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320 CONG.....20 Sess.

Texas Debt-Mr. Hunter.

SENATE.

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per cent.

be paid to Texas will not occur, and the necessity ary 14th, 1840, unless the act so authorizing them contained

TEXAS DEBT." for iheir issue can never arise. Indeed, if it be ne- such pledge, or made tbeni receivable for public dues; and cessary, we can hold these evidences of Texan debt ese dorintéressbearing beelds, not evidenced by Treasury | SPEECH OF HON. R. M. T. HUNTER, which we may receive under the provisions of this The other amendments are merely formal.

OF VIRGINIA, bill as an offset against any claim ihat Texas might

Now, sir, I may be asked why I have not prohave for the $5,000,000.

In the Senate, February 10, 1853, vided for payment out of the Treasury of the Texas herself has proposed to us that we shall United States of these claims in cash? To that I

On the bill to provide for the payment of such modify the act of 1850; but we do not propose to would answer, in the first place, it is rather a large

creditors of the late Republic of Texas as are modify that act. We propose that, inasmuch as the provisions of that act do not seem to be likely to the Treasury of the United States to pay in amount, and it might not be altogether convenient

comprehended in the act of Congress of Sep

tember 9, 1850. to be carried into effect by Texas, (by her procur- | cash, especially in view of contingencies which

Mr. HUNTER said: ing releases from these creditors,) to make an ar

may arise, and for which every prudent Govern- Mr. PRESIDENT: I was in the minority on the rangement with them ourselves; and that arrange

ment will always take care to hold a sufficient Committee on Finance, from which this bill was ment in nowise conflicts with the provisions of

amount of funds in reserve. that compact. There is nothing in the compact the issue of three per cent. stock will be perfectly

In the next place, reported; and as I have regarded it as one of the

most extraordinary demands which I have ever mon sense which shows a conflict between them. satisfactory to the creditors of Texas, and if they known to be made upon the Treasury of the Unit

are satisfied I do not see any reason why others ted States, I should like, in as few words as I can, We know very well that the Government of the

should complain. And in the third place, this to present my objections to the measure. I do not United States is under an obligation to pay five

think there are any considerations either of justice per cent. on the sales of the public lands to certain plan is unquestionably more advantageous to the Government.

or equity to sustain this demand; and I believe States of the Union, and that too by compact; and

If it be objected that we are about to pay a that if the Senate will give their attention to a brief yet when we hold stocks of such States as are entitled to this five per cent, fund, and they are in Texas, than was reserved under the act of 1850, much larger sum of money to the creditors of narrative of the facts of the case, they will con

cur with me in that opinion. default for payment of interest or principal on our

all I have to say is this: that while the principal The joint resolution for the annexation of Texinvestments in their bonds or stocks, we do not

of the stock proposed to be issused is undoubt. as, contained several provisions which were to be hesitate to withhold that five per cent. fund; and edly $3,333,000 more than that of the reserved

the conditions of that annexation as prescribed in indeed, by a joint resolution of Congress, passed five millions, the interest is precisely the same; the resolution itself. One was, that the State of in 1845, the Secretary of the Treasury has been and that, inasmuch as a three per cent. stock

Texas should “retain all the vacant and unapproexpressly directed to withhold the percentage upon having a long time to run, is never as valuable as

*priated lands lying within its limits, to be applied the proceeds of the sales of the public lands within the limits of any such defaulting State. This bill much shorter time to run,

and inasmuch as we a five or six per cent. stock having the same, or a io the payment of the debts and liabilities of said

*Republic of Texas, and the residue of said lands, proposes, at the most, nothing more than that; and I am not sure that it goes even to that extent.

provide in the bill that the Secretary of the Treas- after discharging said debts and liabilities, to be Provision is made for satisfying the creditors and

ury shall be authorized to purchase up this stock disposed of as said State may direct; but in no

in the market whenever there may be more than event are said debts and liabilities to become a taking assignments of their claims. No provision

• charge upon the Government of the United is made for withholding the five millions from $7,000,000 in the Treasury, I apprehend the

practical effect upon the Treasury of the United States.' The creditors of Texas were thus noTexas, because it was not supposed to be neces

States will be to subject it to no greater charge sary, since the occasion upon which the Secretary than if the $5,000,000 had actually been issued to

tified before the annexation, that the United States

would not be bound for its debts, and the public of the Treasury was authorized to issue the five millions of stock would not occur.

Texas. A three per cent. stock, having twenty | lands of that State were to be set apart to secure

years to run, will not, I apprehend, command the payment of those debts by thai State in the I shall now consider the amendments which the

higher price in market than at most eighty-five event of her accepting the offer of annexation upon Committee on Finance propose to the bill. The

The old revolutionary three per cents, the proposed terms. These conditions were acfirst is to strike out, in the second section, the words " a full discharge and relinquishment of turity, commanded, I think, only about ninety, even after the period when they arrived at ma- cepted by Texas in her act of annexation; and I

presume that by those reciprocal acts of mutual any alleged or actual claim upon the United

and ten years before, as I am informed by the legislation, each of them passed upon conditions, • States for, or on account of the same, and also ! assigning to the United States, and delivering all

Senator from Rhode Island, (Mr. Clarke,] they | the two Governments were as much bound to each

sold at sixty. I apprehend, therefore, that it other as if the obligation had been incurred under the certificates or other evidences of said debt," and inserting in lieu of them these words: “ A full would be very easy for the Secretary of the Treas- a treaty. I need not argue that point. By those

acts the State of Texas became bound to apply assignment of the said certificates or other evi- ury, in the course of two or three years after the .dences of said debt, and where any original cer

passage of this bill, if it should pass, to purchase her lands as security for the payment of the debts

the whole of this stock at a saving to the Govern- | which she owed at the time of the annexation. * tificates or other evidences of said debt have been • surrendered up to the authorities of the State of

ment of at least fifteen, and perhaps of twenty per By that act, too, the creditors were warned that • Texas, and new certificates have been issued

cent.; or nearly a million and a half of dollars. the United States would not be bound for those therefor by the said Statė, said new certificates of time, we shall also save interest to a very con

Inasmuch as we can do that within a short space debts; and as no complaint against the act of anshall be received as evidence of the original siderable amount, which would otherwise be ac

nexation or its terms was made by them, it might

be fair to imply their assent, if it were necessary amount of the claim."

to establish that position for the sake of the arguI should explain this. The first

part of the amend- cruing. Besides, five millions of five per cent. ment is to make the bill correspond with the plan

stock would command a premium in the market, ment. But as it is not, I waive that point. and could not be bought up at par, and probably

The State of Texas was thus annexed to the which I have sketched out to the Senate, so that if an attempt were made to purchase them, they United States. The United States, it is true,

took assignments of those certificates shall be filed at the Treasury, instead of releases. The second

would rise to some eight or ten per cent. premium. | from Texas its revenue from the customs; but it part of the amendment provides for this case.

