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


ally;
sxc Amd be il fiasr enacted, That il shall be law.
f for the Secretary Of tho Treasury at any me aier te
first day Of July next TO issue to The STATE o b
the stock mentioned in the INST proviso OF tue
fifth article OF the first section Of the act enea M ao
proposing the State of Texas the o. he
northern and boundaries tho relin9uishment py
the State OF all territory claimed by her exefio 70 sau
bou ndares, and OF all her claims upon me ghed
aud 10 establish territorial government for New Mexico
approved Septembet g. 1850, shall be equivalent IN
amount TO the releases OF The claims oi .ne @ a. ~
at the treasury as said article is proylded and In IKE
from month TO month TO issue SAID stock equiva
ent such like elegses may be thereafter ned nnt
the whole amount OF the five millions reserved by SAID a
Gle 10 exhausted.
There are FIVE millions of five per cent stock in the treas
ury already printed and hed up and ready TO be issued
There is an existing contract made In 1850 with The Stale
Of Texas by which il is provided that whenever that
class of creditors OF Texas for whose payment the rev
shall release the United States that stock is to be issued
10 the State OF Texas That's the law |, is part OF the
Compromise il is called OF 1850 II is an existing
contract with Texas TO issue mat STOCK 70 he S.ae o.
the United States The Secretary of the Treasury has
construed that law TO forbid the issue OF any portion OF
that stock until every creditor o that class mas released
the United Staes aud believe he has construed cors
rectly upon it's face; bat do not believe was the n-
,enton OF the law thus embarass the issue, although
il is 80 upon its face. | informed from sources In
which repose entire credit, that there are about one
thousand six hundred persons OF this class OF creditors
against Texas There about one thousand six hun
drsd persons holding this class OF debt IN various sums
ranging probably from $500 TO $50 000 or TO
Until every one of them releases the United States
the law now stands OF them can be paid through
Texas or otherwise | am informed tool made no In
quy The treasury but am informed IN general TERMS
that comparatively small amount has been released
only few hundred thousand dollars The object OF this
amendment simply TO provide that instead OF waiting
for the REIMBURSEMENT of all the creditors OF the State.
the Secretary OF the Treasury shall be authorized to issue
stock The State Of Texas, pursuant 10 the contract
fast The releases come in. That is the whole OF the
amendment do not to 60 into debate, and ii the
bill is delayed by debate il will be from other sources
Mr. GWIN do not know whether the senator in
tends TO delay it by debate not but look at the facts
We have now been here eight hours IN session. We
are about finishing up the civil and diplomatic appopria-
ton bill II this amendment be seriously persisted in,
we shall probably spend the remainder OF the night and
lose all The appropriation bills. Gentlemen may say there
friend from Texas, [Mr. RUsK He has volumes there
which will take hours 10 read, and he has speech two
months old on the subject
Mr. MASON He is in favor OF my amendment.
Mr. GWlN. But he is going to speak hope this
Texas debt question will not be introduced at this late
hour of the session and OF the day, for am certain that
that il will lead to long and unprohable debate SO
far legislative action IS concerned, Will be ike Inc
iron question; shall have long discussion and
finally the proposition will be Withdrawn, or 1t Will be
voted down.
Mr. BUTLER | ask nothing but vote on this
amendment II proposition involving considerations
OF private Justice Here is fund OF IS, 900 ,000 and
there persons entitled 10 take it, They are willing to
take their share OF II under the terms prescribed by Tex
They willing and anxious 10 come IN and sign
their releases and take their money! much as they are
entitled 10 according 10 the administration OF Texas Can
il be possible that confederation OF portion OF these
creditors will have In their power to deny TO those
who willing 10 accept and sign Of the right to do SO
This proposition palpabe OF justice as have
ever presented. cannot go into this subject to-
nigh, knows but II you allow lew OF those persons
who are creditors TO forbid others who willing to take
their share OF this fund hon coming IN and taking IT, 1t
is nothing in the world but dog IN the manger using
his power 10 forbid others taking what he himself can
not enjoy.
could 90 into a long argument the subject; but,
like my friend from Virginia, will not argue II. but pre-.
sen, il as naked proposition. There are $5,oO0Ooo in
the treasury, and there those who are willing to ac.
cept their share OF it, Is it to be in the power OF others
10 deny III II others choose 10 say they will not take IT,,
lei them not forbid those who are willing TO take u.
That all ask on the part OF those willing to accept
You may put in either one point oil view or the other
We made Texas administrator TO distribute assets
and say what due YOU may view il as an assign
men, The part Of Texas and she asks the creditors TO
come in and sgn of, we lawyers say. Now II would
be mon slrous proposition when debtor had assigned
50 much for all his creditors that should be IN the pow
tr OF any portion OF them TO deny others from taking
what they choose 10 accept.
Mr. PEARCE The senator from Virginia has truly
stated the provisions OF the act OF 1850. have man
ner OF question Of the correctness of the construction
placed upon that act by the Secretary OF the Treasury
Though cannot pretend TO speak TO what the
Of the Senate at tue time OF the passage OF that act
speak ~ 10 what was the object and purpose OF the
member Of the Senate who introduced the bill OF 1850
introduced that bill and drew up that provision myself !;
and il my object, here avowed on the floor Of the
Senate by that provision to compel Texas and the cred
tors OF Texas, il possible, to TO agreement
hoped that it would result in action by that State very
different from what has been adopted
The object OF the from Virginia, ii carried out
will give very different result from that which the
a'or from South Carolina seemed TO suppose. should
have no objection to the proposition the action OF Texas
r allowed
TO come in and share alike, there would have been
reason for obectpg TO the amendment Of the senator
IRON Virginia But II proposes different thing. Ii is
not TO allow each one TO have his share as the senator
to have -eigh,hs OF what is due them upon the
lace OF the obligations which they hold, and another
class bu, seven,enhs OF what is due them the OBJ
legations which they hold.
Mr. MASON The senator will allow me TO pu, this
question 10 him: ask him il the amendment which
offer does not leave the law OF 1850 precsey where it
all the creditors release you issue stock Texas as fast
ssthey release Does not my amendment leave the
law exactly il stands with that single modification
Mr.. PEARCE. II leaves il in this condition; 1t
leaves The fund reduced by large payments TO class
and an insufficient fund for the payment Of another class
MT MASON. | am sure the senator will give me an
answer 10 my question ask him II the amendment
which propose does leave the law of 1850 precisely
nnnf Does It not leave all questions between Texas
ana net creditors where that law left tbem with single
moneaooh that the stock shall be issued fast as the
oane m instead OF requiring all to come in be-
lore any snail be issued
MI fEAkCE ! am pointing out the precise point in
which thnk differs from the statement of the honor.
able senator say that the operation of The amendment
$50 give one portion larger share than o,hers-,o give
claae eghty-seven and half cents an5 anoho, m
twenty cents on the dollar. My reason for wi,hhod;na
assent 10 the senator's proposition ia becansa i ~
unwilling 70 give the sanction OF Congress 10 anv such
Mr.. MASON The senator win allow r0o ..
ask him y that law OF Texas by which the deht of