Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1854-12-22
THE: TEXAS DEBT.

J., l
The bill ;or III. adjustment nml satisfaction u! The
claim. u! the Texas creditors, 10 Which We have nj
ready advCr,cd proposes fiIRl settlement o. sub
icct which has been prndinc for eight Years, an,i
which hrs prn'r 10 b" fu Of cnbGlTa:-:ren;3 :" all
concerned. When TcAu, was annexed 10 the mon,
her revolutionary debt va. unpa;!-s amount being,
accor,lu. 10 our recollection, something NOR" 'hai
ten millions Of dollars; and ur the payment oi Il her
revenues were specifically pledged. II has been
maintained bv very c:uinrm; statesmen and lar7;s,
ihat one of the legal consequences 81 the nrprpora-
ton oi TcXas int" tninn was, that Tie govern
mcn Of the United States r. came responsible Tor thc
puTnncr; Of this debt. Il i. certain, however, that
ilIe revenues pledged were thereby made 20 inurc IL
the United Stat,-, and M0, 10 the State ol le&nS.-
When the question rs 10 the boundary u; Texas was
adjusted in 1851, the United States agreed to iay
ten millions Of dollars III bonds bearing five per cent
interest and PAYABLE in 1861, Ia: rcrquis!Inct by
Texas Of her cuim 10 ihc territory in dispute. hrr
millions of which bonds 10 bc held 10y the tnI
ted States until the creditors Of Texas filed d re-
lenses of their ruilns. Tho creditors cclmcd /" hic
releases becaiise their claims amounted 10 more Tia!
double The sums held Dv The United States. Va
the other hand the State of TrSa. dcclined to recog
n!sc the claims o h"r creditors - thar iul aHl"i'h
but insisted Oh scaling thrn, nui making pro rate
luvincnt according 10 q fixed rate of scnlinS. The
buud, have been rclan"d hy the Gov crnlnent III con
sequence u. i!usc embarrassing questions, aau 10
ccthcr with ;a in;ero.: and premium, amount on ih(
let OF January, 1858, ~ six and Gli !n!I.its {" d."
ll-r. his HuluuGl, u IS uN' Crr'N COuCEucd lHt I
State. are hound 10 pay either TO Texas to her ere
dcrs; and il tho payment IL deferred unit! lo";
when the bond. axe paTabi,, i. is conceded by a'
that the United Stae= will have IA pay eight aud I
hall millions. This j. the annu@: which the bill pr"
o--s pay il l.u OF issuing the bonds aiid dc
lcrrinc their payment until lS6i,
Tie oYv question which cGlhnriasscs III" pn--ag'
nj the bill ~ far IL we G:2 ad"lstG, ARISES from W
proposition 10 pny eight and hall millions Instead
ihe six and half millions already dac. The rr'sSo"
4 Il. I rT-
shape as We gather from the r'.!Tt "t the F"'''':
Committee aud from he Gni::. ua ia" Inoa"ure II
tho Senate may be SEATED in brie: as follow
Iti controversy between Tax"-, her er' d.':"r'
G thu Claim ia, "lie q r S" non,si an on. hu; -.tr o
calrg ;ham. The CREDITORS rCiIsa 20 submit 70 h
ac ul -cn'ing. 80 Ioag as this controversy continu"s
! hr Cuitu S;atGs mast hOld the ave millions Of bnmt-
hearing annual interest o tiv. per cent. The GOV
crancut cannot mani. them OYER uniI releases ar
! filed, uId rcica-cs cannot be LlnI except upon Al
~ scccncu; between Texas and her creditors. B--id"
thsc difficulties, IEX, ana ht. Crr'iit,,I- MAINTAIN
and with force Of heal and moral persuasion whIc
i; il very difficult 10 resist, t!!:, tho government
the United States IS responsible n0i only inr the .r
! millions, but for the Cutrc debt which amounts !.
eleven Gud half millions.