The probabilities, therefore, are, especially as five is also true that the United States relieved it from Under the acts of the State of Texas, by which

per cent. stocks frequently go into the hands of the charge of a separate army, a separate navy, her creditors have been called upon to file their

banks as security for their banking issues, that and a separate diplomatic establishment. In other claims at her treasury, many of the original evi

there might be some difficulty in buying them up || words, the United States relieved it probably from dences of debt have been surrendered up, and new

at any price; and the Government would go on a burden far more than equivalent io any benefit certificates of debt have been issued. These new

and pay interest upon those stocks for a series of | derived by it from revenue from the customs. Precertificates state the original amount of the claim years, to a greater extent than it would be called vious to the annexation, Texas had been in an unfor which they were given, the rate of interest

upon to pay the interest upon stocks to the amount certain condition. Its future prospects were uncerpayable upon them, &c. In order to show what

of $8,333,000 proposed to be issued by this bill, || tain, to say the least of them—so uncertain and the original character of the claim was, the original | would, therefore, be a considerable gain in the inwhich in all probability can be purchased. There so gloomy as to retard settlement and prevent emi.

gration, and the rapid development of its resources. certificate not being in the possession of the holder,

terest, which, added to the difference between the The moment the act of annexation was consumit is necessary to provide that the substituted cer

mated, the whole state of things was changed. tificate shall be received as evidence of the original purchase of the stocks in the market at the curclaim; otherwise it would fail entirely.

rent rate and their par value, would reduce the The broad ægis of the Government of the Union The next amendment is to insert a third section, Government will suffer no larger loss by the issue amount very much. So that in all probability the was extended over it. Settlement became safe;

the country filled up rapidly; and I think that no the object of which is to make more specific the general provisions of the second section; and to

of these $8,333,000 three per cent. stocks, than by man can doubt that the creditors of Texas, sup

the issue of five millions of five per cents. If, | posing that they looked only to the State of Texas sate distinctly what are the classes of the public however, there calculations should be disappointed for the payment of their debts, were placed in a debt to which the stock provided by this bill shall in part, as they may be, and the United States

better condition after the annexation than before, be applied in payment, so that there shall be no possibility of any mistake in any future Secretary

should eventually lose a million of dollars by the when they looked to Texas, even with its whole

settlement of these claims, it would be a matter of revenue, for the payment of their debts. I preof the Treasury, or by the claimants themselves. It therefore distinctly provides—

no regret, since it would be a consequence of sume that at a time just previous to the period of

liabilities incurred by the annexation of Texas, | annexation, if you had put that question to the “That the classes of the public deht of the Republic of Texas mentioned in the foregoing section are those for pay

which were foreseen at that period, and which we creditors of Texas, there would not have been one ment of the principal or interest of which the revenue from have vainly endeavored to discharge through the dissenting voice; all of them would have preferred customs was specially pledged, or for which a pledge of the agency of that State.

to take their security after the annexation upon revenues generally was made, whether borne on the face Having thus briefly presented the principal points the terms prescribed in the act of annexation, of the obligations or given by the act of the Republic of of the case, I will postpone further remark until it than to trust to their chances to the State of Texas ahl- for printic dues, excluding such evidences of debt as may be necessary for me to reply to Senators who alone, if there had been no annexation. were authorized by law subsequent to the said act of Janu-" take different views of the question.

But, sir, the State of Texas was young. It was

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320 Cong....20 SESS.

Teras Debt-Mr. Hunter.

SENATE.

encumbered with the debt of its revolutionary war. consideration of the vast domain which she ceded paying it according to its face? If we owe it, It had vast resources, but they were undeveloped. for the $10,000,000? She would come in, and I what right have we to scale it in that manner? It was not ready to pay at once. It was in the do not hesitate to say that she would be entitled to Or if we do scale it in that manner, how does it condition in which our own Government was de- the $5,000,000, if she chose to demand it. She lie in our mouths to charge Texas for having scribed to have been by the Senator from Mary- has given the land, and she has a right to insist adopted a similar scheme? If we are to scale it, land, immediately after our Revolution, and her that we adhere to our compact, whatever it be, and there must be some discrimination such as Texas creditors began to cast a wistful eye towards the we have no right to refuse to do it. I admit we has made. The man who furnished a dollar's Treasury of the United States. We begun to hear may refuse to pay these $5,000,000 until these worth for every dollar for wnich the State is init said by them that the United States were bound creditors file their release, but we have no right to debted to him, must be entitled to more than the to pay the debts of Texas, because the United take that fund out of the Treasury, and distribute man who furnished but twenty-five cents' worth States were in the enjoyment of the receipts from ilii, upon any principles which we may choose to on the dollar. If they are to be scaled, there must the customs of Texas. The United States have establish, amongst these creditors. In other words, be some equitable principle upon which it should never acknowledged that obligation to this day. we have no right to take one of the sovereign be done. It was vot acknowledged in the resolutions of an States of this Confederacy, and put it under a com But I deny that the United States are liable for nexation, or at the time the boundary act was mission of bankruptcy; none whatever.

the debt of Texas. I deny that they are liable for passed. That act provided that $10,000,000 should But I perceive that an attempt has been made the debt of Texas according to the law of nations be paid to Texas; arid inasmuch as that act di- 1 by the honorable Senator from Maryland, with or the law of nature, and I think I can show it. minished that fund—to wit: the public lands, that ability and ingenuity for which he is distin- I know that there is a great array of very respectawhich had been established by the act of annexa guished, to show that we are not in effect assum ble opinions—nay, sir, of the highest legal opinions tion as security to the creditors of Texas, it sub ing the liability of the debt of Texas by paying amongst living authorities opposed to my view; stituted what was more than an ample equivalent; the $8,333,333 334 instead of $5,000,000, because but I must say, from the examination which I have it substituted a provision that $5,000,000 of the he says, in point of fact, the two sums are equiv given to the subject, that these opinions seem to amount granted by the act should not be paid to alent. Why, Mr. President, there is an easy have been very loosely and hastily given. the State of Texas until the creditors or at least, answer to this. If the eight and one third millions We have the opinion, first, of Mr. Reverdy all of those for whose debts the customs were of stock, payable at the end of twenty years, with Johnson. Mr. Johnson says: pledged, should file their releases in the Treasury an interest of three per cent., is worth more to the « That whatever rights belonged to each State separately of the United States. Thus it will be perceived, | creditors of Texas than five millions at five per

before they were united, will afterwards be the righis of the that the Government of the United States, through- | cent., to run for fourteen years, it must cost more

collective state, and the same obligations that cach State

were under separately before, the collective State will be unout the whole matter, adhered to its original the to the United States to pay that sum. That is der afterwards.”—Grolíus, v. 2, ch. 9, sec. 9. ory, to wit: that the debt of Texas, previous to the simple enough. But, sir, it is a question of arithannexation, was the affair of Texas, and not of metic—it is one of figures, which is very easily de- him. I will read the whole of section nine, of

