confer them, provided the ~ommissioners had acted in pursuance of their authoritys within its limitations. But it does appear to my mind that neither the ordinance of the late provisional government authorising the making of a loan, nor the commission or intructions furnished these commissioners can possibly be so construed, as to convey a power to alienate, or in any way absolutely dispose of any part of the public domain, on the contrary they are expressly restricted to the simple hypothecation or pledge thereof. Neither can it be presumed that the contucting parties or lenders of the loan were uninformed of the restrictive powers of the commissioners. Such a presumption would do violance to the ordinary sagacity of lenders of money, and is absolutely forbidden by the 10th Art. of the contract which imposses a conditional obligation on the commissioners, to procure a ratification of the loan by the govt. of Texas. It is therefore clear to my mind, that the most exact regard to moral obligation can require no more of this government than a ratification of said loan to the amount that has actually been paid up. And it is also obvious to me that the terms of the Loan are too unequal and too ..-........ to this government to permit its further confirmation By reference to the 10th Art aforesaid it appears that the lenders reserved to themselves even in the event of the entire ratification the option of extending the said loan above the 10 pr cent which has been advanced or of stopping at this amount, thus conferring on the lenders the election to be exercised in future; which may totally defeat all the calculations of the government that may be founded on their ratification & must prevent any immediate benefit accruing from the loan. I would therefore suggest that the loan be ratified as negociated to the amount advanced and that modified propositions be submitted to Messrs Triplet & Gray & through them to the other parties to the contract for the completion of the residue of the ~oan on terms of fair reciprocal advantage. Sam P Carson
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