554
TEXAS STATE LIBRARY
In these two cases the Texian Government engages to receive the bonds at par for 50 per cent. of the payment. Should the sale of the whole or portion of these lands take place in Europe, the net proceeds would be paid into the hands of Messrs. J. Lafitte and Co., as stipulated for the sale of the five millions of acres. 8.-The bonds which shall be received by the Government of Texas in payment of lands, or custom duties, shall be cancelled and not in- cluded in the annual drawings of the lottery. 9.-Out of the proceeds of the negociation of the loan. ]'ifty per cent, only of the nominal capital (viz 500 fr. per each bond) shall be paid to the 'J'exian Government. The remaining 25 per cent, shall be in1. 1 ested in Treasury bills which shall remain deposited with },[essrs. J. Lafitte and Go. These 25 per cent. (viz f250 fr. per each bond} shall not be paid to the Gov·ernment of Texas, untill the fourth. of the loan in capital nnd interest sha:ll have been reimbursed, so that in point of fact, the risk of the lenders is reduced to .50 per cent. 10.-In case of any default on the part of the Government of Texas, in making- the remittances necessary for the annual drawings hy lottery and for the payment of the interest on the loan; the sum necessary to make up the. payments shall be taken from the fund invested in Treas- ury bills, but under the obligation that :Messrs. J. Lafitte and Co. are to refund the amount of the money so clisposed of, in as short a time as possible, out of the first remittances transmitted by the Texian Govern- ment, or out of the. proceeds of the sale of lands, so as to keep up the deposit of 25 per cent, to its full amount, until the fourth of the loan shall have been fully paid off. The result of this clause is, that the regular reimbursement of capital and interest for the space of four years is completely secured from any untoward event. The. subscription shall be opened at :Messrs. J. Lafitte and Co. on the 15th of May and closed on the 31st May, 1841. The loan being issuerl at the rate of 75 per cent, the sum to be paid is 750 francs for each bond of 1,000 fr. The bonds shall be delivered according to the order in which persons shall have subscribed.
CONDITIONS FOR THE PAYMENT.
One fourth on subscribing. One fourth on the 30th of June following. One fourth on the 31st Julv do. One fourth on the 31st August. do. Interest to run from the ]st July next.
Interest at 5 per cent. shall be allowed on all anticipated payments. A full explanation of the loan of Texas in a supplementary notice will be delivered by Messrs. ,T. Lafitte and Co. to persons .of subscribing. [Endorsed] James Hamilton London .Tuly 15th 1841
Powered by FlippingBook