Let us see now, how far his authority sustains the United States. It is provided in the boundary cided. Eight and a third millions with three per act, that $10,000,000 should be paid to whom? cent. interest for twenty years, will amount to thir. is as follows:

chapter nine, of book second, of Grotius, which Not to the creditors-no, sir-but to the State of teen and one third millions; that is, at the end of

“But if two nations be united, the rights of neither of Texas; reserving, however, the right to retain twenty years, when we shall have paid the three them shall be lost and become common, as the rights of the $5,000,000 in the Treasury of the United States per cent. interest, and when we come to redeem Sabines first, and afterwards of the Albans, were transferred until those creditors who had been secured on the the principal, we shall have paid in the whole thir

to the Romans, and so when they made one State, as Livy

expresses it. The same may be also adjudged of kingdoms public lands should file their releases in the Treas teen and one third millions. Five millions at five

which are really and truly united, and not only by a treaty ury of the United States; so that, so far from this per cent. for fourteen years, after the time is of alliance, or because they have but one prince." provision in the boundary act being a recognition elapsed when we have paid interest and principal, Now, according to Mr. Johnson's quotation of an obligation on the part of the United States will amount to $8,500,000. So that one proposi from Grotius, the same obligations which each to pay the debts of the State of Texas before the tion costs more than the other, according to that State was under separately, the collective State annexation, it is an adherence to the original idea calculation, by $4,833,333 33. Or take it in an was under afterwards. Not at all. Mr. Johnthat the debts of Texas were the affairs of Texas, | other way. Take it according to the present value son gives us his own inference instead of the text, and that the United States would do no more than of the stock. I made inquiries last summer, and which refers to a different matter. To understand secure to the creditors whatever was to be received was informed that it was the opinion of an intelli- the text we must look to the instance, which is by the compact with the United States, from its gent financier and dealer in stocks in New York, taken from the early dawn of Roman historypublic lands.

well acquainted with such things, that at that time from its early twilighi, if I may use the term-and The State of Texas, in looking into those obli a three per cent. stock, to run for twenty years, refers to the old history of the adoption of the Sagations, has chosen to say that she owed but a would yield what the Senator from Maryland said, bines and Albans by the Romans, into the rights certain sum, and that she would scale those obli to wit: 'eighty-five cents in the dollar, So that the of citizenship. Livy says in each instance to gations; that she was not bound to pay what ap- present value of eight and one third millions, or which Grotius refers, that they were carried to peared to be due upon their face, but would only | ihe value at that time for which it sold in the mar

Rome, and there admitted equally to the rights of pay the amount of cash value which she had act ket, would have been $7,083,050. At the same citizenship; and yet upon this instance, doubtful ually received; and I understand from a member time, the then value of five millions of five per

as it is, so remote, so ancient, is to be founded of the House of Representatives from the State of cent, stock for fourteen years, which he estimated

this grave principle of public law, by which we Texas, that the table upon which the debt was at 106, would have been $5,300,000. So that this

are to be charged with these $8,000,000. Sir, I scaled was one which the creditors at a meeting proposition is dearer to the United States than the know that it was said that the Romans stole the originally presented as a scheme which they would other by the difference between $5,300,000 and Sabine women, but I believe it is nowhere rebe willing to take. The State of Texas scaled the $7,083,000. Or, if I chose to go into it, there is corded, either in history or fable, that they ever debt according to that table; but the creditors another way of calculating. I might take the pres paid a Sabine debt, or the debt of any other people finding that they could not receive dollar for dollar ent value of the eight and one third millions pay- whom they ever conquered or united to their from the State, or that they would not receive, able twenty years hence, and add to it the value empire. Such a thing is not found even in the according to that law, even the whole five millions, of an annuity for $250,000 for twenty years; and myths of that early day, much less in history. have now come back upon us, and a proposition upon applying the same principle to a five million

And yet, upon that old 'instance thus stated by is introduced here to pay them not only the five loan, we should find almost as great a difference as Grotius, and thus unconsciously, perverted-bemillions for which we were bound by the bound in any of the modes in which I have presented the cause I know it was not designed by that distinary act, but to pay them instead, $8,333,333 33- calculation. But there can be no doubt about this. guished gentleman-we have the grave position that is, such a principal sum as will amount, at There can be no doubt that when we pay eight laid down that we are bound to pay the debts of three per cent., to the same annual interest with and one third millions in three per cent. stock to Texas. Where is it to be found in Roman history five millions at five per cent. run twenty years, we pay more than if we paid

that the Roman people held themselves bound for I object to this proposition for several reasons. what the boundary act requires us to pay, viz: the debts of conquered provinces? Where can One is, that if we do this, we assume for the United five millions of five per cent. stock having fourteen the instance be shown? Grotius was too well read States a liability for the debt of Texas. Another years to run.

in that history to make such an assertion. is, that after assuming that liability, if we dis. It is obvious, then, that upon this proposition we Next comes the opinion of the Secretary of the charge it as is here proposed, we do what we shall pay more than we are bound to do by our Treasury. He is a little more cautious. He says are reproaching Texas for doing—we are repudi- boundary act; and if we pay it, we must do so thatating a portion of the debt and scaling it; for this upon the principle that we are bound for that debt

" It will be found that all writers on public law, having sum will not pay dollar for dollar on the face of of Texas' If our obligations extend beyond that any authority, are agreed upon this point from the time of the obligations for which, according to the Secre act and cover a part, they cover the whole This, Grotius to the present. Indeed, the proposition thus astary of the Treasury, the revenues from the cus sir, must be manifest to all.

