WRITINGS OF S.HI HOUSTON, 1842
119
land; or that Texas land would sell in market unless in such por- tions as were especially designated and surveyed. If we turn our eyes to Europe, the prospect certainly does not brighten. When the depression in the general financial system of the world was much less than it is at this time, two intelligent gentlemen were employed as agents in traversing all Europe for the purpose of raising five millions of dollars, and authorised to pledge the public faith and all the resources and means of the government for the purpose of making the negotiation. And al- though our bonds were offered at a depreciated value, after em- ploying three years they returned without having succeeded in negotiating any portion of the bonds at more than fifty cents on the dollar. The section of the bill proposing to give to each volunteer or drafted militia man, six hundred and forty acres of land, would be a draw back, if it did not totally defeat the sale of the ten millions of acres intended to be offered. At the expiration of six months, this provision would throw into the market five thousand pieces of scrip, each calling for six hundred and forty acres, which would amount, in the aggregate, to upwards of three mil- lions, and for twelve months to near six millions and a half of acres. The certain prospect of purchasing these for a mere trifle would induce those who wish to speculate in Texas lands to hus- band their means, as they could render them more available by speculating upon discharged soldiers than by purchasing lands of the Executive under the provisions of the bill. To hypothecate the ten millions of acres placed at the disposi- tion of the Executive, without other guarantees for the final pay- ment of the money obtained, would be deemed by the Executive to any useful extent, impracticable; nor would it be more probable that any sale could be effected of lands which could not be identi- fied, and the location of which, if ever located, must be at the expense, trouble and risk of the purchasers. If it were possible to effect either of these objects, it would require means for its effectuation. The Executive has not one dollar-the Congress has appropriated already an amount greater than the whole circulat- ing medium authorised by law in the Republic. It would be necessary to have means even for an attempt at the accomplish~ent of the objects of the bill. To employ agents to receive subscriptions or contributions in the different counties of the Republic and elsewhere, would require some advance to be made to them. If men are willing to give their time to the
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