Richmond daily Whig. [volume] (Richmond, Va.) 1842-1861, 1853-10-22

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toe tive million loan, "and such further loans the
paoe may cause to be negotiated and for other purpo
ses."
This act will be seen is prospective as well as retro
active in its Objects and applies to future well as to
past loans.
Sections LIST s 81 9TH sh 9th 7,h och and lih relate
10 the sinking fund and te execution Of the previous
hss authorizing the negotiations of loans.
Sections oh, llh, lsth, lSIh aud 9th relate express
~ To future loans.
Section 18th Is in the following words: "That for the
redemption OF all loans negotiated by the authority of the
republic of Texas Independently of the r,ScrNtt On OF
the sinking fund.- the proceeds OF the sales Of the public
lands, it, revenues, and public faith, are solemnly
pledged"
The full import of this provision of the law will be
remarked upon presently.
= An without date in the statue-boOk of Texas,
but at the close OF the of the fourth Congress- and
spoken of IN o the documents before of the
5th OF February $40, provides for the funding of
tain liabilities of the republic under the supcrutendcncc
Of e State commissioner created 10y previous act and
Tor the issue OF cerici' OF stock thereon. some at ten
and some at eight percent according TO the class OF The
deO; funded
The rveuccs OF deb, issued under this act are by ex
press name, certificates OF stock, and the transaction
negotiation OF loan, Doing 10y the eru' OF the act, all ad
dito1 to the funded debt ct Texas
This act makes no mention OF any source OF revenue
irom which the ccriNvs be paid: It contains
special pledge Of any property income it dp's
even pledge the Eh OF Texas. Evidently, the legislative
body assumed that some CNsinE provision OF law applied
to ths class OF certificates part OF the funded dcOt OF
Texas under the general jurisdiction ul the commissioner.
We 'hal see presently hos existing legislation boT' upon
ia i
An passed. the SCH OF February, 1910, create
funds for tine supper; Of the government IL provides for
the issue of eight per cent bonds in the OF the STATE
commissioner, AMI Ia. tslIsIctiOI IS undoubtedly the
sot'at;cn Of loan.
According TO tie Sd section these bonds "Shall be at
all times receivable by any collector Oi revenue,
the Treasury Department. in payment Of any debt 20 the
government vr Any duties by import or direct taxation,
for the amount value OF such fadS, and the interest
which may have accrued thCreou.'
IL Is cOnenici in OF the arguments be fore me.
iy 40 al
the rcccivHby of the bonds under this in ,ment
Of any duties hy import constitutes special pledge Of
DUTIES imports within the meaning the phrase in the
act VI Congress 10 think this altogether certain
for although the United States 10y receiving the republic
OF Texas into the niUr, cNtngushcs al the separate
pog; GUte, aud collects them the federal treasury
and may therefore be under obligation th all such
debts 90 Texas made receivable for duties on inn
ports provided tor i; woul therefore follow ofne
ccSy that all such deti have been in fact provided Tor
by the act OF Congress under consideration.
However, without eulirsius OF the differ.
euce between pledge OF given OF revenue,
nominee and engagement IN that revenue
sceS here TO say that in opinion, the provision o.
the act Of January H. lSiO, applies the several loans
OF February =, 1910. TIE words That for the
dempucn OF all loans negotiated 10y the authority o; the
Republic OF Texas Independently OF the reservation OF the
sinking fund; the proceeds OF the sale Of the pubic tnJs
IT, revenues, and public faith soiemny pledged Il
does say lpy the redemption OF all loans heretofore
negotiated bat ali loan, negotiated that Is wheJnc.
heretofore hereafter. IL the IT, and hv
tue legal import OF words % general or permanent
vEl>Lgtiuu tue Obvious motive ami TCNa
required this what reason could there be m providing
additional security for loans already negotiated nav
rating the security siscn by previous acts, and leaving
without any security loan 10 be negotiated like
OF February >, sius For be it observed that the loan
contrary TO the condition Of every other loan proposed by
the Republic, stands without apparent security think
the explanation OF which i PLAIN that the loans Of
February 9th we're understood TO be covered 10y the pro-
vision enacted three weeks before the 4ih January
That OF January lith in permanent in ua
tue, which by is title and by the of it, d,eren,
stands between twO sections, the 18th aud l6.h the
Of which deals expressly with loans both past and m
urc and tue latter exclusively with loans yet To be Il, -.
si y It, own terms by the terms OF the act Of which
i, Is part, and toy the immediate context it is standing
enactment to protect all loans which had been which
might bc negotiated tor the Republic.
Now the provision Of the Of January lfth, 1910
pledges the revenues generally for the security uf any
loans negotiated by tie IeyUbcthat J. to saw all reVe-
nue- including duties imports repeat here the re-
mark made before a. 10 the effect OF the rcvenues
stfegally-that it must in NY Judgment, Ice taken A.
comprrhsndng duties imports, tie whole including
all ~ parts aud as being the special pledge Of the OF
Con -rr--.
Thos all the lius Of Texas which authorized the
negotiation OF leans, the i'gr OF certificate Of stock or
bonds, or proui-s"ry UOte 50 far Is necessary for the
understanding OF the subject which the opinion of the
Attorney General D. requested.
l'y other lass 90 IvAI, the Auditor and Comp;rOlrr
have been required % audi; al the demands against t.
State, TO scale them according the depreciation ia the
value OF tie funds, received by the state the cou-iI
ration Of ,o.k. bonds, treasury notes. aud other eyi.
-e' %! ueo' -L.4 1y Tue executive officers Of the so
veruIucui.
!" ooe1'enee 70 'hosc Laws tAe Auditor and Comprol.
rT maze report bearing date -'t December 1879 to the
h. stature Of Texas showing the usteu-i5le amount OF
debt TIE rate oil depreciation, aud tie par value That
report rHIh,IAteS Tie l'o-s under three classes;
Inc NY eiiS com IS the n"1!ted and ascertancd
claims under Tie act o Ism November 1886, 9Th June
1850, "tH june, ls"s, iGh May, ls"s, 224 January,
!e"' ana TIE 4et o "ih February Ieiv, amounting IN all
N 'h' 80" o. S''-"ts| % reiHcs, by iAe rates o! de-
probation applied, To si,O2I ,USJ -.
us --2onl consists oil claims sufficiently Gutheau-
cl.e- 70 i'. 'aen 10 I'- lAier the Avs OF The aic
''I-'l -"'f.' 49, ie-uled D! se'e u depreciation
7" 80. -
,.-'7 ''Fu consisting oil Gains Hot 'N'Hc'eniIy au-
81, ''.'- s . .-'-- '-4''si IAl,' Tie Avs
7, ,.- .-.s ..--' . ''''.' -'' .-..
4','-.' ''-" % As Li''i ta7t IS above, ., 'r-l,
ar 10 O's' ,''1 -e'' '-. 7ta'lI 20 S"'tOv''v' o.
70 '"- s'"' however oli'iihI"s claims, not He'd
WIN e a-"''r, are 10 he 4i!sl -,elns the aggregate
o. "'',.'lot a'y- 70 siI'.'''o'i 4-iellccd 20 par
'-l' 800. V ''' ~.
''l' Or t ''".'i report o' Tue eAIil'r ana conptroi-
81