PAPERS OF MIRABEAU BuoNAPARTE LAMAR
387
No. 972 [1838?], CONGRESS, [HOUSTON]. BILL PROVIDING RELIEF FOR CREDITORS. A Bill To provide for the prompt releif of the creditors of the Republic of Texas Seen. 1st. Be it enacted &c That the President be and he is hereby authorised to borrow for the use of this Republic the sum of five hundred thousand dollars, in the form and manner herein after specified Seen. 2 Be it &c That for carrying into effect the object of this act a Comissioner shall be appointed by the president by and with the consent of the Senate whose duty it shall be to issue in the City of New Orleans, public notice that sealed proposals will be received at the Consulate of this Republic until a given day for a loan_'._to this Republic of the sum of 500,000 Dollars or a p.art there of on the terms and conditions set forth in this act Seen. 3 That on the day named all of the proposals which may be received, shall be opened in the presence of the Consul for this Republic, and in case the whole or part of sd. sum shall be found to be .offered at a rate not less than 80 27 Ds. in money for 100 D in stock it shall be the duty of sd. Comsr. to accept such proposals and to issue to the proposers Certificates of stock for the sum which shall be so offered and accepted at the rate proposed bearing interest at the rate of 8 pr. centum pr. annum, payable semi-annually at the loan office of this Republic in the City of New Orleans, and the Certificates of stock so to "A created shall be irredeemable without the consent of the holder there- i: for the full term of fifty years from the date of such certificates, rnd shall be transfer.able only on the books of the stock-Commissioner for this loan at the loan office of this Republic, or at such bank or other office as shall be appointed to supply the plan of a loan office in the City of New Orleans or other City in which portions of this loan shall be subscribed for Seen. 4 Be &c . That the Certificates of stock, so to be created, shall not be issued until the amount of money corresponding with the amount of stock at the rate at which the proposals shall have been accepted, shall have been deposited to the credit of this Republic in the 28 Bank in the city of New Orleans, or other city in which portions of this loan shall be effected; they shall be signed by the Comsr. - and countersigned by the Consul Bank-Cashier or other agent appointed to issue the same, who shall keep a register of all such certificates, and whose duty it shall be to conform to the rules and usages of the loan office of the U S A in the registry and transfer of the same and 21 "60" is written in pencil above "80" in the document. "Blank in the document.
Powered by FlippingBook