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PAPERS OF MIRABEAU BuoNAPARTE LAMAR
The practicability of negotiating a loan adequate to the wants of the country, seems to be somewhat problematical. But I do not despair of being able to effect it, if the Congress will make satis- factory provisions for its ult~mate redemption, and the prompt pay- ment of the interest that may accrue upon it. That Texas can render a full, -and to all human prescience, a certain and indis- tructible guarantee for any pecuniary liabilities which she would incur, there can be no doubt in the minds of those who are familiar with her condition and her inherent resources. But foreign capital- ists are not presu_med to be intimately acquainted with these things, and hence will result the necessity of presenting to them some more than ordinary inducements, before we can reasonably expect to acquire their confidence and credit. I trust that the Honorable Congress will so arrange this important matter, that the Executive will make a speedy and effectual effort to obtain what all feel to be so important to the country -a competent loan. Much may be done towards establishing a financial credit abroad, by a wise, liberal, and effective system of legislation. So long as the resources of a country are permitted to lie dormant and intangible, without an effort on the part of the Government to bring them into activity, their intrinsic value, and positive abundance, are compara- tively of little import. Laws tending to encourage agriculture, to foster commerce, to withdraw the rich minerals imbedded in the earth, will always exert a salutary influence on the national char- acter and credit abroad, beside the many blessings they il.ispense at home. The far interior of our country abounds in mineral wealth. Not to secure that wealth from individual appropriation, would be a lamentable oversight; and to suffer such treasures to avail us nothing in our highest need, would be equally unwise and improvi- dent. Hence, I would urge the passage of a general law, (if such do not already exist,) reserving to the Republic all minerals of what- ever description; and at the same time would respectfully suggest the policy of adopting suitable measures by which we may turn them to our early advantage. It is apparent to my mind, that the government, by a wise code of laws, especially applicable to mining, aided by the combined powers and active enterprise of corporate companies, could move effectually and rapidly bring these hidden treasures into use, than the desultory, fickle, and comparatively limited efforts of individual proprietors would be apt to do. If the government should not find it convenient at present to unite and co-operate with such companies, she would in all probability, experi- ence no difficulty in predicating a foreign loan commensurate with the exigencies on the privileges (properly restricted,) which she would be able to extend to energetic and enlightened capitalists. Notwithstanding my decided aversion to an onerous system of taxation, I precluded by the actual necessities of the government from adivsing any abatement in the present rate; for I apprehend that·the revenue as now realized, is scarcely sufficient to defray the current expenses. The increased expenditures which must result from the necessitv of defending our frontiers will render it abso- lutely necessary that the tax on land if not augmented should at
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