The daily union. [volume] (Washington [D.C.]) 1845-1857, 1855-01-18

THE TEXAS DEBT QUESTION.

For The rnisn
THE TEXAS DEBT QUESTION.
Some northern editors lately been discussing
question Of the Texas debt without apparently taking
the pains thoroughly to aequat themselves with its pcc-
liares.
There is such analogy they suppose between the
debt of Texas and the debts of the other States The debts
Of Texas incurred while she independent
public; though in her State constitution abe has assumed
all the obligation they impose
Neither there any analogy between the relations which
the United States bear towards the debt Of Texas and the
debts OF the other States BY swallowing up the national
sovereignty Of Texas and thus approprang herself the
from customs the United States government has
been brought into peculiar relations with portion Of the
| creditors of Texas.
been affirmed by that the United States have
thus become responsible for all the debts for which the
Texan customs pledged This il point however
which the most learned ursconsults agreed
and in the present condition Of the question need not here
be discussed There other peculiar relations Of the
United States the debts of Texas growing Of certain
provisions in the articles of annexation and in the bound
| AIRY act"
The state of the case is briefly Ms follows.
During her revolutionary struggles Texas incurred
many debts promising to pay is the case with all gov
ernmens in times Of exigency much more than she acu
ally received and plcdgng tor the ultimate redemption of
those debts and for the interest thereon her an her d.
rect taxes her public faith and in her
from customs.
BY the articles of annexation it was stipulated that
the State of Texas should retain all the public funds
debts taxes and dues of every kind which may belong to-,
be due and owing to- the said republic; and shall also
retain all the and unapproprated lands lying with
in its limits to be applied to the payment Of the debts and
liabilities Of said republic OF Texas; and the residue Of
said lands after dischargng said debts and liabilities
be disposed Of said State may direct but in event
said debts and liabilities TO become charge upon the
government Of the United States
g. The people of Texas did through their Representa-
tves in convention assembled the 4th Of July ls41
assent to and accept these conditions In the State
sttuon adopted by the convention il said ano
bill of atainder post aco law retrospective act
any law mpairing the obligations Of contract shall be
made Thus the convention deprived the State legsis
of all power violate the contracts which the repub
lie of Texas had made with her creditors
A. More than years after annexation the legislature
of Texas passed Sealing her debt alleging that
Texas bound to pay, not what she had engaged to
pay but what she had actually received arbitrarily
ducing the claims in thirty in fty and
in some eighty per cent.
s. The creditors whose debts the revenues from Gus
toms had been pledged refused accept payment these
terms.
g. In order to settle the difficulty the United States
agreed to give Texas stock to the Of $10000O00
making il condition "that than $5,000000 Of
said stock shall be issued until the creditors Of the State
holding bonds and other certificates Of stock of Texas
which duties on imports specially pledged shn first
file at the treasury Of the United States reeAses OF all
claims against the United States for account Of said
bonds
Texas received the bonds to the amount Of FIVE mil
lions of dollars together with back interest on the same
gold to the amount OF $2500o0 and sold portion Of the
bonds at three per cent premium Instead however Of
applying tie money to the payment Of the creditors hold
ing bonds &c. for which the duties imports were spe
r,aI r.
her domestic creditors, who not required ito fe
leases Of all claims against the United States Another
part she applied the payment Of the expenses Of her
State government giving up the proceeds Of her State
to the counties other parts she applied in other ways and
some two millions she retains in her treasury She also
appropriates her lands for railroad other purposes
though Is expressly stipulated in The articles Of
ton that Noniy the OF the said lands after dis
charging the debts of the republic sha be disposed Of
the State may direct
3. Though the provisions stipulated in The boundary
act have not been complied with the authorities Of Texas
have set up claims 10 the bonds for the amount of five mil
lion dollars remaining in the treasury
o. In order to settle all difficulties bill has been pass
ed by the senate pay the holders Of these evidences
OF Texan debt for which the pledged, the
equivalent Of The bonds remaining Ia the eury,
provided they viii sign release Of all claims against The
United States and provided the Legislature Of Texas shall
assent 70 this arrangement In the House committee the
bill has been amended require the creditors
lease Texas well the United States from all further
claims and also 70 release Texas and the United States
from all claims they may have against each other
II is much be desired that this bin may DC passed
without unnecessary delay The subject has now been
eight nine years before Congress and il IL quite
time II definitely settled
The principles the legislature Of Texas assumed in sea-
ling the debt Of the republic such be sustained
without striking fatal blow public credit Admit
them TO be correct and the British would be
ushsble in repudsting one-hsif Of its debts many Of
our State governments would he ushahle In repudatine
= large part OF their debts aud would many Of our
railroad companies
That the politicians Of Texas adopted the scaling