\VRITINGS OF SAM HOUSTON, 1844
319
may not be disposed to ratify it. It strikes me, that the condi- tions are not quite liberal to Texas. I do not allude to that part of the Treaty that would admit us as a Territory, for I am satisfied that we cannot go into the Union on any other terms agreeably to the Federal Constitution of the United States. The Assumption of our debts by the U. S., is a very trifling item, and as the liabilities were mostly incurred on the principle of equivalents, the whole debt will not amount to 5 millions. All our 10 pr ct bonds, as well as I am advised were issued at 6 for 1. I think the principle of equivalents was established in the early part of 1839, and the depreciation was pretty rapid until the close of Lamars Admn., when Red backs were issued at 8 for 1. Thus you will perceive that the U. S. would not in equity be bound to redeem the liabilities of Texas at a higher rate than what they were issued, This will very much reduce the seeming amount of debt owing by Texas, and the dates of the several issues as well as the equivalents, can be ascertained with great accuracy. These are suggestions which I have not m·ade to the public, nor do I intend that they shall be [so made] ; so you will perceive that the U. S. will realize everything from the Treaty while Texas will derive very little. To day I expect to go to Galveston, and perhaps may remain there until the arrival of the Neptune. I will have constant care to our affairs until they eventuate. I will take care that you have some funds forwarded forthwith, and furnish you with all information that may be of importance to you in conduct of our affairs. Keep the Govt. here advised by every mail of all passing events. Always sleep with one eye open. Do the best you can. Sam Houston. 'Garrison, Diplomatic Correspondence of the Republ-ic of Texa.s, II, 279-280. 'For biographical notes on Henderson and Van Zandt, see Houston to Anderson, February 10, 1844, this volume, and Volume III, 113, re- spectively. •Waddy Thompson was the minister from the United States to Mexico from 1839 to January, 1844. During the latter part of April, 1844, he returned to Mexico as an official messenger, bearing dispatches from the United States Government. See Garrison, Diplomatic Correspon<lence of the Republic of Texas, II, 278. 'See Volume I, 425. "This letter is dated May 6, 1844. It follows immediately in this collection.
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