The daily union., 1854-07-25

suggests The necessity for compromise and the bill
framed upon the principle of compromise II is to be
submitted Texas and have every assurance that she
viii give her The creditors have already signiied
their assent and only awaits the sanction OF the House
to become consummated adjustment Texas viii be ben
Gifted having her revolutionary debt paid and her credit
greatly elevated The creditors lose three millions of their
claims but have agreed to submit to the loss in consider
alton of prompt payment and because they have already
sustained heavy sacrifices in the past delay The United
States relieved from the question as to their liability
for the eleven millions and half and, upon the suppos
ton that they responsible three millions by the
bill.
As financial operation the bill before the House
us wise desirable for the government Five million dol
lars of United States bonds bearing five cent interest
belonging the State of Texas her creditors
held in the government They issued we think
in January of 1851 They not redeemable by the gov
enment unless by the consent of the holders till January
1865. The principal of the bonds the premiums the hold
could receive il they to sell them in the market
now and the interest due up January 1855 amounts to
about six millions and FIVE hundred thousand dollars.
Now, the bonds lying in the treasury and drawing
interest which, together with the principal and premium
in January 1865, would amount to eight million and five
hundred thousand dollars the treasury overowng
and the money is lying idle in the government vaults and
in 1865 the government must pay the amount proposed
in the bill and in the mean time probably realize
benefit from the money, it would seem that, aside from
the consideration Of securing release of upwards ofeeven
millions it would be the part of justice for the government
pay the amount and thus put in circulation for the
benefit of honest creditors aud the partial relief of the
mercal interest of the nation Hence both us financial
operation and compromise adjustment of embarrassing
and irritating questions but hope that the bill will
trumphanty passed by the House it has been by
the Senate.
That il may be that remarks fully sustained
by the facts quote the concluding paragraph Of the
port of the Finance Committee of the Senate foIows
The the debt of Texas held by her creditors
to be qudaed under the provisions of this BILL principal
and interest about eleven and half millions OF dollars
These debts by when she had entire
control of her and lands undoubtedly the
intention of Congress in the passage of the compromise
to retain sufficient of the millions pay of these
debts of Texas This BILL in proposing pay these crd
tors eight and half millions of dollars with the assent of
Texas in lieu of the five millions of five per bonds
only carrying out that intention without increasing in the
slightest degree what would be the liability of the United
States at the expiration of the fourteen years which these
bonds have to The whole question: indeed Is
down to the simple propositions whether the United States
will wipe out debt of eleven anda half millions of dollars
for which ultimately they will be held responsible with
heavy accumuatng interest by the payment of eight and
half millions amount which, the expiration Of ten
years. they have obligated themselves pay and thus settle
most unpleasant difficult and embarrassing controversy with
of the States of the Union The subject has been before
Congress since eighteen hundred and ortysx, at the in
stance both Of the creditors of Texas and of the Treasury
Department. and it is extremely important that fair
proper and honorable adjustment should be made To this
end the committee recommend the passage the
nyng bill" isfl