serted is so obviously just that it is not possible for a nation

in modern times to controvert it without forfeiting that toms of Texas were bound; and in the next place, But if we pay the eight and one third millions, character for justice and probity which, happily for mannot only is it an act of repudiation in that point of and no more, upon this supposition, is it not ohvi kind, has become indispensable for sovereign States." view, but it is laying violent hands upon money ous that we are doing the very thing for which This reference is so general, that I do not know which we promised to pay to Texas, for the bound. | Texas is reproached? If these eight and one how to meet it. I can only stand on the old ary act provides, not that we should pay it to the third millions be worth only eighty-five cents on maxim-De non apparentibus, et non existentibus, creditors, but to Texas herself, when the creditors the dollar, and if the debt, for which the customs eadem est ratio. When the authority is presented, should have filed their releases.

of Texas were bound, amounts to eight and one I hope and believe I shall be able to meet it. Suppose that we were to pay these $8,333,333 33}, third millions, as the Senator from Maryland has The Senator from Maryland is a little more does any man suppose that Texas would not come stated-and it amounts to more, as I shall present precise. He quoted a dictum of Wildman, taken in and claim the $5,000,000 which were due to her i ly show-is it not obvious that we are paying that from Vattel, and founded upon a single instance by this statute, this solemn compact, upon the il debt at eighty-five cents on the dollar, instead of ll in German history. I mean the cession of Sile

32p CONG....20 Sess.

Teras Debt-Mr. Hunter.

SENATE.

domain in Texas?

sia by the Empress of Austria; a cession made in way was ceded by Denmark to Sweden, and Swe consequence of the act of annexation, although her right, as Queen of Poland, to the King of dish Pomerania was taken by Denmark-I speak she lost her customs, than she would have been Prussia. That was done by the treaties of Breslau of the treaty of Kiel, in 1814—it was specially without the act of annexation, the creditors have and Berlin, about the year 1742, as the Senator | provided, as a matter of arrangement and calcu no moral claim against us, because we have imfrom Maryland has said. But it must be ob- || lation, that Sweden, taking Norway, should pay proved their condition. How is it, sir? We all served, when you come to look at this, that the a certain portion of the debt of Denmark; and know that the effect of the annexation was to give instance referred to does not sanction the principle || Denmark taking Swedish Pomerania should pay her peace, and to encourage settlements, and facilas laid down by Vattel and Wildman in these the debt of that province. But, sir, just before itate immigration and population. We all know general views. Allow me, however, to go one that, a treaty had been made between Sweden and that the State of Texas, as a State, was amply step further before I come to analyze the instance, Russia, at Fredericksham, in 1809, under which labe to pay the debt which she had conteracted. and show what principle it does justify. I say if Sweden lost Finland. There was no stipulation

She had a hundred millions of acres of land which that principle were acknowledged by nations as about the debts, and none were ever paid by Rus. were bound for that debt. She had, last year, at they have stated it, their own case would not be sia for Sweden, because the matter was left to be the time I made inquiries into that subject, between in point here, because when Silesia was united to regulated by the law of nations, which prescribed eight and nine millions of money in her Treasury Prussia, she lost all her former nationality; if, no such thing.

and in our Treasury together, which she might indeed, she could be said to have had any; it was But how was it with us? We took a portion of have applied to that purpose. In order to show totally merged, and she had no Government left the territory of Mexico. Well, sir, if the law is these facts, I would like to have read a letter which but that of Prussia. She did not reserve an inde- || good for the whole it is good for a part. If we I received from one of the gentlemen who represent pendent Government like that of Texas, with in- would have been bound for the whole of the debt her on this floor. dependent resources left her afterwards to which of Mexico to third parties if we had taken the The Secretary read as follows: her creditors could refer. whole of Mexico, it would seem to be but obvious

WASHINGTON, August 23, 1852. But, sir, I maintain that the instance itself does | justice that we should be bound for a part of the Dear SIR: I have received your note asking, “ first, not sanction the position as laid down by these debt of Mexico, when we took a part of her terri What is the amount of the United States indeinnity now writers. Why, sir, what was the treaty of Bres tory. But when we took a part of her territory,

in the Treasury at Austin?

“Second. What is the estimated quantity of the public lau and Berlin? It was a treaty which closed one were we bound for any portion of its debts? Just of those long wars between the Empress of Aus as much as we are bound for the Texas debt, in 66 Third. Since the act of 1851, are you aware that the tria and the King of Prussia. It contained a curred before annexation. If this principle were

creditors of Texas bave by any authorized committee petivariety of mutual stipulations; it contained stip true as a principle of public law, we should be

tioned her Legislature to pay the difference between the

scaled rate and face value of the securities and certificates ulations with regard to religious rites. It ceded | bound to pay a portion of it. How would it oper of stock of her public debt? Silesia here, and it ceded to the Empress of Aus ate? Suppose we were to take the position, and 6 Fourth. What do you estimate the first class, or, in tria certain rights in Bohemia there. It settled all admit that we should have been bound for the

other words, the debt for which the revenues were specially the matters in conflict between them, and it was whole debt of Mexico, if we had conquered it,

pledged, estimating the interest to the 1st of April, 1853, ac

cording to the admission of the Secretary of the Treasury of provided, inasmuch as the Empress of Austria | what is the result? Why, she could have obtained the United States ?" had made this cession, that a debt which she owed, what funds she pleased to fight us with; because By the first inquiry, I presume you desire to know what not as the owner of Silesia, but as the Empress of the creditors would know that they would be paid

amount of the $5,000,000 already paid over to Texas reAustria, which had been hypothecated upon her l in any event. If Mexico succeeded, she would be

mains in her treasury. I am informed, opon what I regard

as good authority, that she has appropriated to the payment revenues in Silesia, should be transferred to the il bound; if we had conquered and absorbed her, we of a portion of the debt decided by the Secretary of the King of Prussia. And what was more natural? should have been bound to pay the very debt she Treasary of the United States not to be included in the It was a debt due to the English and Dutch, and had contracted to fight us with. Could there be

proviso in the boundary act, $1,096,833 12, which, 1 presecured upon this branch of her revenue, not as a

sume, has been paid. I understand that about $200,000 any such principle under the law of nations ?

have been appropriated for other purposes, which would debt of Silesia, but as a debt of the Empress. And Does the history of nations show any such prac leave in her treasury $3,704,166 88, besides the interest on it is to be observed, that the guarantor to that tice to sanction such a principle? Are there pre

the 85,000,000. The Legislature of Texas has appropriated treaty was the Government of Great Britain, cedents for it? None, sir. The only case which

$3,480,297 59, to be paid to the creditors included in the which promised to bring in the United Provinces has been produced, is one of special treaty stipu- States, on condition that the proviso in the boundary act be

decision of the Secretary of the Treasury of the United as joint guarantors with itself,

What so nato lation, and it was a case in which it was debt 50 modified by Congress as that Texas may receive from the ural as that in the arrangement of this treaty and of Silesia, but a debt of the Empress of Austria, Treasury the amount for wbich she may file the releases the settlement of these mutual equivalents, the hypothecated upon her revenues in Silesia, and

contemplated in the proviso of the said acl.

