549
PAPERS OF !IJRABEAU BuoNAPARTE LA~IAR
the purposes of the government, and to enable it to constitute an effi- cient capital of a national bank, should such a measure be desirable. I have a contra(;., executed with l\Iessrs. Lafitte & Co., full and guarded on all points, and :fully within the range of my powers. 'rhe prospectus I send you is a syllabus of it, and I think there is not a stipulation in it that is not beneficial to the Republic. By the steamer of the 4th of June you will hear what has been the result of this diffi- culty with the French government, which I cannot consider but as temporary, and that the Minister of Finance acted without the con- currence of the King or his l\Iinistry. I remain, sir, with great respect, Very faithfully, your ob't serv't,
J. HAMILTON.
To Hon. l\Ir. Chalmers, Secretary of the Treasury.
EXPLANATORY NOTICE On the Loan of Thirty-seven Millions of Francs. (S [ e] ven 111illions of Dollars,) issued by the Government of Texas. The Texian loan stands in a peculiar condition and quite differnt from any other offered till now to the public. It is, perhaps, for the first time, that a nation gives a special portion of its territory as a security for the obligations which it assumes towards individuals. At the beginning of its career, and after success in a struggle where right was entirely on her side, Texas has proved, by her moderation and wise administration after victory, how rapidly she might take her rank amongst nations. The government, commerce and the cultivation of the soil, have sprung up as by enchantm~nt; six years and a loan of only three millions ot dollars have been enough to pay the expenses of two years' war, and establish a nation, every act of which is marked with intelligence and wisdom, and proves evidently how desirous they are of inspiring a well deserved confidence. This dignified and moderate con- duct has obtained for Texas, since 1839, the recognition of its independ- ence by France, who was soon followed in that step by England, Belgium and Holland. The United States had recognized the Republic long before any of the European states had done so, for they had ac- knowledged Texas as an independent state since 1837. At present, by labor and good administration, this infant date, pos- sessing a large territory, which has no rival in the fertility of its soil, is prepared to receive great improYements, and requires only the help of credit to produce all the treasures that this land, neglected by the 1\Iexicans, possesses, and to prove how great is the power of this Anglo- American race, which has given life to the new world. Following the example of all those states of North America, the progress of which is the astonishment of Europe, Texas has recourse to credit to get the means of completing what she has begun. But the principal object in view, that to which the greate8t part of the loan of seven millions of dollars is to he appropriated, is the establishment of a national bank, which will prove, in the hands of the Texian govern- ment, a powerful means to bring into activity, all the elements of prosperity by which it is surrounded.
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