321
THE AUSTIN PAPERS
of the interests of Texas in this city The Commissioners of Texas when here appointed Mr. William Bryan General Agent and Edward Hall Pur- chasing Agent for Texas and contracted a loan here for Two hundred thou- •sand dollars of which ten per cent or Twenty thousand dollars was paid in cash, the balance to be paid in instalments on receipt of the ratification of the conditions of the loan by the Convention. Another Loan of Fifty thou- sand dollars was also contracted here on which it is said Forty thousand dollars cash was paid, of this amount say Sixty thousand dollars, Eleven thousand only have been received by the Agents, Ten thousand remain in the Bank subject to the draft of the Government of J'exas only, nearly all the remainder it is believed was placed in the hands of sundry purchasing Agents,* and disbursed to their discretion without supervision by any comp- lroaling officer or the usual checks upon disbursements of public moneys. The Agents here in full confidence that the loan would be promptly rati- fied and the money be ordered to be placed at their dispos:tion have pur- chased and accepted for the navy and supplies lo an amount exceeding Ninety thousand Dollars. Such articles as could only be had for cash have been paid for cash untill the General Agent is actually in advance of cash to the amount of Six thousand Dollars, and has cash responsibilities for Two thousand Dollars over and above all he has received. The Commis- sioners wrote him from Nashville that they had requested the Provisional Government to send him a check on the Bank for Five thousand dollars. None has been transmitted and there is reason to fear that before this will be attended to the credit of the Government of Texas will be utterly pros- trate whilst the public money is idle in the Bank. For the payment of supplies purchased the Agent has issued promisory notes signed by him as Agent for Texas where such would be received, where not-his own indi- vidual responsibility. These notes are falling due and not a dollar of public money to meet them. No ratification of the loan has been received. No authority to the Agent to receive what money there is in the bank has been transmitted and it is apprehended [that ere] this shall be attended to the credit of the Government will be prostrate and the Ag~nt injured in his credit and private business if not involved in ruin. Had the Government attended to the all important matter of sustaining the public credit the pro- ceeds of the loan would have been now at the disposition of the Agent who could by discounting at this moment of unpresedented pressure for money the paper now out have raised the credit of the Texas Govt· to such high repute as to have made all future purchases o~ the faith of Texas Govern- ment on long credit and have left the balance of the money disposable for the payment of the troops. Our only hope now is that the ratification of the terms of the Joan and a check of the bank for the funds in deposits may * J. Wharton, [A.] Houston and others-[The writer's note.]
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