To the second inquiry : I think the public domain of the Empress of Austria should have provided for the under circumstances which showed the manifest State is estimated ai not less than one hundred millions of convenience of the parties guaranteeing the treaty, convenience of making this special arrangement. and for the convenience of all the parties to the | Why, sir, we have come to a pretty pass, if, not

In answer to your third inquiry : I believe some three or treaty, that she would pay off her debt to England withstanding our own act upon that statute-book, stand, bave not, either by themselves or any authorized

four creditors did so petition. The largest number, I underand Holland, by simply transferring to them the where we affirm that we were not bound and would

committee, taken any such steps, and I am informed that obligation due to her from the King of Prussia ? not be bound, we are made to pay this debt upon no definitive action was had upon the petitions that were Now, sir, to have made this a case in point-and such dicta as these, and drawn from such prece

filed.

Your fourth and last inquiry presents an interrogatory these authorities seemed to be conscious of it, for dents as the history of old Roman transactions

which it is difficult to answer, as it involves several questhey say that without the treaty it would have with the Sabines and Albans may furnish us with tions, arising out of the laws of Texas, and the decision of resulted from a natural law-this ought to have upon such a subject as this. Are, then, the au the Secretary of the Treasury of the United States, of the been the state of things. If the Empress of Aus thorities to be produced here to saddle the United

13th of September, 1851, I inclose you the joint report of tria had ceded Silesia without saying one word States with such a debt as this? I hardly know,

the Auditor and Comptroller of the State of Texas, dated

12th November, 1851, subsequently to the Secretary's deabout the debt to the King of Prussia, and the sir, how to characterize such a pretension. It is not cision, which shows that the total ostensible debt, including King of Prussia had paid the debt on the ground the law of nations; and so far as we can judge the interest, is $12,436,991 34. If you deduct from that amount that it went with Silesia, then it would have been matter, we have settled and decided that question. his decision, not to fall under the proviso, it would leave

$1,738,872 27, decided by the Secretary, as I understand a case in point to establish the law of nations, as We decided it in the joint resolutions of annexa $10,698,119 07, not including the additional interest which Vattel has laid it down. But this was a mere tion, and we adhered to that theory of our obliga seems to be contemplated by the report of the Committee on matter of arrangement between the parties, made tion in the terms of the boundary act itself.

Finance. not on account of any obligation under the law of That the principles to the extent to which Vat

I also inclose copies of the several acts of the State of

Texas in relation to her public debt. nations, but for mutual convenience. And again, || tel has carried them are not sustained by the prac Yours very truly,

THOMAS J. RUSK. I say, that even if it established that, it would fall || tice of nations, and cannot be true, I think I have Hon. R. M. T. HUNTER, far short of the case now before us, because in the proved. Still, sir, there is some foundation of

Chairman Committee on Finance,

United States Senate. case of Texas, resources were left to her, which truth for them, and to some extent he is sustained were large enough to meet her debts; a separate by the practice of nations. When one nation con Mr. HUNTER. Mr. President, so we see that and independent government was left to her; she quers another, a third party which holds a right to meet this debt, which at its highest estimate is remained a sovereign State, and there was ample of way or fishery within the limits of that con $10,000,000, Texas had one hundred million acres security for her creditors.

quest, does not lose its rights thereby; To argue öf land, and at that time last summer, between But let us go a little further, because I wish to that, the third party must be conquered, and that is eight and nine millions of dollars in her Treasury trace this principle which has been laid down as not pretended. Its right to this use of territory and the Treasury of the United States together. one of national law, to show that it never has is as perfect as if it had held a portion of the soil | Sir, she was at that day, and she is at this time, been regarded by the nations of the earth as na itself. This right is very different from the one in proportion to her population, perhaps the richtional law, and will probably pever be so regard- set up here. The one is compatible with the rights est State in this Confederacy. There is no State ed. There are other instances in which one nation, of conquest, the other not; the one is capable of better able to meet the demands upon it, the legal on account of conquering or obtaining by cession definition and capable of enforcement, the other is ) and just demands upon it, than Texas. How, the provinces of another, has been bound by its indefinite and incapable of enforcement.

then, can her creditors say we are morally bound, debts. But I believe I may safely assert, that in Well, sir, if we are not bound by our own stipu- | if we, by the consequences of this annexation, all these cases it was a matter of express treaty lations, and not bound by the law of nations to pay have contributed to such a state of the treasury as stipulation. As a proof that this was done by ar- this debt, how are we bound? Are we morally | exists in Texas? Can it be said that we have dirangement, and not from any view of being bound bound? Why? If so, it can only be because minished her pecuniary and fiscal ability to meet to it by the law of nations, it will be found that that the fact of our taking the customs of Texas her liabilities by this act of annexation with the whenever provinces have been taken without any has disabled her from paying her creditors, which conditions presented ? Not at all. We have intreaty, the conquering nation never has paid the l it may be maintained would not have been the case, creased that capacity; and I believe that we took public debt, or any part of it, for the nation from had she never been annexed. If, on the other away from Texas a source of expenditure fully whom the territory was wrested. Thus, in the l hand, Texas was placed in a position, and in cir- | equal, ay, sir, greater, in the event she bad retreaty between Denmark and Sweden, where Nor- l cumstances of greater ability to pay these debts in Il mained an independent nation, than her customs

acres.

32D CONG.....20 SESS.

Texas Debt-Mr. Houston, of Texas.

