The daily union. [volume] (Washington [D.C.]) 1845-1857, 1853-03-26

from Vermont 10 occasoned by MS conioundng or rathe
using Synonymous. the terms pooer and right nation
may have the pousr 10 do many things which would be
| utterly wrong for II TO do.
concede that nation because of its sovereignty has
the poer fepudate its debts, but cannot draw from
this concession OF ner as the senator does the right oi
the nation so 10 increase II.
had intended. If earlier opportunity had been af-
orded me- 10 enter at large into the argument OF this
ques,ion-an intention which the late period OF the
sion and the state OF the public business render il mprop
Mr. HOUSlO Mr. President, that il has ne yer been
the intention the desire OF Texas 10 escape the pay
ment OF her true liability true. 1t has not been through
her agency that the application has been made for the
amendment introduced by the honorable senator from
Virginia.
Mr. PRATT did not say il
Mr. HOUSTON | have this remark to make to the hon.
otabIe senaorhat the debts the value OF what Texas
received which held by the will be paid
We eschew Spectators. None OF them were found in
the day OF Texass need They acquired the bonds after
they were scaled TO large amount OF what they now
possess know II is supposed that had money IN Tex
as which was as mistake as any man ever made
daughter But wrIttek to To obtain money for
tile purpose of purchasing these scaled liabilities ut fifty
per cent discount was written to by gentlemen, and
told that they could be bought up at that rate and that
was fine speculation. will say that replied that did
not speculate, said that | would have nothing TO do
with it. Gentlemen had written to me from Philadelphia,
and from other cities in the Union saying what descrp
ton Of bonds they would advise TO make investment
in it | wanted TO speculate. These ule items
that rather interesting 10 show why these gentlemen,
who received the bonds OF Texas when they de-
from Maryland has stated, that Texas rather lie FIX
ecutve OF Texas did up to the year 1913, that she
would pay rightly and Justly every cent that she owed
rightly and Justly. She did not say that she would pay
the rascay claims which made against her Ii
only that the just and righteous claims would be paid
She is able TO take care OF her own business The egs
a,ure take OF her business Give her the money
aud she has the means to pay her Liabilities, and she will
Justly cancel every cent that she owes.
Mr.. DOUGLAS. | did not suppose that this question
TO be brought TO to-night but if it is must
be permitted TO state briefly my position in reference
do not now think, and never did think, that the Uni
ted States were at any time responsible for dollar OF
the Texas debts When persons chose TO buy Texas
bonds. they trusted 10 the faith OF Texas If Texas had
in addition 10 her faith, pledged any revenue, any spe
clhc property, still those who took the bonds Of Texas
trusted only 10 the faith OF Texas, because they must
have known that Texas being sovereign State, had the
right at any time to divert that revenue into different
channel If she saw proper The pledge therefore, of the
revenues OF Texas or her lands, any specific fund
simply pledge of the faith OF the Slate in another form
Ii may be sad that if Texas did divert that revenue al
erwards she violated her faith You may say that bat
still she had the power TO divert 1t hence whether Texas
has acted in good faith towards her creditors that point
OF view s matter between her and her creditors with
which We have nothing TO DO.
As 10 The resolution OF annexation, there is nothing
in them from which argument fairly, in my opn
ion, be drawn that the United States are responsible
am willing that the senator from Maryland should enter
tain the opinion that is not question upon which
court would hear an argument. | am willing that he
should repeat and again, he has done with
much emphasis that there could be doubt about
it, Sull must be permitted to entertain my own opin
ion. The resolutions OF xaon clearly show that il
not the understanding between the parties that the
United States should the debts of Texas On the
contrary, they clearly show that the distinct under
standing between Texas the part and the United
States on the other that were not assuming those
debts. why! Because the resolutions say so in SO
| many words.
The senator has spoken OF the resolutions treaty
with reciprocal guarantees. care not whether call
1t treaty or not II was a contract between the two
publics by which the absorbed 10 the otherby
which Texas became member OF this coniederacy-and
in that contract 1t was stipulated that Texas should
her public lands 10 pay her debts, and dispose OF
the residue as she saw proper We did not guaranty the
lands 10 her. did not cede them TO her for that pur
pose that IS simply reservation on the part of Of
| the contracting parties OF that which was her own
which she had right 10 dispose Of And che said in
that contract that she reserved her lands pay her debts
and apply the Residue 10 such other purposes she
proper and in the same clause is distinctly stipulated
that the United States be chargeable with any
portion of the debts OF Texas Can there be anything
more plain than that by the articles Of annexation Texas
only TO become State OF the Union, remaining her
self responsible for her debts, and retaining her pub
lie lands with which 10 meet them | do not, then
think i can be said that the United States incurred
the slightest responsibility, directly or indirectly, legally
justly TO pay one fartbng OF those debts Certainly
we did not legally.
Then, sir is there anything in the act establishing the
boundary line that binds US to pay the debsi There il
is true bound ourselves TO give sic 600 900 for
tain portion of territory claimed by Texas Five millions
were directed TO be applied TO that portion Of the debts
for which her revenues were pledged confess that
the provision not favoriie with al the time
But the question now with which we have 10 deal is
what is The effect of III The effect OF IL is simply this
We pay Texas $40 000, 900 IS ,000O OF which
be paid Immediately, and the other hive in certain
togency, We certainly thereby have not assumed any
debt There express implied assumption there
Is legal undertaking TO assume. Is there moral one
Will 1t be said that by your annexation OF Texas TO this
Union the means OF Texas TO pay her debts dimn.
ished Norman will pretend that they Did any
OF the holders of Texas bonds claim that The annex
alton a sacrihce OF his nierestl We all know that
there was not Texas creditor in America that was not
an advocate OF annexation upon the grounds OF promo
ting his pecgnary interest DO we not all know II
Do not know tha, the bonds went up in the market
Immediately when Texas annexed Do we not
know that The bonds became enhanced in vauel And
whyl Because IL increased the confidence that the debt
was 10 be paid We all know this The fact. Then
were the bond holders put in any worse pecunsry con
don Gy the compromise that settled the boundary OF
Texas Did you find the Texas bond-bolders against
the boundary act-aganst the $40 000,0O0l We all
know they The most patriotic gentlemen in America
for saving the Union, particularly IL Texas got 00o0,
600 for It, Sir, Their patriotism oozed out and burst
forth from every avenue, when the glad tidngs came
that the boundary settled, the Union saved. and
pecally that Sl0000,000 went to Texas because they
going get the ull value OF their bonds from that
act The bonds enhanced in price after that act,
showing therefore, that the Texas bond holders lost
nothing ty action. On The contrary they have been
benefited. Hence to the conclusion that there is
no legal or moral obligation part to assume one
dollar OF their debt unwilling 10 do any act by
which shall recognise the remotest obligation on Us
even to pay dollar OF those debts
With regard these IS, 900 Ooo am willing 10 pay il in
any way that shall be agreeable to Texas and the bond
holders Jointly provided that you do not thereby assume
any new liability, increase the amount to be paid
willing 10 augment the amount, TO extend our
liability dollar beyond the S00o0o00 II there is
any other mode of paying the IS 900 900 more beneficial
10, ba hon -hol he dnnp hv he ntof