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PAPERS OF MIRABEAU BuoNAPARTE LAMAR
But for this unfortunate conjuncture of circumstances the Boat would have been in the possession of your Govt. Indeed if the Agent had arrived on the 15t Jany.. instead of the 15t Feby. you might have had her at Galv:eston thoroughly armed and equipped for service by the 15t March as I had her medium 32s on pivot engaged in New York.- In a Country situated like yours pressed by a vindictive enemy but with immense resources with a public domain of focalculable value the cost of an article of indispensable value & necessity is not to be taken into account, for Caesar's adage is unquestionably true that "Money is· not to be spared where expence is necessary to secure success''- The Stockholders in Savannah became excited by what they supposed was an attempt to beat them down altho l\Ir. Horton behaved with the most perfect propriety during the whole negociation, & made his offers at my solicitation to name them.-Yet as the Stockholders were conscious of their offering to do what no other persons in the· U. S. would have done, & that they actually offered to furnish your Gov- ernment with a .first rate Vessel of \Var without the advance of one Dollar for a sto·ck which could not have paid if sold in the Market 50 per Cent of her· Cost you will I am sure see some excuse for their course altho your Cousin & myself did all we could to prevent it.- If I now advert to this circumstance it 1s to show that as your are playing in Texas for Empire it is not well to calculate to closely the value of the Counters-And in regard to your public Loan if a spirit of liberality does not govern your Govern- ·ment you will utterly fail and thus want the means of equipping such vessels of 'N ar as at least will give you a Command of your own Seas.- I have for some time thought of a project for a Loan which I offered to negociate for your Government in Eu- rope early the ensuing Summer-This plan I have sent on to your Secretary of the Treasury.-! visited the North in l\Iarch and was one month there in arranging the details of this Loan and in having the Bonds printed in a proper form-I likewise have secured a large pat- ronage & influence in behalf of the Loan.-In order to secure the mediation of a highly respectable American agency on the other side of the Water I had to promise 5 pr cent on the Amt. actually nego- ciated if I received a commission which would justify it and from the other charges of brokerage & boniis to other agents I should have to employ I am satisfied the Loan could not be negociatcd for a less com- mission than 10 per Gent to ensure its success.-This commission will I think be -covered by the difference of exchange as I feel satisfied that in the Fall sterling Bills will be up to 10 per Cent.- Situated as the public credit of your Republic is extraordinary inducements in Europe will have to be held forth to individuals to embark in the agency even for the nego- ciation of the· Loan because these Agents have often to set the example by purchases and your agent should certainly have a Com- mission quite adequate to enable him to employ confidentially such dealers in 'Bonds & Stocks as would greatly facilitate his operations- indeed in many cases his success would depend entirely on their cooperation- I mentioned these facts connected with
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