WRITINGS OF SAM HOUSTON, 184,2
448
purpose than that of carrying out the objects of the general appropriation acts of Congress." On the subject of sustaining the credit of our issues-although the Executive and those who know well the actual situation of the resources of the country, may regard the basis as sufficient; yet when we take into view the difficulties attendant upon the present crisis in Texas, we must reflect that our credit and character for punctuality have sustained a serious shock, if not a total overthrow. It is now our duty, and we are compelled to adopt the alternative of making new issues based upon some prin- ciple or foundation apart from the national faith and public domain. Hence, the public revenues have been pledged for the redemption of the amount of two hundred thousand dollars in Exchequer paper. To place this issue upon a basis of undoubted and solvent character, I would recommend most seriously and earnestly, that one million acres of land in the Southeast section of the territory lately held by the Cherokee Indians be set apart and specially reserved from all legislative act.ion; unless so far as to 1·ender its value applicable to the redemption of the amount of two hundred thousand dollars-the extent of the issues au- thorized by law. It is firmly believed by the Executive, that so soon as the same can be sectionized and brought into market, one tenth part of the amount proposed, will at any time produce a greater sum (over and above the incidental expenses of b1·inging it into market), than would redeem the whole amount of two hundred thousand dollars. The expense necessarily attendant upon bringing the same into market, need not exceed from five to eight thousand dollars, and perhaps a less amount-whereas the benefit resulting to the country, by sustaining the credit or our currency, would be to us almost incalculably great. Within twelve months from March next, the land could be brought into market; and should any portion of our money not be redeemed by the revenues, the land sales would at once absorb thc-i balance. Gold and silver would flow into the country and we should find foreigners become purchasers and owners of the land in Texas. The prohibition of the constitution which now prevents foreigners from owning land in our country would be obviated, as the titles would emanate directly from the government by patent. This circum- stance would bring competitors into market; and they would be numerous, when it should be known that the fairest and finest
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