516
WRITINGS OF 5AM HOUSTON, 1860
circulate as money, but may be assigned." A transfer by delivery is a mere passing from hand to hand as in a bank note, which is · drawn payable to bearer. An "assignment is a transfe1· of interest by writing," says Webster, A bill of Exchange may be transferred by endorsement, which is the "assignment" neces- sary. The "warrants" are not intended to circulate as money, because the act distinctly declares that they "shall not circulate a.s money." They are not made a legal tender, nor are they receiv- able for taxes or goverment dues of any description. The law does not give them the attributes of money, or they would possess all these qualities. To confine their payment to the original holder would work a hardship unknown to commercial com- munities. If the mere fact of their being assignable is unconstitu- tioal, then you have been disobeying the constitution from your induction into Office, for every warrant drawn by you on the Treasury is payable to Orde1· and these "wa1·rants" are contra- distinguished from those previously drawn, only in the fact that they are to bear interest. The act in question is "an Act authorizing unpaid warrants on the Treasury to bear interest" not on "all claims" as stated by you. Its language is clear and I can see no necessity for a different mode of accomplishing the purposes of the act. You propose to issue scrip bearing 10 per cent interest,.in the fact of a law making it your duty to issue your warrant upon the Treas- ury. Surely if your oath will not permit you to "execute the laws," it will not permit you to create a law of your own, for no law exists authorizing the issuance of Scrip bearing ten per cent interest; and if the "Act" is unconstitutional, it cannot be emasculated to make constitutional an "Act" of your own creation. I have already alluded to your assumption of the duties of the Treasurer, as well as Comptroller, now you consolidate in your person the Legislative Department of the Government and pro- nouncing its Acts unconstitutional, make your own will para- mount. There is no law authorizing the issuance of "Certificates" drawing interest, "in redemption of which the Comptroller will draw his warrant whenever there may be money in the Treasury appropriated for that purpose." The law says that "if there be no money in the Treasury" "the Comptroller shall issue his warrant," "with ten per cent interest per annum." Thus, the course you propose would be directly in defiance of law. •
Powered by FlippingBook