amount of Scrip thus held by him, and said Scrip shall be payaLlc as follows: Of all purchases of land at the land offices in Texas, 20% of the sums due, may be paid and shaU be receivable in said scrip. The holder shall be entitled lo an interest of 8% per annum, payable at the Bank of the United States in Philadephia, on all portions of said Scrip unpaid, and the Government of Texas shall have the privilege of paying the whole amount of said scrip, and redeeming their said Bonds, by paying 20% of the principal annually, after the expiration of 5 years, or the whole payable at 6 months notice after the expiration of 10 years. The payments of the Subscribers to said Scrip shall be made, 25% at the time of subscription, and the remainder in 3 equal payments at 60, 90 & 120 days there after, to be secured al the time of subscription, by notes of the subscribers, endorsed to the satisfaction of the Directors of the Bank of the United States, or persons appointed by them, & payable at such place as said Directors shall designate, provided the same be in the cities when said stock is subscribed. The Bank of the United States shall discount the notes thus paid in, and pay over the whole amount of the proceeds thereof, and the amount of the first instalment thus paid in, to the Commissioners of Texas, and hold said Bonds as an additional guarantee for the payment of said notes. [Stephen F. Austin] [To Nicholas Biddle] [2662) [AUSTIN to B1DDLE: DRAIT]
Philadelphia April 9, 1836
N Biddle Esqr. Sir,
I send you enclosed a proposition for the negociation of a loan of $500,000 to which I ask the favor of your consideration provided the one cannot be effected on the basis, of which we conversed in our interview this day- The kind expressions of feeling and sympathy which you expressed in conversation today, in behalf of my Struggling country have induced me to submit this proposition to you, for the purpose of ascertaining whether in your opinion it is a feasible one, whether any, and what amount of money can be raised by it among your
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