friends in Philadelphia, and whether the Bank would probably be willing to assume the trust and negociate the paper. My anxiety to do something for the country so soon as possible has induced me to leave this proposition with you, before the other is acted on, and I w.ould beg the favor of an answer as early as convenient- (N .B.) The above letter is substantially the copy of one sent to Mr. Biddle on Monday 11th April. [Stephen F'. Austin] [2663) [AUSTIN to BIDDLE: DRAFT]
Phila April 9/36
Sir
The State of Texas have appointed Messrs---and myself Commissioners for the purpose of procuring the Loan of One Million of Dollars, upon the pledge of its resources-at an interest not Exceeding Eight per cent, for a Term not less than 5 Years and redeemable thereafter at the pleasure of that State at the rate of 1/5 annually-and if not so redeemed, then after 10 years redeemable wholly after six Months notice- The Stock May from the first be Made likewise receivable partially in payment of Imports-Say 1/5 on any Invoice-also in payment for Lands, Say 1/5 from any purchaser-these provisions will create a demand that will tend constantly to augment the current price of these securities-The duties are now $100,000 and boldly encrease- and the Land sales May reach $1,000,000 soon and annually- By the advice of friends I ask your consideration of this Subject and wish you would inquire into probability of our succeeding in this country in Making such a Loan. I am going to New York where I shall be glad to receive an answer from you as early [as] you shall find it practicable to reply with any degree of precision The Commissioners of Texas propose to negociate a loan for the Government, for the sum of $500,000 on the following Basis. The Commrs hold the Bonds of said Govt. for the sum of $500,000 payable in 10 years at 8 per cent annual interest, which they propose to assign to the Bank of the United States to be held in trust and as security for the Stock to be issued for a like amount, payable in the Same Period, and at the same rate of interest.
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