SENATE.

would have meg. How is it with us? Our cus that; but beyond the express obligation of the her Senators at least an explanation. If they are toms, together with the receipts from the lands, | boundary aci we are not bound to pay one cent. incapable of vindicating her reputation; if she canhardly maintain this Government in the discharge Especially would I not pay it in this discourteous not be justified in the course which she has adoptof just such functions as the State of Texas was manner towards one of the States in this Confede-ed, no excuse will be rendered for it, and to deterrelieved from by the annexation. This Govern racy.

mine upon the merits of her claims to considerment is employed in managing our foreign rela Sir, let us look a little further into this matter, ation and to the due regard of her sister States, tions and those between the States, which would || and see to what it would lead us. If this demand it is proper that we should advert to the circumhave been an additional source of expenditure to is sustained at all, it must be upon the ground, that stances under which those debts originated, and independent Texas. To meet these obligations | inasmuch as we have the customs of Texas and under which they are held by the present claimwe have expended our whole revenue and are in are enjoying a portion of her revenue, we are ants. debt. Is it likely, then, that under the state bound to pay her creditors, because the public Texas, when she rose from her revolutionary of things which existed before annexation, the creditors are entitled to all before any portion goes struggle, did not owe much more than $2,000,000; revenue derived from customs by Texas would to domestic purposes; and that our Government in and more concurred in the opinion that she owed have sustained her army and navy and foreign || its operation upon Texas, pro tanto, is for domestic | but a million and a half than that her debt ex., diplomatic establishment ? I hazard nothing in purposes, and that therefore we are bound to pay. ceeded two millions. This constituted the amount affirming that it is not probable that the revenue I say that if it can be sustained at all, it is only of her entire liabilities at that time, and up to the from customs would have sufficed to maintain

upon this ground, for the other pretensions are year 1838. From the period of the commenceher independence and her relation to foreign na manifestly without foundations of justice. There ment of her separate Government, in the fall of tions. If, then, we are in any way answerable to is no such obligation under the law of nations, and 1836, down to the winter of 1838, her entire debt the creditors of Texas for having deprived them if we take this position, how will it be with our did not exceed $2,500,000, embracing all her liabilof the means of collecting their debts, it is not be- || repudiating States and their foreign debtors? May ities; and her entire currency in circulation was cause we took from Texas the pecuniary and fis not those foreign nations, which are accustomed to less than half a million. It was from 1838 up to cal capacity to pay it, but because we took from collect the debis due to their citizens at the point the end of 1841, that the debt accumulated from her the desire to do so, and lowered and injured l of the bayonet, come forward with much more

two and a half millions to the enormous sum of her moral tone. Will that be maintained? Will reason and say to us, “Here are the States of twelve millions of dollars. This was not, as genit be said, that although Texas is able, as every- | your Confederacy that have contracted debts. We tlemen seem to understand it in most instances, body admits she is, she will not do it, because of are in the habit of dealing summarily with other

a debt created by the sale of bonds, pledging the any injury to her moral tone by annexation to the nations. You interpose between us and them, and faith of Texas for their redemption; for a little United States? That, sir, is the only ground that say we shall not collect our debts, and not only more than one million of bonds are all that are can be maintained. It is manifest, if we are to be that, but you collect your own dues from them for outstanding against Texas. The other debts have charged with preventing Texas from paying her || domestic purposes. You collect your customs resulted from her currency. The impression has creditors, that she is able to pay now, and if we from them, and yet you do not pay us one cent.

gone abroad that Texas was placed on a footing are accountable at all, we are to be charged not Now you must do one of two things: You are with other States, Indiana, Illinois, Pennsylvania, because she cannot, but because she will not pay | bound either to pay us, or you are bound to let us Mississippi, and others, who sold their bonds at these debts.

collect our debts from these States as we collect a depreciation, and that, therefore, the question With regard to the mode which she has taken them from other nations." Would not that be a would not arise whether she received the full value for disposing of these debts, what concern is it of stronger argument for the assumption of any State of those bonds or not; but that she was bound to ours? Have we a right to intervene between a debt due abroad than the argument here urged in pay them at their face; that she had received the sovereign State of this Confederacy and its credi- || relation to the Texas debt? I think it would be. most that could be obtained for them, and that the tors, and say how it shall settle those debts? Are I think there is but one safe ground on which risk justified the depreciation of price at which we not bound by those courtesies due from one we can possibly stand, and that is, that the persons | they were purchased. Government to another, to abstain from such a who deal with the States of our Confederacy take

I know that these are the impressions which course of legislation as that would be? For how the risk, because they deal knowing the relation have gone abroad throughout the community; and could we offer a greater insult to a State than thus in which they stand to us, and to the rest of the

if Texas, when her credit was low and depressed, to put it under a commission of bankruptcy? world. And so those who dealt with Texas knew had been compelled to raise means for the support Mr. President, are our own hands so clean, ac the risks when they were dealing with her and

of her armies and for the expenses of her civil list, cording to the history given of our previous finan- | charged her accordingly. There is no doubt that || and had for that purpose sold bonis calling on cial transactions by the honorable Senator from they charged Texas for everything furnished her

their face for a hundred cents to the dollar, and Maryland, that we can afford thus to intervene, with profits enough to cover the insurance. had oniy received fifty cenis, she would yet have in this summary and high-handed manner? Why, Sir, we tread here upon dangerous ground; let us

been bound in good faith to redeem them according he tells us we scaled our own obligations after the take care how we commit ourselves to principles

to the letter of the liability, and would have had no revolutionary war, because we were not able to which may possibly have so dangerous an appli excuse for shrinking from punctually meeting her pay them. If we were not able to pay them then, cation in the future. The principle as laid down obligations but inability to pay her debts. But we have been since. There is a petition now be by the creditors of Texas may serve their own pur

when we look into the nature of the liabilities of fore the Committee on Finance, praying us to pay poses of present convenience; but the United States, Texas, we find that, with the exception of about one of those old revolutionary certificates accord- || I think, in view of the peculiar form of our Gov one million of dollars, they are of a very different ing to its face. And if we are going to take up ernment, should hesitate long before they adopt it. I character from what has been generally

supposed. this principle of paying every debt due, according I do not believe myself that it is a principle either Texas issued promissory notes. Up to 1838, these to the face of the obligation, why do we not go of the law of nature or of nations; for that cannot | passed currently at par. A change in the adminback and pay our own revolutionary debts, scaled be said to be a law of nations which nations have istration of the Government then took place, and in the ratio of one hundred to one-scaled, as well never sanctioned by their usages and practices, the first act of the new Administration was to raise as I recollect, upon the principle of paying only whatever may be the opinion of elementary wri

new regiments for the purpose of defending the the specie value of the certificate at the time of the ters in regard to the subject as a matter of abstract frontiers, as it was said, and then, although the funding of the debt. Suppose we were to apply inquiry. But I will not further prolong my in- previous amount allowed to the Executive for the same principle to the Texas debt, how do we quiry into the question before us. know that it would amount to any more than It was my purpose to present as briefly as I swelled up by appropriations to the amount of a Texas has agreed to pay? But is our Government, or is Texas the only Government that has | which has led me to a conclusion so opposite to could the facts of the case, and the reasoning million and a half of dollars, and the civil list had

no less than half a million appropriated to supdone this? Did not Great Britain herself in effect that at which the honorable Senator from Mary- port it. repudiate her debt during her wars with Napoleon? || land has arrived, and having done that, I take my

