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WRITINGS OF SAM HOUSTON, 1837
94
You will see by the accompanying copy of a resolution passed by the Convention, that the Government ad interim was invested with full power to compromise, the first contracts in relation to these loans on any terms that should be deemed most expedient and proper. That Governm_ent did accordingly enter into a com- promise, as the contract to that effect, herewith furnished, will show. It was, however, formally accepted only by the takers of the first loan, upon which twenty thousand dollars was received. In regard to the terms of the compromise, I would take leave to observe, that though they appear to us now sufficiently onorous, (but for which indulgence may be found in the critical posture of our affairs and our great need of money at the time,) they are nevertheless now presented to us in a character which wholly precludes objection, being found in a contract, which solemnly engages the faith and honour of our country. Doubting, however, the power of the present Executive, to carry into effect the engagements of the last, I submit to you the propriety of conferring upon me the requisite authority to execute the one under consideration in favour of those who have accepted its provisions. In regard to the loan for the fifty thousand dollars, I have to communicate for your information that there is now at the seat of Government, a gentleman fully empowered to enter into a compromise in relation to it, upon terms so liberal and just that no difficulty is apprehended as to its satisfactory adjustment. I submit to you the propriety of referring that also for its settle- .ment to any person of your selection, or to the Executive as you shall deem it proper. In conclusion I would observe that I am deeply impressed with the importance of speedily adjusting these first engagements of our country, as the aid we received by them greatly contributed to our relief in a time of eminent distress; and as the persons who depended on our good faith have long waited for such a mani- festation of it as would prove that their confidence was not misplaced. Sam Houston. 1".Messages of the Presidents," Cong1·essional Pa7>e1·s; also Docunumts Concerning the First Texfrm Loan, (appendix), pp. 19-20, Texas State Library. The Jow'11al of the House of Re7>resentati.ves of tl~e Republic of Texas, 1st Cong., 2d Sess., pp. 34-35. These sources all give the same re• port.
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