New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1855-07-16
THE TEXAS DEBT.

Gov Pesrce. at present candidate for Goyernorship
in Texas has published his views relative othe Teras
debt. He agrees with Senator Rusk that il Is good
policy for the State to sccep; the act OF Congress aud
bieyes that no policy can be beneficial which Is not
based upon State aid.
The debt of Texas is two fold. One the largest
norton consists Of those obligations and Liabilities 'or
Which the duties imports were pledged, while Texas
was an independent republic. his Is the DEBT wnlcn
i the subject of controversy in which the United
States are party was sought 10 be settled hrst, by
the Boundary bill of 1880 and now by the act proPos-
ing q COMPROMISE between Texas and Der credtofs-
the survey 70 be paid by the United States.
Tie other portion of the debt, not secured by pledge
of the customs has been paid by Texas out OF the pro-
ceeds of the five millions Of bonds which were paid
her under the Boundary act The reserved nye mil-
hons have remained IN the Treasury Of the United
Saies because the three parties, the United States
the creditors of Texas and the State Of Texas, could
not agree upon the acceptance and execution OF the
terms il proposed.
The United States would not pay any Of the money
without release in full from every creditor OF Texas:
a majority OF creditors would not release Texas upon
the terms of settlement which she dictated and Texas
was infexibe in her refusal 70 modify her law or
charge her position
at the tine Of payment, under this act with aceumu
arg interest If scce JeC have reached 10 g, $50 OOO
TIE United States offer 10 distribute among the
creditors s. 49, O00 but il must be in full and final
settlement anu accompanied luu Icitdrtc
the Iafiies inier sed; and Texas mus also reease
entirely and finally her claims against the State grow
ing out of Indian cepredatons.
The bill requires final clearing up Of the coniro-
verss in all s branches and for this the United States
ar willing 20 add 100000 to the grant of 1850.
The par value of the debt, with interest up to july
1850 when the interest stopped BY law of Iexis
was SlO.C29 3O7 60. The amount OF debt acknowl-
edged bv Texas at the graduated rate which she
ADOPTED on the same day, was si,i36,s39 y.
The new bill therefore would pay the Texas credit
ors about - cents on the dollar OF the amount OF
their claims allowing them the benefits OF The interest
for the time the United States bonds draw interest. II
the Texas law were TO prevail in the payment, the diff
fereuc. in favor Of Texas would be about $500 900.
Ills will be increased by the consideration that
some Of The creditors of Texas would receive less by
the oct of Congress than they would under the Texs
law. and the Governor thinks il point Of honor for
tie State TO make this good.
Ills amount s a little over 100000; 80 that the
concession Of Texas for the Gal adjustment OF tue
affair will be a little over s5Oo,OO0 that Is that the
sum paid for and her. will be less by that amount
than what she expected 20 receive, and has hitherto
insisted upon receiving, but which there has been no
CHARGE at any time that Congress would give her.
Gov. Pease is decidedly for acceptance. He thinks
the subject ought to be referred directly to the people
and that il is their interest acquesce in the prOpo
sition of Congress. OIe alluring argument he pre-
sents IT, that with this subject satisfactorily disposed
Of Texas will be entirely out Of debt, aud with sur
plus fund in her treasury of S3,75 ,l63 90.