The throwing of these two millions of dollars Did she not suspend specie payments by her bank,

of promissory notes into circulation, had the effect and pay her creditors in depreciated paper? What

of lowering the value of the former currency, and was that but a virtual repudiation to a certain ex

the whole depreciated at least fifty per cent., and tent? And what nation that has dealt largely in

gradually declined from that to the lowest point of paper money has not done it?

depression. Successive issues were made, and the But at the same time that I say this, I would | SPEECH OF HON. SAM HOUSTON, depreciation continued during the years 1839, express the hope that Texas, which has such

OF TEXAS,

1840, and 1841; and in proportion as the issues ample means, will provide for the payment of all

IN THE SENATE, February 11, 1853,

were increased the depreciation went on. During that is justly due from her. I believe that ulti.

that period immense expenditures were incurred mately she will. I am not authorized to speak for On the bill to provide for the payment of such and liabilities issued, for which there was not the her. 'I do not know what is due, nor is it my con

creditors of the late Republic of Texas, as are semblance of authority. The Santa Fé expedicernéto inquire. All I know is, that there is a comprehended in the act of Congress of Sep- || tion was fitted out, and must have cost more than stipulation to which I am bound to look, that these

tember 9, 1850.

one million of dollars; and that expenditure was five millions shall not be paid without the assent of Mr. HOUSTON said:

incurred, not only without authority, but in posi. Texas and the release of the creditors. When Mr. PRESIDENT: I am very reluctant to occupy tive violation of the expressed will of the two I say without the releases of the creditors, I do a moment of the precious time of the Senate, and Houses of the Texan Congress, by a mere dictum not mean to be understood as being opposed to particularly when other matters which are, in the l of the Executive. The arms and munitions of paying those separately who are willing to take estimation of honorable gentlemen, of so much war of the country were entirely expended in that what Texas tenders, and to release the United urgency are pressed upon the attention of the body. I expedition; and accumulated expenditures were States from further demands. I am bound to that, But the bill before the Senate seems to implicate il bequeathed to the succeeding Administration. Thus not by the law of nations or the law of nature, but the character of the State of which I am in part issues to the amount of millions were made withby our own special obligation, and I will stand to ll the representative on this foor, and demands of Wout authority, and they became valueless. In

Beat.

TEXAS DEBT:

321 Cong.....2n Sess.

Texas Debt-Mr. Houston, of Texas.

SENATE.

December, 1841, Texas suspended payment be- a man gets his due, he is doing very well. Has not When the United States repudiated—I do not cause she was then unable to pay her debts. Texas done this towards her creditors? Texas, claim that as authority, but I wish to bring it in

But here let me ask, Who are these creditors || sir, has evinced no disposition to evade the pay- array before the public mind—it was for an amount who now come forward with such plaintive ap- ment of all equitable and just debts and liabilities. upwards of $240,000,000 of revolutionary debt. peals to this body? Who are they who are implor- I have every disposition to be very candid on Has Texas done anything of that sort? Has she ing the commiseration of Senators: “Help us this occasion, and therefore I think ií due to the repudiated one just demand, amounting to a single or we sink?"

Are they men who were suffer- || creditors, I think it due to individuals, and I think | dollar, of citizens of Texas who assisted her in her ers by the Texan revolutionary struggle? or are it due to the Government of the United States, to hours of difficulty? Not one. The United States they men who speculated upon the individuals | state plainly that I would not eschew one liability repudiated millions, and hundreds of millions, held who went through the toils and dangers of that on the part of Texas, and transfer it to the

shoul. in the hands of war-worn veterans, who had toiled revolution ? These promissory notes depreciated ders of the United States. I would say to Texas, through a revolutionary struggle of seven years. in the hands of men who had' toiled and fought “Pay away the last cent in your coifers, bank- The United States repudiated the revolutionary in the revolution, men who had there given their rupt yourself, give away your hundred millions debt of the war of Independence, which commenced services and their energies to the cause of inde- of acres of land, rather than throw the responsi- in 1776. Texas, during her revolution of nine pendence. In their hands the notes depreciated bility on the United States.” If we were to be years, did not repudiate one dollar that was held until they became valueless. They were then left 'destitute of a dollar, and without an acre of by her revolutionary soldiers. The United States, thrown upon the market, they were seized upon land available, the times then would not be as when they assumed the debts of the several States by speculators. At auctions, in the streets of our gloomy as those through which Texas has already -the old thirteen-after the war of the Revolution, cities and villages, they were submitted to public passed. I would be sorry to see Texas not meet required the States to scale those debts, and paid sale and cried off at from three cents to five cents, her just liabilities, and throw the responsibility of them at the scaled rates. If we were disposed to “Going, going, gone." Then it was that these them upon the United States, and that then, be a litle tricky, might we not follow these exspeculators came in and secured their claims to the through grace and tender mercy to the reputation amples? But if we have been tricky, I do not generosity and clemency of Texas, and the feeling of Texas, the United States should liquidate our know what fair dealing means. and commiseration of this body! There were no debts.

We do not, however, claim the benefit of the bonds sold in market for what they would bring; I am for doing justice, and nothing but justice; high examples to which I have referred; but I think but these were promissory notes sold for a mere but I am determined that something shall be un- that in view of them it comes with a very bad song under the auctioneer's hammer, and "in quan- derstood in relation to this matter, more than the grace from the United States to become adñinistities to suit purchasers,''for they were piled up as partial representation of the claimants was dis- trator on the affairs of Texas, and to determine large as cotton bales. When they were cried upposed to exhibit to the world. Who are those what are her liabilities. till they reached about three cents on the dollar, || that are most clamorous against the injustice of The amount of $5,000,000 that was reserved in they would be knocked down to the bidder, and he Texas, and the wrongs which they have sustained the Treasury of the United States, was reserved. would be told to go and select from the pile as from her? Are they men who have peculiar claims at the instance of creditors, who were importuning many as he wanted; he might take a bundle as upon the sympathy of this body? Are they men and surrounding Senators here when legislating on large as a cotton bale. (Laughter.]