III this state U things is believed to be morally
certain thut Texas will not give her 10 any
which merely di-'ribu,cs e five millions, am
eaves her liability i"r tho remaining E:S md hn
millions unsettled. On The other hand, il Is oquHl
c"ria:n ;hat tho creditors will rli:lGuish their c
tire claims upon the payment Uf css than halt :hGi
amount. They believe TINT i5r United States re
spnnste for the entire am0nE;. aud in this upillo
| they hre rnsiain" b.: senators who have cxal!uc
! thu wiuic question, an they ara therefore un"liiIn
o lose more than ha their claims The cnsc sIs s,,si
the necessity for compromise, and the bill i, frame
upon tho principle ui = compromise. Ii is to be sUb
ini:trd 70 Irxas, and VIC have every assurance thu
.ho will give her assru. The Creditors have n,rcli
agniiIrd their assent, and il only awaits the rnncuu
"i the House 10 become II crm.iunlnGed Adjustment
TaxG. will he hcnctiir! in harn;: her Revolutionary
Grb paIi and her Crc.iit .rcu: elevated The cTc'i
i.ors lose three millions OF thci! claims. but laT
agreed In submit Ia t!u lose in consideration ri prnnp
navnuHi, ani bcCaU-r thry have airu:dy sG,ianet
heavy sacrifices in ;!!r past delay. The Cni,"d $tn.c
. relieved from h" question M to thri liability IA
the eleven millions and half and, upon the supposi
ton that hey responsible, three nliious b,
the hill
As financial operation. tic hill before the Hons
seems wise and desirable Tor the governments
Five million dollars Gi tni;cd States bonds, bearin!
five per cent interest, belonging either 10 the Stale 0
ToxuS or her creditors held in trust hy the gov
crnmcn!. They wcr. asuad we think. i'll January q
1851. ihey are r.:',ccInablc hy the government
uulrss BY the consent .! the holders, till January
1865. The principal "f lac bonds, ithc premiums TN
holders could receive ii thcvwcrc sell them in h
market now aud th" nterc-! due mp to January, ls5j
amounts 10 about SIN millions and i've hundred thou
sand duars. Now, Il. the bonds arc lying in III,
treasury and drawing interest, which, together will
the principal and premium, in January, 1868, won!'
amount 10 eight million and ivc hundred th"u.anI
dollars, and tho treasury is overlooking, and tn
money il lying idle in The government vaults. and n
in lStS tho government must pay III. amount prnp"s.c
in ID" bill, and i'll the mean time probably realiLo NJ
benefit from the money, II would sccin that, aside
from the consideration of securing release nf up
wards Of eleven millions, it would be the par; Jus
tics for the government 10 pay the amount. and thu
put il III circulation for the benefit uf homes, CREDITOR
and The partial rcr; "i the commercial interest %! III.
nation. Hence ho:l financial operation and as
compromise adjustment OF embarrassing and irri;a
ing questions, but hopo that Tn" bin will b(
triumphan,iy passed b. the ilou=c i; has beer
bv the Senate.
That it may be seen that our rcTnnrss are fully sTa
tained by the facts, we quote the concluding para
graph OF the report OF The Finance Committee oi th'
Senate. NJ follows:
The ainnunt of III" debt Of Texas held hv her Gro
dtors 10 be liquidatcd under The provisions of th
bill, princph! and crcs ;s abOu; eleven and hal
millions OF dollars. These debts were contracted bl
Texas when sho hnl entire control of her rcvenue,
and lands IL wus undoubtedly the intention oi Con
grcss in the passage "f the compromise ,ncasu ur,, !'
retain sufficient Of the millions pay oil thrs,
debts Of Tcxas. This bill proposng 70 pay 10 these
creditors eight and hall millions Of !olars, with tho
assent OF Texas. in lieu oi tho FIVE millions Of five per
cent bonds is only carrying ont that ;cniion without
increasing, i'll tho slightest degree, what w0u1 be thi
liability OF the United States at the expiration of thr
fourteen years which these bonds have 10 run. The
whole question, indeed, is narrowed down to the sim
pie proposition, whether the United States will wip.
out debt Of eleven Hnd hut millions of duur:, Ia!
which ultimately they will be held responsible with
heavy accumuutng interest, By the payment "i eight
half millions u0w-an amount wh!c! AZ the cSnir1
ton OF ten years, they have Obligated themselves tc
pay, and thus settle most unpleasant. difficult AID
embarrossin. controversy with Que Of the Statos %
the Union. The subject has been before Cnngrcss
since eighteen hundred and vrys!y. at the instance
both of tac creditors Of Texas, and Of tho Treasury
Department, and il i. extremely important that some
fair. proper and honorable adjustment should be nude
To this end the committee recommend the psssegc
Of the accomponyin. bi!l."- Washington EHica.