15
PAPERS•OF MIRABEAU BuoNAPARTE LAMAR
No. 656
1838 Jam. 5, SENATE, [HOUSTON]. "A BILL, ·TO ESTABLISH A 'NATIONAL BANK OF TEXAS'" 57
Senate, 250.)
( Telegraph press ( Jan. 5th, 1838.
A BILL
'l'o establish a "National Bank of Texas."
Whereas, it is deemed highly important to provide for the safe and profitable investment of such public funds as may now or here- after be in the possession of the republic of Texas, as well as to secure to the people the benefit of an extended and safe currency. SECTION 1. Be it therefore enacted by the Senate and House of Representatives of T;exas in Congress assembled, That a bank shall be, and is hereby €Stablished, in the name and for the benefit of the repub- lic of Texas, to be known under the name and style of the "National Bank of Texas," and the faith and credit of the republic are hereby pledged for the support of said bank, as to supply any deficiencies in the funds hereinafter specifically pledged, and to give indemnity for all losses arising from such deficiency. SECTION 2. Be it further enacted, that all the funds · arising from imposts, all the ca,pitation taxes·, .and excises imposed by con- gress, all the money's arising from the sales of the public lands, as• well as the proceeds of the mines of this republic of every description, and all the coins to be uttered from the mint or mints when estab- lished, shall form, compose and constitute a part of the capital stock of said bank, which is limited 58 millions of dollars. SECTION 3. Be it further enacted, that all the monies which may arise from escheats, or any sourc€ of public revenue, shall form a part of the capital stock of said bank, until the amount invested herein, shall reach the limit of capital stock of said bank, when con• gress may give such direction to the surplus, as in their wisdom may be deemed best for the public good. SECTION 4. Be it further enacted, that should the moneys hereby appropriated and set apart as a, capital stock of said "National Bank· of Texas,'' not supply the amount hereby subscribed, that it shall be the duty of the president of the republic and the secretary of the treasury, to issue national stock, redeemable in twenty years, to the amount of millions of dollars, in bonds of one thousand dollars. each, bearing an interest not exceeding per centum per annum, payable half yearly, at the point designated by the parties to the contract; the said stock when so issued and disposed of by an agent under the instruction of the president of this republic, to be in aid of the capital of said bank. And said agent shall offer said stock in the market where a ready sale can be made upon the most advantageous terms, and congress shall make such allowance by way 57Prlnted. ""This blank and all subsequent ones were left in the original to be filled In as Congress saw flt.
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