is known. and we consider The bitter hos
Utility existing al the present day towards them il ap
pears rather Improbable that iille county newspaper
with perhaps 500 readers, should thus .arouse psb
lie opinion and COMPEL the Legislature 10 put back the
temptation s.ass tl.i .isat sae 81 ~ stssea
After this truiaem the editor takes long breath. and
| again continues; go Ii 80 las a
| Texas under the fnancia guidance of Gen Hamilton
has ever been ,pudati~E Ssse ard at present. when
she is literally without shadow of for such con.
ton Of homes. debs-money srsa 10 her ior that pu
pose by the government OF toe Uued Staes--she Ispu
dennc unisd STATE. Bank Holosd. Of London. and The
State hank OF Alabama, &c. The whole public Of hi.
with her small creditors"
We have shown that Texas is NOT under the financial
guidance OF Gen Hamilton; and passing the harsh cpl
hss heaed upon the people of Texas by the editor OF The
Star, we will briefly notice The proposition now before
the Presieen, of the Uaiisd States Tor examination
The Ions'ess which passed what known as the "len
million bill" seem 10 have approved this Objectionable
scaling statute, they only required that foe millions
should remain the United States treasury until Ts1ss
ecies that the nominal debt OF Texas is about 600
while the ssed debt is only 900 600. II Congress
ssre this money 10 Texas 10 pay her asmsaa debt Why
only 900 900 reserved security! II 10 evident
that Coneess REGARDED the sead The true and hon.
debs OF Texas and by their they withhold from
her The reserved S3000,000 until she files the United
States treasury releasey from ~ her creditors.
Now, il is evident that Texas cannot nay debt Of
$1,000 900 with five millions of money. She thea NO.
poses that she pays oui of the Is already
ccived any stated amount OF her deb,s, and fies As 70.
ka for the AT the treasury Of tha Unilsd S&stss
she may be allowed to draw kks amount from the re-
served fund This would enable Der TO pay her whole
debt, 81 600. and is the and substaaee Of The
proposition which drew forth the abusive editorial Of The
Star. a5F-Ff-4
As the construction OF the Law IL. one contrary
or obstinate creditor prevent payment ell the 9th
ers by refusing 10 give release Would this be right
Did Congress ever design such thing Most sssursdy
not and II 10 this construction OF the Law which beng
revised by the President II different construction had
aed the "Tcxas bond question" would hare been
settled long SINCE and The creditors would have been
receipt Of their money. Az il ssands. they
will be paid. ~H& .It1
Was II criminal in Texas, then, to ask either change
in the construction oil the law change OF The law
| ITSELF HNHf ~ EEkS
What private gries the editor had know not 10 cause
him to attack Gen Hamilton but beg him il his psxt
charge to tpare the lrass LONE STAR.
/ t. Cemhssssesl
Metropolitan Mechanics Institute. -Inpertant
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