WRITINGS OF SAM HOUSTON, 1860
515
Your duty having been performed the 2d Section of the "Act" defines the manner in which the Treasury Warrants shall be paid, Viz "Sec. 2d-"That it shall be the duty of the Treasurer on the first day of July A. D. 1860, and every six months thereafter to advertize in three papers in different parts of the state, for the presentment of any such warrants as are mentioned in the first section of this Act, in the crder of their dates and numbers, and after the expira- tion of sixty days from such notice, said warrants, not presented shall cease to draw interest-said warrants shall not circulate as money, but may be assigned." The first section providing that "the Comptroller shall issue his warrant, upon the Treasury, for the amount, with 10 per cent, per annum interest from date," upon the "presentation" provided for in the Second Section, the Treasurer is to pay, not only the principal, but the interest. That such was the intention of the Legislature, there can be no doubt; and it is for the Treasurer, not the Comptroller to construe this section, so vitally affecting the interests of the creditors of the State and the value of the Treasury warrants. In my opinion, the Legislature having macle approp'riations to meet claims against the State, cind having then founcl that there woulcl not be money to meet those a.p- propriations, an Act provicling that interest shall be allowed upon such claims until there is money in the TreasuriJ. to pay them, amounts to an appropriation for the interest. In other words, the original appropriation, becomes an avpropriation for a specific amount; with the interest which shall accrue upon it, until pa:id. Not only our Citizens; but the State is interested in these "warrants" being paid according to law. The depreciation which would ensue would injure her character, and if they did not depreciate, they would continue in the hands of holders at the heavy rate of interest proposed, until the next Legislature- provided for them, for unless the interest were paid they would not be compelled to file them in the Treasury. The act contem- plates their payment at an early period and if the money comes into the Treasury to meet them, the object of the Legislature should be carried out and they should be paid, even to the last cent of interest. Your second objection is "Such warrants transferrible by delivery would circulate as money." Here you evidently labor under a great misapprehension as to the terms of the Act. The words are, "said warrants shall not •
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