The daily union. [volume] (Washington [D.C.]) 1845-1857, 1855-07-17
THE TEXAS DEBT

Governor Pease present the candidate for
ship OF Texas has published his views relative the
debt He agrees whh Senator Rusk that is good poll
icy for the State accept the act OF Congress and believes
that policy be beneficial which is based upon
State aid
"Tbe debt of Texas is twc-fod. One the largest por-
ton, consists Of those obligations and liabilities for which
the duties imports pledged while Texas was an in
dependent republic This debt which is the subject Of
controversy which the United States are party was
sought be settled first 10y the boundary bill of 1880
and now by the act proposing compromise between
Texas and her creditorshe survey paid by the Uni
ted States.
The other portion of the debt not secured by pledge of
the customs has paid by Texas proceeds Of the
five millions OF bonds which paid her under
airy act The reserved FIVE millions have remained in the
treasury of the United States because the three parties
the United States the creditors Of Texas and the State
of Texascould not agree upon the acceptance and
cuon of the terms il proposed.
" The United States would not pay any Of the money
without release in full from every creditor of Texas
majority of creditors would not release Texas upon the
terms of settlement which she dictated and Texas
flexible in her refusal to modify her law change her POI
sition
The five millions in the United States treasury viii at
the time of yment under this with accommodating
teres accepted have reached to S6250000 The United
States offer TO distribute among the creditors 81
but it must be in full and final settlement and accompanied
BY full releases from all the parties interested and Texas
must also release entirely and finally her claims against
the United States growing out Of Indian depredaons.
The bill requires final clearing up of the controversy
In all its branches and for this the United States will
ling 10 add 81 100000 TO the grant Of 1850
1.-THE par vsue Of the debt, with interest up July,
1850, when the interest stopped by law of Texas
Sl0o29,3o7 go. The amount of debt acknowledged
by Texas at the graduated which she adopted the
same day, S4,436,s3e 49,
The new BILL therefore would pay the Texas creditors
about IA the dollar Of the OF their claims
allowing them the benefits of the interest for the time the
United States bonds draw interest If the Texas law
10 prevail in the payment the difference in favor of Texas
would be about 100000
This will be increased by the consideration that some
of the creditors of Texas would receive less b. the
Congress than they would under the Texas law and the
governor thinks il point of honor for the State make
this good
This amount is little Sl00000 so that the con-
cession of Texas for the final adjustment of the affairs will
be little over S50000o-hat is the sum paid for and to
her will be less by that amount than what she expected
receive and has hitherto insisted upon receiving but which
there has been chance any time that Congress would
give her"
Governor Pease is decidedly for acceptance He thinks
the subject ought to be referred directly the people and
that il is their interest to acqniesce in the proposition
Congress. One allurng argument he presents is that
with this subject satisfactorily disposed of Texas will be
entirely of debt and with surplus fund in her
ury of S3,754,l63 SO.