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THE AUSTIN PAPERS
_health except Joel. Who has been quite unwell. He had to leave the Army in consequence of his health Austin is in the Army •I have not determined whether I will take our Negroes any further at present but will determine in a day or two. _god Knows, when or where we will meet again. in hast adeu JAMES F. PERRY [Rubric]
DRAFT OF LETTER TO NICHOLAS BIDDLE
Phila April 9/36
Sia The State of Texas have appointed Messrs-and myself Commissioners for the purpose of procuring the Loan of One Million of Dollars, upon the • pledge of its resources--at an interest not Exceeding Eight per cent, for a Term not less than 5 Years and redeemable thereafter at the pleasure of that State at the rate of 1/5 annuany-and if not so redeemed, then after 10 years redeemable wholly after six Months notice- The Stock May from the first be Made likewise receivable partially in payment of Imports--Say 1/5 on any Invoice-also in payment for Lands, Say 1/5 from any purchaser-these provisions will create a demand that will tend constantly to augment the current price of these securities- The duties are now $100,000 and boldly encrease- and the Land sales May reach Sl,000,000 soon and annually- By the advice of friends I ask your consideration of this Subject and wish you would inquire into probability of our succeeding in this country in Making such a Loan. I am going to New York where I sha)) be glad lo receive an answer from you as early [as] you shall find it practicable to reply with any degree of precision • The Commissioners of Texas propose to negociate a loan for the Gov- ernment, for the sum of 8500,000 on the following Basis. The Commrs hold the Bonds of said Govt. for the sum of $500,000 payable in 10 years at 8 per cent annual interest, which they propose to assign to the Bank of the United States to be held in trust. and as security for the Stock to be issued for a like amount, payable in the Same Period, and at the same rate of interest . The stock shall be issued in shares of $100 each payable in 10 years from date, with interest payable annua))y -at 8 per cent, at such place, as said stock shall be subscribed, said scrip shall be received also in payment of one fifth of all monies due by the holders at the land offices of Texas, and in payment of one fifth of all imposts due at the custom houses of Texas, and at the end of five years the Government sha)) have the privilege of redeeming one fifth of the remainder annually, and at the expiration of
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