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whole of this security still remains at their disposal, and one-half of the proceeds of the custom house, which increase every day in so rapid a progression, goes on to maintain the amount of the sinking fund, whilst the other constantly pays off a certain number of the bonds. From this constant means for the disposing of the bonds it is not to be doubted that they will always be on the increase. In the last six months of 1845, it is certain that a considerable por- tion of the lands will be sold in consequence of the Texian government not having assumed the obligation to give th£:m at 7 fr. 40 c. per acre beyond the 1st of January of 1846, it is then of some interest to examine on what conditions the possessor of the bonds may purchase then, the lands which are one of his securities. From the calculation we have just now made, it has been proved that the possessor of a bond will have received for four years' interest 108 fr. 40 c. more than if he''had invested his money in five per cent. stock; the natural result will be that on the 2d July, 1845, his bond will have cost him only 641 fr. @ c. instead of 750. At his request and in ex- change for his bond, the Texian government is obliged according to the obligation assumed by it, to give at 7 fr. 40 c. the acre, 135 acres of fertile land, which establishes the fact, that during the whole of the last six months of 1845, these lands will cost in reality no more than 4 fr. 75 c. the acre to the possessors of the bonds, a price which com- paratively to their real value, will be still smaller in 1845 than at present. It is not to be feared that the disposal of other portions of the public domain in concurrence with the 5,000,000 acres given as a security for the loan, shall injure the sale of these, for the government has pledged itself not to sell any lands under the price of 7 fr. 40 c. If, on the contrary, the bearer of bonds prefers to wait for the reim- bursement of his bond by means of the annual drawing, the price of 750 fr., at which the bonds has [sicl been issued, secures to him an in- crease of capital of 33½ per cent., from the reimbursement being made at par. Under whatever light we look on the loan, which we offer to the pub- lic, we find all the advantages that are required in a transaction of such importance. With a surface df 150 milP]ions of acres, and a popula- tion already amounting to 500,000 inhabitants, Texas has but an insig- nificent debt of 3,000,000 dollars, and at present, for a loan of 7,000,000 dollars, offers the twentieth part of its territory, in the most salubrious and fertile· portion of it as a security for the same. We are of opinion that such a guarantee, added to the positive and moral securities given by the country, and the different modes of reim- bursement which we have mentioned before, must give to the lenders for whom besides we have stipulated so many advantages, ·a security that no loan has yet offered, and is one of the principal reasons that have prompted us to propose with full confidence to capitafo,ts a loan which will insure the progress of a nation having before her such brilliant prospects. · J. LAFITTE & CO. Loan of Thirty-seven Millions of Francs, issued by Messrs . .T. Lafitte & Oo., on account of the Republic of Texas, to be reimbursed by a per- manent accumulating Sinking Fund.
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