The daily union. [volume] (Washington [D.C.]) 1845-1857, 1853-10-22
The Compact with Texas.
OGsiai Opinion Of The Aitonsy General Of ihs United
States.
ATTORNEY Generals OFyIcE,
September %. 1858.

4
Sra; The questions relating to the construction Of the
compact between The United States and the State OF Tex
as he subject OF the payments TO be made 10 the lat
Ter ox xhc former OF two sums OF live millions OF stock
each ~ consideration OF an agreed change OF the bound
airy oF the said State presented by your letter OF the 7ih
Of Apn last. have been held under advisement until tue
present time partly in compliance with the wish OF d-
verse pafes IN interest desfons TO be heard thereon and
partly Tor other considerations
ihe SuoJect-maiter is a grave one. affecting the
rights o. one OF the States OF the Union, and involving
The good Iaith OF The United States in the execution Of
solemn compact with that State.
The measare OF my responsibility is sensiby increased
BY the fact that The late Secretary Of the Treasury [r
Corwnl expressed opinions The subject which
adopted by the late President Of the United Siaes Mr.
Fillmore and that becomes my duty to review those
opinions which circumstances il is some relief to find
that, shoogh their conclusions in accordance with
those 0f gentleman Of the highest professional emi.
nence and authority Mr. Reverdy johnson. yet they
have not the additional weight OF Official opinion from
the Attorney General for the time being, Mr. Cren-
denl
l,ls, indeed objected, in one Of the arguments submit
Ted me- that the decision ol the late Executive is 10 be
held as hnal in the do not understand IT. how
ever The distinction between thoughts and acts, be-
tween things executory and things executed is obvious
matter executed by one administration cannot be un-
done by succeeding administration. But an opinion cx-
pressed upon matter execuory may be reviewed. and
versed modified at any time before execution The late
Executive in 10 the inquiry of certain creditors
expressed an opinion merely it conferred vested
right il had conclusive binding force. As the for
mer administration, in the opinion expressed by it, re-
sptCHS the meaning OF tne CompaCi, had time fOr
sdeauon locus poenteniG also the present admin
istration has the right this opinion
and the power, and the duty to deliberate the proper
pursue until the reserved five millions OF stock
hereafter described, shall be actually delivered 10 the
| constituted authorities OF the State OF Texas.
BY an act proposing 10 the State OF Texas alteration
ot her boundary upon the terms therein mentioned, az
proved 9th September. $780, (x Stat al Large pp 4i6,
447 chap. i9,) and the proclamation OF December -,
1850. announcing that The Stale OF Texas had accepted
and ratified those terms, Qbid Appendix, No l0.) the
United States, in consideration Of the cesson to them,
by Texas. Of the territory, and of the relnqushmens
made BY Texas, as mentioned in articles first, second,
and third, stipulated by article fourth, pay the State
OF Texas '.ihe OF ten millions OF dollars, slock
bearing five per cent interest," and Tedeemabe at The end
OF fourteen year the interest payable half yearly at the
Fifth Immediately after the President OF the United
States shall have been furnished with authentic copy
OF the act OF the general assembly of Texas. accepting
these propositions he shall the stock TO be issued
in favor OF the State OF Texas, as provided IN the fourth
article OF this agreement.
Provided, also, That no more than Ave millions OF
said stock shall be issued until The creditors OF the STATE
holding bonds, and other certificates OF stock oil Texas,
Tor which duties on imports were specially pledged, shall
first file at the Treasury OF the United States releases OF
all claim against the United States. for OF
said bonds certificates, in su,h form shall be pre-.
scrbed by the Secretary OF the Treasury and approved
| by the President OF the United States"
Upon this OF Congress two principal questions arise,
namely FrsiWhat are, in TACT, The obligations OF the
State OF Texas for which releases be filed in the
Treasury of the United States before the delivery to Tex
rs OF the second parcel OF five millions OF stock and
secondly whether the stock be delivered altogether
after the OF all the releases required aud not
before, whether il be issued parts the filing
OF particular releases
Before attempting to answer these principal questions,
will be convenient TO anaz the several pertinent acts
OF the State OF Texas, both legislative and executive
The public debt OF Texas existing at the passage
OF the OF Congress OF 9th Semptember, 1850, and the
acceptance OF the terms thereof by the Stale OF Texas.
bv ACT OF her legislature approved 25h November OF the
same year, arose out OF the following acs OF the egs
lature OF the Stale, viz:
l. "An act 10 authorize the President 10 negotiate
oan The bonds OF the government. not exceeding hve
millions OF dollars" Approved 18th November, 1886.
By section 10th, for the punc,ual payment OF interest,
no, exceeding len per cent per year and na redemption
and also all proceeds OF the sales OF the public domain
and also all taxes on lands which may 10 this
government alter the 1885. hereby reserved and
In this act duties on imports" are not especially
pledged" The republic OF Texas had not then imposed
duties on imports
"An act 10 authorize the consolidation and funding
OF the public debt" Approved 7h June, 1897. TLis act
authorized the public creditors OF the republic OF Texas
to iund Their demands oy taking certificates OF stock,
bearing interest the rate OF per per
payable annually the stock be divided into shares
OF one hundred dollars each, redeemabe al the
OF the after the first day OF September lS42
TO the amount OF three millions o, dollars. much
thereof necessary 10 satisfy the Liabilities OF the epub
lac.
SKc O. The public faith ia hereby pledged for the
redemption OF said stock aereeaby foregoing pro-
visions and much OF the public revenue arising from
mpost and direct taxatiop may be pecessary meet
The annual interest OF the funded debt, is hereby appro
| pra,ed and apart for tina, special purpose.
"SEc T. All Just demands against the government TO
be ,ccived at for stock certificates provided the
shall amount 10 shares il not, the creditor
may make up The deficiency in cash, having discount
on the stock at the rate oil ten per cent.
BY this act the duties on imports" were specially
pledged.
| 8. The next act authorizing the Issuing OF
promssory notes OF the government, approved 9th
June. 1887. This act authorized The issue Of notes pay
able at the treasury, of ess than dollar each.
nor greater Than one thousand dollars each.
SEC Said notes at any time before or after ma
tur,y shall be considered cash. and shall be received
for all dues owing or coming 10 the government"
SEC. 8 authorized the President OF the republic 10
sell .e hundred thousand Of land scrip not less
placed The public treasury, be paid only Tor
dempiion OF these promissory notes.
"SEc 7. All improved forfeited lands are hereby
pledged Tor the redemption OF these pomssory notes of
the government and in addition the faith and edit OF
the government are hereby soemnly pledged" And a
subsequent act OF May 49, 1898, authorized the reissue
OF these notes from time 10 time they returned 10 the
treasury, 90 that they operated as circulating currency
OF paper money.
The express pledges the act OF June o. 1897 not
of duties imports bnt only the proceeds OF certain
land scrip, and all improved forfeited lands.
a. The next was act 70 authorize the President to
negotiate loan the bonds OF the government not
ceedng five millions OF dollas, approved the 18th OF
May 1898 The interest TO exceed per cent per
year
This act made these bonds receivable for the purchase
OF the public lands at the minimum price, and any hold
er might pay with them bis bids for the lands sod a,
pubic auction
SEC. 2 authorized the commissioner TO sipulate
that The notes Of any bank 0! banks purchasing such