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TEXAS STATE LIBRARY
than resort at the present crisis, to any active and vigorous measures against our enemy-The depreciated condi[tion] of ·our currency pre- sents of itself an insuperable objectio [n to] the indulgence of offensive operations. That Texas is [com] petent at any moment to bring into the field w[hatever J number of men she might desire for a war of invasi [on, is J beyond all question but to attempt to equip and support such an army at this time, with no other mea1;s than our promissory notes, which as a matter of course must continue to sink in value, in proportion to the quantity issued, would be utterly chimerical and futile, or if practicable, would entail upon the nation an onerous debt which we could not hope to discharge without imposing such burthens upon the industry of the people as would crush their prosperity for years. Various. circumstances have combined to impair the prospect of effecting a foreign loan, but our indefatigable Commissioners, how- ever, under all discouragements, still sanguine in their expectations, are prosecuting their purpose with a zeal and energy which cannot fail to ensure success if success be attainable. I regard the favourable ter- mination of their mission as a matter of vital importance to the char- acter and wellfare of this country. It is in my estimation alike in- dispensible to a healthy restoration of our currency, and to the preser- vation of our national faith. Those who are disposed to view the sub- ject with indifference or distrust, would do well to remember, that no adequate provisions being made by Congress to meet some of its pecu- niary engagements, we have to rely at present, exclusively upon the Loan for the redemption of these public pledges. Without it, we can do nothing. We cannot raise our depreciated paper to the metallic standard, nor can we shortly arrest the serious losses which the Govern- ment is daily sustaining from that depreciation. Neither shall we have it in our power to satisfy the semi annual demands of interest accrue- ing on our funded debt and circulating bonds; and still less able shall we be to restore with that punctuality which lionor may require, the advances already made to this Government and procured by our Com- missioners upon the strength of their individual credit and responsi- bilities. Under these considerations, I could not fail to view with regret, the adoption of any measure by Congress which would endanger or defeat a negotiation, the success of which is so necessary to the maintenance of our national character and credit. The running and marking of the Boundary line between the United States and this Country, has not yet been completedl. The Commissioners of both Governments were compelled to suspend their operations in the early part of the summer, in consequence of the entire exhaustion of the appropriations which had been made for that pur- pose. Previously, to their doing so, however, they had traced the line from the entrance of the Sabine in the Gulf, to the point where it is intersected by the 32nd degree of North Latitude; and although that point was not absolutely and unconditionally established by them, its position was ascertained with sufficient certainty to leave no doubt that a considerable tract of Country, heretofore believed to be in the United States, belongs to Texas. The causes of the delays which pre- vented the completion of this work, and occasioned the exhaustion of
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