The daily union. [volume] (Washington [D.C.]) 1845-1857, 1853-03-24


have moi now by me the papers on the subject.
know there has been legislation by Texas since and
believe The report OF the auditor and comptroller oil Tex
as Classifying these dates, was made subsequent 10 The
passage oil the boundary act. and that II was confirmed
adopted by the Legislature subsequent TO the passage
of the boundary act am pretty sure OF that now
Well, sir | do not intend 10 recaplluale all that
have had occasion ray 10 The Senate heretofore this
subject think is unnecessary. aud IT would be i'm
proper But this propositions, me. to ask
to contribute procedure which places the different
classes of the creditors OF Texas upon unequal ground
Sir, am not willing TO measure out justice by scale
to one set of creditors and by another scale different
set of creditors | want to do equal justice to all |
do acknowledge the right of Texas to require OF
TO assent act OF her legislature, by which she de-
claes OF her obligations held by CREDITOR good
for 5000 the 81 ,O00 and another obligation held by
another creditor, good for only $500 the 81 900
have objection. indeed TO her marshalng the assets
in the in which assets usually sail to be
shaled have no objection to her making any arrange
ment with the consent OF the creditors, which she can
i make and that hoped she would do think that we
should not make fish OF and flesh OF another. While
provide for the payment Of portion of these credit
ors, should provide for the payment of the rest OF
them on equal terms l will not consume the time OF
the Senate but send to the Chair an amendment as a
substitute for that of the senator from Virginia II is the
proposition which has been reported by me IRON the
| Committee on Finance.
the amendment is read The amendment OF the senator
/ from Virginia compels TO receive one dollar, but
gives the creditors the option, II they choose to receive
their money at the scaled rate TO do That is the whole
amount OF IT.
Mr.. CLARKE That is Just precisely what we OBJ
ect TO- According 10 the scale that has been made, as
the honorable senator from Maryland says. class OF
creditors has been allowed eighty seven and half or
ninety cents on the dollar, and another class has been
allowed only twenty cents on the dollar You have got
in the treasury of the United States five millions OF dol
lars which, with the interest, amounts 10 five and
half millions, which is held trust by The United
States for the payment OF these creditors Why is il
there! II is because the government OF The United States
has indirectly Recognised lis obligation TO pay those debts
for which the revenues OF Texas were specifically
pledged say, sir. that the government OF the United
States has indirectly recognised it, Such claims
made here and they rejected but upon the settle
ment OF this boundary question: and upon the compro.
mise BILL an appropriation of $40 0oo,O 900 made 10
Texas for such and such lines OF territory IS 900 900
granted, and $5,000,00O were held back. Why were
they held back II that those creditors who sup
posed they had claims on the United States, predcated
upon the hypohecaon of the revenues OF the republic
OF Texas, had equitable demand against the United
States, Now, what is the fact
Mr. TOUCEY. May interrupt the honorable senator
moment, and ask for the reading OF the amendment o
the senator from Maryland
i Mr.. CLARKE Certainly.
i The amendment was then read, as iolows
II Strike all after the enactng clause of the amend
That the Secretary the Treasury shall be authorized
under the direction OF the President OF the United States
have prepared and issued for the purposes, and the
tent herenaer ed certificates of stock, redeemable
at the pleasure OF the United States after twenty years
bearing the OF three per per
from the lst day Of January, 1851 yabe semannnaly
days of January and July each year
dsd That whole amount said stock authorized
be issued shall not exceed IS 333 O0O Aad provided fur
hr, That certificate OF said stock shall be Issued for the
SEC And be further enacted, That shall be the du
ty OF the Secretary of the Treasury to ascertain in such
mode and under such rules and regulations may be pre-
scbed by the President of the United States, which
classes and what amount debt Of the late epub
lie of Texas, the payment OF the interest prime pal OF
which the duties imports OF said republic gen
orally specially pedged and when the is ascer-
tanned the sasac the said Secretary the Treas
ury, he is hereby authorized to adjust and pay the
by issue and delivery parties owning holding the
same their duly constituted OF equal
amount OF said three stock It's par value, the
mode hereinafter stated besides the interest which may
have accrued the since the LIST OF January. 1851
upon said parties giving and filing in the Treasury Depart
ment full assignment OF the said certificates other ey
dences Of sad debt and where any original certificates
other evidences Of said debt have been surrendered
the authorities OF the State of Texas and certificates
have been Issued therefor by the said State said
tifcates shall be received evidence of the original
SIC Ind be further enacted That the classes Of the
public debt OF the republic of Texas mentioned in the fore
going section, those for payment OF the principal
terest OF which the revenue from customs specially
pledged or for which pledge Of the revenues generally
was made, whether borne the face OF the obligations
given by the act OF the republic OF Texas OF January H.
clndng such evidences of debt authorized by law
subsequent 10 the said act OF January H. lSi0 unless the
them receivable for public dues and excluding also all
other debts not evidenced by treasury notes or interest
bearing bonds
src. 4 And BE- ii further enacted That, in estimating
the OF such debt may be held by any parties,
1851 the which may be specified the respective
cehcaes other evidences of the debt which may
been issued by the late republic OF Texas.
SIC. And ben further enacted That, in the whole
of that portion of the debt of Texas authorized be
settled by this should be found exceed the OF
O0 then the stock horzed TO be issued by this
shall be distributed among the holders OF such portion
OF said debt but the said holders neyeheess shall
full release the United States for the full amount
OF their respective claims against Texas as bereinbeioe
provided and claim the said holders OF certificates
evidences debt shall be received and allowed the
treasury after the first OF July 1853 which time pay
ment and distribution aforesaid shall commence.
SKo g. 1ad D, IL farther enacted That for all under
SOO not incloded in certificates oil stock as herein pro
yded tor payment shalt be made at the treasury OF The
| United States in cash
SKc 4 And BE- a f.fh,r enacted That, whene there
shall be than $40 900 in the treasury OF the Uni.
ted ates, and opinion of President II shall be
erpedient do the Secretary oi the Treasury b. and
he hereby authorized purchase the said stock at the
$50 g. dnd be- further enacted That the issue Of said
hcrcnbeore provided shall not be made until the
Of the legislature Texas shall be given thereto
Mr. SEWARD. Mr.. Pre.ident--
/ Mr. CLARKE. | believe have the floor
Mr. SEWARD wish to ask the senator from Rhode
Island whether IT would not consult his convenience for
me TO move adjournment.
| Mr. CLARKE have no objection.
| Mr.. SEWARD. Then, move that The Senate do now
| adjourn.
| The motion was not agreed TO.
! Mr. CLARKE Mr. President, very much in.
debed the Senate for not having adjourned upon this
question: lust this moment very well prepared
to speak upon the question, which appears to TO be
OF very deep interest to the country.
| Mr. President, how comes this claim from the cred
tos OF Texas upon the treasury OF the United States.
BILL called OF 1850, BY which $4,000 900
appropriated TO the State of Texas IS 100000 of which
be issued in stock 10 the State, and $4,000 900 to
be retained in the treasury II s well known that at
the time when the compromise bill was under consldera
ton the Senate OF the United States very great alarm
falt and thai the Union danger.