480
WRITINGS OF SAJH HOUSTON, 184-2
.approval of the Executive, and has claimed the attention of every leisure moment. The subject is one of grave importance to Texas in many points of consideration - to our internal relations as well as our character abroad. The postponement of our liabilities has been a measure of stern necessity, and not of choice. The creditors of the govern- ment are aware of our condition, and that it was not choice that induced tlie adoption of so deplorable an alternative. This will conclude [sic] them from all complaint as to the course avowed. The question arising is, as to the disposition of those liabilities, until such time as the resources and condition of the country will justify the nation in their redemption. It does seem to me that the action of the present Congress (placed as it was in the midst of a great financial convulsion,) would have been excused for not acting upon the subject; and particularly so when I am impressed with the fact that neither the creditors nor the government of Texas will derive any im- portant advantage from the adoption of the course proposed by Congress. The funded debt has heretofore been consolidated by different solemn enactments, with conditions which were perfectly under- stood and mutually agreed upon by the government and the public creditors. This bill proposes a variation, without the consent of the creditors, nor are they allowed to become parties to the conditions. The former laws established certain rates of interest, for the allowance of which, and the payment of the principal, after a .certain number of years, or at the pleasure of Congress there- after, the public faith was solemnly pledged. The transaction was in the nature of a contract between the government and its creditors. Then, to say nothing of the constitutional provision which declares that no retrospective or ex post facto law, or laws impairing the obligation of contracts, shall be passed, it would, to ·my mind, be an act of manifest injustice to the creditors of the government and constitute a breach of national faith and honor; inasmuch as no plea, drawn from the necessity of the case could be made an excuse for the procedure. That Texas is unable, at this time, to redeem one dollar, is a fact which she is compelled to ackuowledge, and one which she has declared to the world by the law passed at the present session, refusing to receive it in payment of impost dues and dire~t t~xes h~reafter to be assessed. But for this she must stand Justified
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