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The Convenlion did not ralif y the Contract and the maller was referred lo the present ExecL~tive Governmen\. Aware of the absolute necessity of rajsing money, to support lhe expenses of the war, this Government was prepared to make immense sacrifices, but we were not prepared to ratify a contract which we believed would be ruinous to the best interests of our country, which would be unjust towards our own citizens, and equally unjust to the gallant Volunteers from the United Stales who were baltling in defence of our liberties. The insurmountable objection to that contract is formed in the fifth article, which reads thus, "No grant or sale of lands shall be made by the Government of Texas from and after the date hereof, which shall not contain full reservation of priority for the locations to be made under this loan, provided however that no vested right, already existing to lands, shall in any manner, be interfered with by such priority of location." And in the Sixlh article, which says, "None of the public lands are lo be offered al public or private sale, until after the locations herein before provided for shall have been made agreeably lo notice given, which locations, if made, shall be completed lo the lenders or holders of Scrip, free of all expenses of surveying.'' These l wo articles were so exceedingly exceptionable, that this Government had no hesitation in deciding that the contract could not be ratified. Anxious however lo adjust the difficulty, upon terms just and honorable to both parties, this Government, on the sixth of April J 836, proposed a modification of the old contract with a view of avoiding the evils which would result from the obnoxious articles therein contained. ·This new contract was cheerfuUy accepted and Signed by Robert Triplett and W. F. Gray, who were subscribers in the loan to the amount of one hundred and ten thousand dollars and we were inclined lo the belief that it would be equally agreeable lo the other contractors. This modified contract reads tln1s, "Whereas Branch T. Archer, William H. Wharton and Stephen F. Austin- Now the words of the preamble and the foregoing recited part of this contract cannot be mistaken or misconstrued by the most indifferent reader. The object of the Government was so clear that he who sees may read. In consideration, tlrnt the loans
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