Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1853-03-19
REMARKS OF MR.. BUTLER,
In THE SENATE, MARCH /, 1853
OF SOUTH CAROLINA,
On tie Assumption Of the Debt Of Teras.

Mr.. BUTLER said know that this is not time at
which can expect the attention of the Senate but al
low me to make two or three simple propositions, and
shall make them as distinctly can. The honorable
Senator from Delaware says the United States not
liable primarily to the creditors of Texas and that the
United States under obligation to those creditors
unless they have assumed that liability by the boundary
act What proposition Have the United States be-
come underwriters to pay liabilities after they were in
CURED, when they not originally table, Does any
body believe any such thing
Mr. BAYARD. did not state that the United States
wsre bound under the boundary act On the contrary,
said their only obligation in reference to the debt existed
under the boundary act ! endeayored to define what
that was, but did not contend that it obligation
to pay the debts
Mr. BurIxR. understood my friend fre0 Delaware
distinctly to have laid down the proposition have At
tyibuted him but modified it is BY his expa-
nation, it does not mend essentially the posu
late that the United States originally, now
liable for the public debt Of Texas even under the boun
dairy act All that she is responsible for is to pay the
to Texas of the purchase money for the territory
ceded to the United States under that act the cond
on of the creditors of Texas signing their releases and
this amount bound to pay Texas and not to her
creditors.
Was the land, too purchased to pay debt for which
the United States originally rblef Was there
proposition involving the amount Of absurdity
No. the land was purchased in a crisis of great public
ctemen to buy the peace of the country In the opinion
of many and those Of good opportunity Of judging, the
land wholly worthless to Sir, the pay nent of
the public debt Of Texas had to do with 1T than
chrisanzing the Hottenots. 1t to avert collision
which might have led to bloody civil war, it al
legged and believed by others.
deny positively and unequivocaly that the Govern
of the United States is liable for the Texas debt
The sovereignty of the State of Texas merged
into the sovereignty Of the United States by the act OF
nexaton She left in possession of all the attributes
oa sovereign State saving and excepting the exercise of
of its faculties she had delegated to the United
States. She retained her public domain She retained
the power of direct or internal taxes abundantly and
more than sufficient to pay her public debt AS sove
reign, she had right to into this Union the
terms Of the compact which made it necessary for her
to cede the power levyng mpossor indirect taxes at
her customh house She had right to select of the
sources of her public the abiding and avaa-
bic she had pledged for the payment of her public
debt to wit her revenue arising from the sale Of her
public land She confirmed this selection in the treaty
of annexation, and entered into solemn stipulation that
this debt should be paid out of the proceeds of their SALE
aud that the United States should be called for
the payment of her debt The cited by the gentle
man from Maryland, of the assumption by Frederick Of
Prussia of the public debt Of Sesa has not the remotest
analogy to the issue before Silesa conquered
province BY the act Of her forcble incorporation into
the Kingdom of Prussia she bereft of every attribute
of sovereignty She had power to levy taxes raise
revenue disburse Independently of the pledge of
her public faith which every for paying
her debt Texas had all and every one of her revenues
left save one and that she had to surrender in becom
ing member of the Confederacy Sir, the creditors Of
Texas look to these Of which Texas
has left for their payment To enable her to do this
have paid tenmillions Besides portion Of land, and
the worse portion, too, they have learn hundred
ard ocrcsieft 70 puy the resEe Of the
debit In the face Of thcse<facts clss Of her public
creditors whom She happens think are not entitled to
the Of justice that the rest are, for
ward here with camorous and yocferous ayarce and
to pay three millions and half more the exceed
ingly modest plea that by paying Texas millions
q millions of of worthless land you have
% knowledged your liability for her whole debt Sir shal
e think the modest of speculaor or confede
ration Of brokers, is quite a par with their know
acuteness and power of combining when other peopl
sleep you that there is nothing in the cee
g brated farce of Raising the Wind equal to this
1t must moreover, be recoected that this application
characterized by much difdence preferred the
very year after these S10,0o0000 voted Texas
has in her treasury and in that of the United States
about SS 000 900 to pay her debts and about hun
dred and twenty millions of land said to be Of the finest
quality in the world-and that too to pay debt of
$S300,0 000 Might we not with all becoming humility
ask these kind gentlemen before they make this terrible
onslaught patience, to try that of Texas No.
sir they afraid of finding tough customer there and
by most luminous exegess of finding easy here
Besides, before preerrng this most extraordinary app
cation the good nature Of Congress- onght they not
have shown that by the compact and organized
confederation they had appeared before the Legislature
of Texas? 1t is true that this application is made under
the arithmeca alchemy, that 49, 300 900 of principal
redeem at the expiration of fourteen arny equal
!. to SIS, 600, 900.
But there is act justice which Congress bound
to do the creditors Of Texas in accordance with the
amendment Of my friend from Virginia, Nr MAsoS) II
cannotbe withheld without oppression the most Agan
and unfeeing which is, to allow such Of the creditors
8
release the United States and take their money.
Texas in the exercise Of ber power sovereign has
thought proper, in fixing and defining her debt that she
would return to each class of the holders of her debt the
amount she received each certificate of stock with the
interest called for the face Of the obligation Where
she received par she pays par and down to ninety fifty
thirty, and twenty cents on the dollar.
do not defend either the morality good faith of this
standards but what contend that is part Of the pro-
Of the Government Of the United States arbrae
alter or annpl these rates as tt as il is in the compe-
tency of the United States to coe creditor Of Texas to
accept the settlement thus rendered to him by the act OF
the Legislature of Texas appropriang the S5oOOO0O
now suspended in the Treasury Of the United States The
truth is the United States has nothing to do with it, 1t
is duty which belongs Texas The S 600 600 in the
Treasury Of the United States is suspended under most
extraordinary and unsound construction placed by the
Secretary of the Treasury the oDo in the boundary
act That provides +" that not more than 50 600 900
of the stock of the $40 000 shall be issued to Texas
until the creditors Of Texas whose certificates of stock
secured by pledge of the shall file Mt the
Treasury of the United States releases Of all claims
against the Government Of the United States"
The proyo does say all the creditors, but all the
claims which a creditor might hold The whole power OF
Congress is exhausted when creditor signs his release
and when he does gu he is entitled to the money Texas
has appropriated for his payment.
There are BIZ schedule returned to the Treasury elk
teer hundred creditors Of the State Of Texas to who's,
payment the So 000000 in the Treasury Of the United
States have been appropriated by the Legislature
not one of whom however willing release the United
States, receive his money until all release. Is II
within the range of human possibility that all the cred
tors can agree accept the settlement Texas tenders
But If this assent could be obtained before ii could bt
consummated death might intervene to prevent it, As
has been well put Congress has other alternative
70 modify the PToco and allow such Of the creditors