538
TEXAS STATE LIBRARY
can pay the interest during the war, nor that you will 0011 be an- nex 'd to the U S, but we do believe you will become a tate of the- · nion, Some time or other and then 8 pr Cent Stock irredecinablc- £or fifty years, would be equivalent to US 8 pr Ct. Stock and be worth Cent pr Cent advance which would compensate for the los of four or five years intert>st At first blush, fifty years appeared to me to be al1 extravagant term of time and I contended for thirty- No! fifty years if you want to make sure of the money, was the reply! On reflection I think that as in ca. e of our hecoming annexd to the U S, that Govt would have to assume and pay the debt, to who e overflowing treasury it would be as nothing, and on the other hand if we remained an independent nation it will be but rea onable to throw some portion of the expen e of the revolution upon posterity, the creation of a registered Stock bearing intere tat the rate of 8 pr Centum pr Annum, payable semi or quarter. yearly in the U S, irredeemable for fifty years and o much of the revenue from public lands as required Solemnly pledged to pay the interest and ultimately the principal, would be decidedly the best plan of raising money for future purposes- The Grand point at the moment is to raise money enough for pre ent emergencies in the shortest possible time- I ee no chance of effecting this but by an act making it the intere t of the Banks having bills in circulation here, and those dispo ed to benefit by the circulation of their paper in Texas to take stock on £air terms,. an act on the place of the bill endorsed would cause the fir t to apprehend that the paper they now have in circulation in Texas would be driven in upon them by the paper of other Banks having a preference, if they did not Snb- scribe and the . econd wuld sec that as they lent us nothing but Paper, which by ha,·ing a preference would drive the paper of other Banks out of circulation, take its place and probably remain in circulation a long time without drawing a dollar from their Vault , whil t by sell- ing the Stock with the guaranty of the Bank they would reali e 130 a 140 Dolls pecie for every 100 D of paper lent us, the operation would be ,·ery favorable to the Bank-The circulating medium of the country is now paper bill of all sort of Banks, that which we should get would be of the mo t sub tantial institutions, nd should the Banks sell our Stocks with the guaranty of the Bank it would soon come to be considered as ecurc tock both in the U S, and :England, when there would he no difficulty in obtaining any a.mount by direct i ne of Stock . 'l'hc enclosed paperzo was drawn at the request of the late Gcnl Au - tin to give him a distinct view of my idea upon the ubject, the object tl1cre was to get money a quickly as po . ible and I have no doubt had such a hill been pa.~ eel the money would have been had at pnr be- fore this time, A gentlemen of Alabama tl1cn here told me if such a law were enacted ho would take 20$ at par and advi e the Bank of which lie was a dircrtor to subscribe to the loan. The reason why the sum wn. fix'rl so small nn amount and the pro- posals to be issnrd in :X rlenn. wa. to get at once an amount suf- ficient to sustain the ovt. until n nerrocintion with the Bank of the •No copy of this enclosure Is In the Lamar Papers.
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