WRITINGS OF 5AM HOUSTON, 1853
378
would go on. Such gentlemen, perhaps, thought that if the Texans were involved in difficulties, they might venture to sell real estate and get money when there was a prospect of invest- ing it in Texas depreciated paper to much advantage. No doubt under these circumstances gentlemen in the United States pur- chased large amounts of the promissory notes of Texas at ten cents on the dollar, and now come forward and claim one hun- dred cents on the dollar! To exemplify it more particularly, I will state, that such was the depreciation of Texas currency, that, for instance, if a judge, getting a salary of $3,000, came forward to receive it, and his demand was exhibited, he would receive in Treasury notes $30,000, based upon no issue of bonds, but upon credit. In his hands, the money depreciated, until, per- haps, it became worthless, and then it was thrown into the market in some village, and purchased up by speculators at from one to three or five cents. This is the character of the Texas liabilities. This is the man- ner in which they have been bought. What justice, therefore, would there be in giving a hundred cents upon the dollar for their redemption, when they were acquired at rates varying from one cent to five cents? Is Texas bound in good faith to do it? Was the risk to these gentlemen worth the difference between three cents and a hundred cents on the dollar? I think not. Then, let me ask, has T'exas evinced a disposition to pay her debts in good faith, and according to the rules of equity? Upon these funds thus passed away at the most depreciated rates, and that were purchased up at a mere nominal rate, Texas has determined to pay upon none, no matter for what they were bought, less than twenty cents on the dollar, and from that rate up to twenty-five, fifty, seventy, and seventy-five cents, according to the dates of the issues of the notes, and the value at which they were issued, and also· including, in most cases, the interest. This is the equitable principle upon which Texas determined to pay her debts. Does this evince a disposition to defraud her creditors, to involve her reputation, to repudiate? In these honest times, if a man gets his due, he is doing very well. Has not Texas done this toward her creditors? Texas, sir, has evinced no disposition to evade the payment of all equitable and just debts and liabilities. I have every disposition to be very candid on this occasion, and therefore I think it due to the creditors, I think it due to in- dividuals, and I think it due to the Government of the United
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