The daily union., 1854-07-30
From the National IntelIiseneer Of Friday.
THE TEXAS DEBT.

Like who, after making speech a ques-
ton, go examining into its merits have since
remarks the Texas debt been induced look little
into the subject and repeat with increased conf
dence the opinion then hazarded in support of the pas
sage of the bill which has received the of majority
of the Senate To wait in the hope of devsng scheme
for paying the creditors which shall be acceptable each
and every individual Of them, that shall receive the
unanimous assent OF Congress- viii be to put of settle
ment TO the Greek caends the millennium. In looking
into the elaborate and very able debates in the Sem
this subject speech which, besides
its clearness and comprehensveness is such model of
brevity-compressin the question: it were, into nut
shethat for its convenient length give it place for
the benefit of those readers who desire learn Of the
subject;
Alr Toucey said do acknowledge the liability of
the government TO pay the debts of Texas. ]
admit that the admission of State into this Union by
cutting off the right to tax mporations involves abili-
y to pay the debts of that State antecedeny contracted
On the contrary hold that the compact which exists
between the United States and Texas imposes obli-
CATION Texas alone and that we stand fairly clear OF
any claim the part of the creditors Of Texas But
sir have entered into compactand this is the point
to which beg leave to call the attention Of the Senate
have entered into compact with the State of Texas
pay the precise amount which is embraced in this bill
and without a compact get rid of the
obligation of that compact without paying to Texas the
sum of S8, 100000 The compact was to pay S5,O0OO0O
the end of fourteen years with interest at hve per
per annum and five per cent per annum for four
teen years S3500000 TO seventy per cent
which, added to the original amounts to Sa50o00o. The
proposed to be appropriated by this bill is precisely
the amount which have entered into compact with
Texas TO pay for the benefit Of her creditors.
Now sir the only question that arises is with regard to
the time of payment agree by the terms OF that COM
pact delay the payment of the principal to the end
of the fourteen years. and delay the payment of the
interest except the annual interest running through the
fourteen years but when reach the last end and satisfy
the obligation shall have paid eight million five hum
ded thousand dollars The question that is presented to
my mind is this with overfowng treasury with a
vastly larger claim this government shall we prefer to
hold this money in the public treasury and pay its interest
instead of paying it to Texas under arrange
ment by which become entirely discharged from any
claim of her creditors embraced in the bill 1t is true it
does the whole amount but then they had claim
on this government Their claim Texas and this
payment cannot be made unless with the assent OF the
State Of Texas When therefore, the State of Texas
this engagement and receives the money have
discharged our obligation and for the purpose Of getting
rid Of this whole claim willing to advance the money
without any discount deduction and that is what
is proposed TO be done by the bill That being the case
hope it is understood the vote will be taken upon
it without further debate