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

NAV. 1888, in addition the general pledge of the fa
and credit OF The republic. contained said act for IN.
payment of the interest aud redemption OF the praci
pal OF said loa0, much OF the revenues of the repub
lie AS may be shall be apart and semi
nualy remtted 10 The Bank OF the United States Phil
adephia to meet the semi annual interest on said
or bonds issued under said loan"
Here is specific pledge OF mach OF the revenues o
the republic may be necessary for the payment o.
principal and interest OF the loan OF May l6h 1885
that is OF all the including duties imports
II has been suggested that the pledge OF all The
does not come up TO the condition OF the act OF Con
gress, "for which duties imports specially
pledged" iee constrained, however TO agree fully
with the reasoning Of MIR. Corwin TO this point
Omns m.jas 1. Sc "iaus co'aimst-the whole includes
II pledge of all revenues be not pledge Of duties on
imports, Then IL is pledge OF anything; for you may
slnke out IRON lis puryew each aad every species com
pretended in the genus revenue" by force OF The rame
reasoning which strikes out duties on imports and the
effect would be 70 annu and altogether defeat the whole
purpose OF the law. gver.
joint resolution. approved 10th January. 1882 only
prolonged the time for keeping open the books under
iormer act Tor subscribing the loan, funding the
debts and allowed the holders OF the promssoy notes
fund them, and take in lieu certificates OF stock
The next was "An act to authorize the President 10
negotiate loan OF one million OF dollars" approved
22d January, 1889.
that the notes of any bank banks purchasing such
bonds shall be received in payment OF all public dues,
80 long said banks should be in good credit, and
deem their notes Dignd and silver when presented
Sec. 8. For the punctual payment Of the interest,
and final redemption OF said bonds, the public faith IS
hereby soemnly pledged. and much OF the receipts
from the CUSTOMS and the proceeds OF the sale OF the pub
e lands as may be necessary 10 carry into effect this
pledge"
In this act there two special plsdgesae proceeds
OF the custom and the proceeds OF The sales of the pub
c lands Ihe proceeds OF the direct tax are not specly
pledged.
But the most important of all these acis is that OF
hmm ~ M Tar hn
certain operation OF the sinking fund, and 10 exngush
the fve-mlion loan "and such further loans as the re-
public may cause 10 be negotiated, and for other pur
pOses."
This act will be seen prospective as well as retro
active ia It's objects, and applies 10 future well 10
past loans. &#A
SECTIONS lst ID, 81 4th 5th, 6h 7th 9th and 4th re-
late the sinking fund and the execution OF the pre-
vous laws authorizing the negotiations OF loans.
Sections l0h lih, l2h 18Th, and 10th relate express
| ly TO future loans.
Section 18th is the following words: "That for the
redemption OF all loans negotiated by the authority Of
the republic OF Texas independently OF reservation
the sinking fund.- The proceeds OF the sales of the putlc
lands, ts revenues, and public faith are solemnly
pledged"
marked upon presently
| T. An act without date ia the statute book Of Texas
but at the close OF the acts Of the fourth Congress- and
spoken of in OF the documents before OF the
3h OF February. ls40 provides for the funding OF
tain Liabilities OF the republic, under the superntendenct
OF The State commissioner created BY previous acts and
/
and some eight per cent according 10 the class OF the
debt funded
The evidences of debt issued under this act are by ex-
press certificates OF stock. and the Transaction
negotiation Of oan being, by the terms OF the act,
addition to the funded deb, OF Texas"
This act makes no mention OF any source Of revenue
from which the certificates 10 be paid il
tains special pledge OF any property income il
does not even pledge the faith OF Texas. Evidently the
law applied his class OF certificates part OF the fund
ed debt OF Texas. under the general jurisdiction OF the
commissioner. We shall presently how existing
! legislation bore upon this act
An act passed the 3th of February 1910, 10 create
funds for the support Of the government II provides
for the sf eight per cent bonds in the OF the
State commissioner, and the transaction undoubtedly
the negotiation OF q loan.
According 10 The 81 secion these bonds .Shall be al
all times receivable BY any collector OF revenue. or al
the Treasury Department, in payment OF any debt 10 the
government or any duties by import, direct taxation,
for the amount value of such fonds and the interest
which may have accrued thereon"
Ii is costended some OF the arguments before me,
assumed by the late Secretary OF the Treasury, that
the recevabily OF the bonds under this act in payment
OF any duties by import, constitutes special pledge Of
duties on imports within he meaning oi the phrase IN
the act OF Congress- do not think this altogether
tain for although the United States by the
public OF Texas into the Union exiting a the sep
import duties and collects them into the ede raj
treasury, and may therefore be uRder obligation 10
that all such debts OF Texas made receivable for
duties imports provided Tor. would not therefore
follow OF necessity that all such debts have been in fac,
provided tor BY the act OF Congress under consideration
4
However without enlargnG on the nature OF the DIFF
ference between pledge OF given source OF revenue
nomins and engagement Tor recevabty in that
nue., II suces here to say that. my opnion The pro-
vision OF the Of January IL. lSaol applies 70 The
several loans OF February 5, lst0. The words are
:. That. for the redemption OF all loans negotiated by
the authority OF the republic oi Texas, independently
of the reservation OF the sinking fund, the proceeds
OF the sales OF the public lands its reoDaues, and
public faith, soemnly pledged" Il does no, ssy
q for the redemption oi all loans heretofore ncgo-
tated," but all loans negotIaed"-that 10, whether
heretofore hereafter IL Is the face OF il, and by
the legal import Of the WORDS act OF general or per
manent legislation and the obvious motive and objec,
OF Texas required this What could there be in
providing additional security for loans already negotiated,
nay, rating the security given by previous acie and
leaving without any security loan to be negotiated like
the stocks Of February s. lSa0s For be u observed mat
the loan contrary the condition o every other loan pro-
posed by the republic stands without apparent security
think the explanation of which is plain to wit: that
the loans OF February 5h understood TO be Gov
cred by the provision enacted three weeks before,
on the 1ith of January That act OF January i4th
is an act permanent in its nature, which BY ns title
both past and future loans. the 18th stands between two
sections, the 4h and 10th, the former OF which deals
expressly with loans both past and future, and The latter
xcusvely with loans yet TO be negotiated BY ITS own
terms by the terms OF The nc; OF winch IL il part, and
BY the immediate context, IL is standing enactment 10
protect all loans which had been which might be me-
goated for the republic.
Now, the provision OF the act of January IA, 1910,
pledges the revenues generally for the seeurty o any
loans negotiated by the repnblchas ~ 10 say all
enues including duties imports. | repeat here the
remark made before TO the effect OF the evenues
generally-that il must, in my judgment, be taken as
rom nd np duties on imports whole including all