The daily union. [volume] (Washington [D.C.]) 1845-1857, 1853-10-22

probation applied, TO S4.o2l.o3j 90
Class second consists OF claims "sufc emily authent-
~. reduced by scale Of depreciation
| 10 S2s5,73i 81,
Glass third, consisting OF claims not sufficiently
ihencaed 10 authorize their being audited under the
laws OF tue late fepublic'-Sl44,l36 20.
The sum total oil The three classes, above. 10 ST.
2l3477 10 Of osensbe debt but scaled 10 l50907 52
To this sum, however. outstanding elaine, not hlsd
with the AUDITOR are 10 be added swelling the aggregate
OF osersibe debts to slio55.69i 7l-reduced 10 par
value, x5 600. .696 Oh.
Such is the official report OF the auditor and comp
oller. communicated TO the Legislature ls January.
1850, BY Governor Bell.
This statement includes bonds. certificates Of stock.
earages due to the army and navy, and all other cert
Gates OF outstanding claims against The State OF Texas
which had been presented or were then known TO the
Treasury Department OF that State. a.6#a
In the report made by Mr.. Corwn. Secretary OF the
Treasury OF the Uaed States. 10 the President OF The
United States, OF September l3h 1851, the whole debt
OF he Stale Of Texas of all classes, stated Al sl4
435,9s2 6Sreduced BY the scale OF depreciation applied
oy the State TO the sum OF $6s47 1922 23, as shown IN
detail by the synopsis accompanying that report.
Having the facts thus before us, may now recur 10
the Two principal Inquiries propouaded by you e
FIRST: what are The obligations Of Texas wn,ch are TO
be released to the United States The words oil the con-
dion the stock withheld are. until the creditors
OF the Sae holding bonds and other certificates OF stock
OF Texas for which duties on imports were specially
Tie claims to be released. then. are
bonds, or certificates OF stock not all evidences Of
Indebtedness, but bsnds or certificates OF stock This
excludes only arrearages, any due for supplies or
services or any other anq Undated debt. bu. also the
circulating notes Of the 9th June. 1887.
and expressed in the laws OF Texas giving authority tor
their ISSUE and clearly distinguished from these
treasury commonly called red backs Of the denom-
naton OF dollar, and not exceeding one thou
sand dollars each, issued and ressued by the govern
meni, AID from all other evidences of indebtedness
These distinctions also contained IN the oAcal re-
port the auditor and comptroller OF the State of Texas,
which communicated by Gov Bell to the Legislature
OF Texas in January, 1850, and was before Congress
when il passed the act under consideration.
Indeed. the treasury notes in question: instead Of being
themselves certificates of stock convertible into
different character. And the word bond" has
tablished legal meaning which 1t is impossible to con-
found with promssory notes"
b should have been glad TO come to different concu-
son this class OF securities if could. because i
the probable purpose OF Congress in this act TO guard
the United States against any possible claim on account
the act is too specific 10 admit OF such construction ~
include promissory notes. In the resolution offered by
Mr. Clay which led to the act the phrassoosy employ
ed I" That it be proposed to the State OF Texas
that the United States will provide Tor the pa yment OF
all that portion oil the legitimate and bonafde pabc debt
Of that Stale contracted prior TO its annexion to the United
States and for which the duties foreign imports were
pledged by The said State to its credtoIs Why, when
the 10 be introduc I'd and passed. the compehen-
sve but accurate language OF the resolution was
changed to the equally accurate but less comprehensive
designation of two classes only OF the legitimate and
bona fde public debt of Texas" do not know suflce
for me, that the change made 10 limit very
much The scope OF the releases required by The United
States.
The bonds and certificates OF stock to be released
ale such for which duties imports were specially
pledged, pledge of all beisg, in ny Judgment
pledge OF revenues IRON customs
Therefore the scope OF the condition covers not only
the bonds and certificates for which these revenues are
pledged by express act applicable 10 the particular class
Of bonds stocks, but all loans negotiated BY the re-
public OF Texas.
But the circulating promissory notes of the treasury,
the red backs. do not IN my opinion, come within the
true meaning of The phrase .'loans negotiated BY the
republic" Loans negotiated by government. whether
in the technical language OF dealers IN money, IN the
popular or IN the legal sense have definite and
precise meaning. which violated and transcendsd BY
undertaking extend the expression 10 comprise the ~
OF paper money circulating treasury notes, and every
evidence OF Indebtedness existing against the republic
OF Texas
feel constrained therefore, with all proper Difference
for the judgment OF Mr. Corwn TO differ with him - 70
results far he that all The public debt
OF Texas created prior certain date and " all the
debts OF said republic made receivable Tor ai puohc
dues. are comprehended within the language OF the act
OF Congress- and must be released before the delivery Of
the reserved five millions TO Texas
The Indebtedness be released must be oil bonds or
CERTIFICATES Of stock include see1sioeM ,e,, ..,;-
mated outstanding the ls OF July, $780, principal
and interest, 81 ,65l 500.
O. Outstanding issues above, under the acts OF Mo-
yember is, 1885, May IS, 1888, January 22 1899, and
January IA, 1s40- S2,3s2, ,9o2.
3 Outstanding issues oi csrhcaies oi stock OF Ten par
cent fund.- by the act OF February 3th, lS40
Sl.62s.936.
T. Outstanding issues OF eight per cent bonds. under
the act OF February 5th lSaU-Sl,4I2.soS
These particular sums anoun in all 10 ~ $50 ,3Jo on
the FIRST OF July 1880 which sio be added the interest
which may have sccraed the said amount having,
however been reduced to S379s,7o5, according TO the
ale adopted by the State OF Texas.
exclude all the Indebtedness OF Texas described IN
the report OF the auditor "auded dras. and also ne
ne under the OF March 20b, ls4s the nature
OF which does appear, but which seems 10 De Ieco9
nsed by all parties not being OF bonds or cefuncaes
OF stock within the purvew OF the act OF Congress.
feel constrained aso already niImsted. TO exclude
the promssoy notes, mostly wilhou, interest," ssued IN
der The act OF June OH, 1887, in all the form and sini
lude OF a common bank bill. ! am unable 10 regard this
paper as either bonds or certificates o stock.
ID is OF avail to cay that these promssory notes are
on the face OF them, and BY Law. made receivable Tor
all government dues,r and hen upon customs
duties The ia that the act OF ConGress requires
two conditions. OF which security BY pledge OF dn.
ties imports but The other m that ire hing secured
shall be bond or cer,ihcaie of stock.
Nor does avail 10 say that these prom'ssoy noses
being receivable Tor government dues 10 the republic of
Texas ought be redeemed BY The United Sistes wno
have absorbed portion OF the revenues OF lexas TO
wit, du,ies on imported merchandise. IL snmces tna.
whatever may may not be the obgauon oi the United
States in the premsee these no,es not In tact psosi
ded for by this act Of Congress
According 10 the terms agreed between Inc United
States and the republic OF Texas, whereby that repuossc
became one OF the United States OF America the vncaat
laned BY her, and applied the payment Of the debts
and liabilities OF said republic OF Texas and The residue
oil said lands, after dscharglng said debs and aoties,
to be disposed OF said State may direct; 6ut in no
event are said debts and liabilities 10 become charge
upon the government OF the United States" Joint reso
laons OF March is,. Is4s Stat at Large, 1881 The
citizens Of Texas were bound BY that political act OF Their