who have peculiar claims upon the confidence of this subject. Some sagacious lawyer had discovThat is the way in which these evidences of Texas? Are they men who blended their destiny ered that the United States were liable when they debt were obtained. These are the liabilities for with hers in her hours of trial? Are they men acquired Texas, and received from her means which gentlemen claim a hundred cents on the who marched with her armies upon their marches ? which were intended for the liquidation of her dollar, and which were acquired at the rate of from Are they men who upon her vigils of peril watched debts. It was not intended by that reservation to one to three or five cents on the dollar. No doubt with her? Are they men who toiled or starved determine what the debts of Texas were, but only gentlemen in the United States thought the pros- for her? No, sir. They have sprung up, like the debts of a certain character for which the Gov. pect was very fine; they knew that the Texans dragon's teeth, around this Capitol within a few ernment of the United States might possibly be were descended from the Anglo-Saxon stock, and years; and we find the diffusive influence of this held liable. When were they to pay these debts? that they would maintain their liberty in defiance speculation upon multitudes that surround the When ascertained by Texas, and certified to the of every difficulty; for the American race never Capitol. Members are besieged at every step Treasury of the United States. That was the retreated, never took one step backwards, and with appeals, “Do this for us; do justice for us; object of retaining the $5,000,000, as I understood that from the day they had impressed their foot- save the reputation of Texas; be honorable, and it at the time, and I vo ed upon the subject in all steps upon a perilous soil, they would go on. Such it will do her some good.” They do not say, in good faith and confidence, satisfied, as I was, that gentlemen, perhaps, thought that if the Texans significant strains, “ Fill our pockets, fill our the amount upon which the impost duties of Texas were involved in difficulties, they might venture to pockets, will you?” though this is what they were pledged did not amount to $5,000,000, and sell real estate and get money when there was a mean. They mean nothing else than to acquire, that there would be a large residuum to Texas of prospect of investing it in Texas depreciated pa- and to take away from either Government, I will that amount. per to much advantage. No doubt under these not say ill gotten gains—but what would be clear The President and Secretary of the Treasury circumstances gentlemen in the United States pur- l gains, if they got them.

of the United States, after the passage of that bill, chased large amounts of the promissory notes of The largest amount of the outstanding issues determined, in effect, that the Government of the Texas at ten cents on the dollar, and now come against Texas at this time arises from obligations | United States were liable for all the debts of Texas. forward and claim one hundred cents on the dol- that were issued from her treasury, for which she It will be remembered that in the administration lar! To exemplify it more particularly, I will received but from sixteen to ten cents on the dol- of the government of Texas from 1841 down to the state, that such was the depreciation of Texas cur- lar; and now a hundred cents on the dollar is time of the annexation in 1845, there was not one rency, that, for instance, if a judge, getting a sal- | claimed for them, swelling the amount of her debts dollar of debt incurred, nor one liability created. ary of $3,000, came forward to receive it, and his to millions. No matter how irregularly the debt From December, 1841, when the exchequer sysdemand was exhibited, he would receive in Treas- l was contracted by Texas, whether there was au- tem was established, and the immense issues of ury notes $30,000, based upon no issue of bonds, thority for the obligations issued or those brought $12,000,000 were suspended, $200,000 was the but upon credit. In his hands, the money depre- || in and funded; whether they were made without amount of the currency established by law, and ciated, until, perhaps, it became worthless, and appropriations or not, Texas has estimated them, that commenced to issue at the rate of a hundred then it was thrown into the market in some vil- and placed them on a footing with the other equi- cents on the dollar. A combination was directly lage, and purchased up by speculators at from one table demands against her. She has extended formed of brokers and speculators, gentlemen to three or five cents.

equity when she might have caviled, and con- alien to Texas, who wanted to filibuster, and This is the character of the Texas liabilities. tended that, according to strict law, or common subvert the Goverment, right or wrong, who said This is the manner in which they have been usage, she was not bound. Yet we are told that that if they were not admitted into its control or bought. What justice, therefore, would there be if Texas would only come forward and redeem made participants of it, they would subvert it, if in giving a hundred cents upon the dollar for their her outstanding obligations at par, or pay all the i by no other way, by revolution. They combined, redemption, when they were acquired at rates money she has in her coffers, and the $5,000,000 | and by their combination immediately reduced the varying from one cent to five cents? Is Texas reserved by the United States, she would establish value of that currency from a hundred cents to bound in good faith to do it? Was the risk to a reputation above all suspicion; that she would seventy-five, and at one time it went down as low these gentlemen worth the difference between three then sustain herself with credit; that it would do as twenty-five cents on the dollar. By economical cents and a hundred cents on the dollar? I think her more honor, and make her a more glorious issues, by extreme economy in the Government, not. Then, let me ask, has Texas evinced a dis- nation than ever existed. Sir, Texas as a State the value rose again. But the Legislature which position to pay her debts in good faith, and ac- is only a part of this Confederacy; one of thirty- met annually consumed a large amount, and being cording to the rules of equity?

one; and she does not aspire to be more glorious opposed to the Executive, sought every possible Upon these funds thus passed away at the most than the United States, or the mighty nations of means to embarrass him; and instead of requiring depreciated rates, and that were purchased up at a the earth. We find that they have perpetrated the taxes to be paid as under the previous existmere nominal rate, Texas has determined to pay offenses against good morality and national honor, ing laws, they repealed those laws for the collecupon none, no matter for what they were boughi, which Texas scorns to do.' They have repudi- tion of taxes, or postponed their operation for six less than twenty cents on the dollar, and from that ated debts, not only revolutionary debts, but others months, so as to depreciate the value of, by lessrate up to twenty-five, fifty, seventy, and seventy- contracted in good faith. This Texas has not ening the demand for this currency, and thereby five cents, according to the dates of the issues of done, and will not do. She has not repudiated to embarrass the government in such a way that it the notes, and the value at which they were issued, one dollar of her revolutionary debt, and she will could no longer exist. However, the good fortune and also including, in most cases, the interest. not do it. She will pay a hundred cents upon that presided over Texas, and directed her path, This is the equitable principle upon which Texas | every dollar she has realized. Is not that worthy did not desert her. The currency came up again, determined to pay her debts. Does this evince a of admiration? Yet gentlemen say she would be and was at par; but after a long session of the disposition to defraud her creditors, to involve her glorious if she would pay the nominal amount of Texas Congress, it fell to fifty cents, and even as reputation, to repudiate? In these honest times, if ll her liabilities.

Il low as thirty-seven and a half cents; but it rose

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