The Quarterly of the Texas State Historical Association, Volume 13, July 1909 - April, 1910 Page: 176
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Texas Historical Association Quarterly.
than gigantic land speculations, whereby five hundred thousand
acres of the choicest lands in Texas were to be secured at fifty
cents an acre.1 But they meant about sixty thousand dollars in
cash for Texas, and were therefore duly gratifying. Moreover, the
interest was only eight per cent, though the commissioners were
authorized to offer as much as ten.2
In communicating the transactions to the government the com-
missioners reported enthusiastically: "Some of the best informed
persons of this place confidently assert that this loan insures the
triumph of our cause and the independence of Texas. That in
New Orleans, so near us, and so. well acquainted with our situa-
tion, confidence enough should exist in us to induce a loan, speaks
volumes in our favor and will give confidence everywhere else."
The "hundreds of capitalists," they continued, "who would soon be
in possession of stock in this loan would feel as much interest in
Texas as those who had long lived there. As evidence of this fact
the subscribers had already offered to send to Texas five hundred
men, officered, armed, and equipped, to serve throughout the war
under easy terms as regarded reimbursement when the war was
over." In conclusion they said: "Disposing of our land at fifty
cents pr. acre for the purpose of getting money so particularly in-
dispensable at this moment, appears to us very fortunate. In fact
rather than have missed the loan, we had better borrowed the
money for five years and given them lands in the bargain."3
statement regarding the (first loan: "We have effected a loan for $200,-
000, but only get 20 pr. cent advance at this time" (Austin to Perry,
January 18, 1836, Austin Papers).
'Barker, "Texas Revolutionary Finances" in Political Science Quar-
terly, XIX, 629.
2Gammel, Laws of Texas, I, 948. For the ratification of the first loan
the commissioners pledged the faith of the country; for the second they
pledged their individual property.
'Austin, Archer, and Wharton to Smith, January 10, 1836, Garrison,
Dip. Cor. Tex., I, 56-57. Unfortunately the Texan authorities were not
of the same opinion. They were glad to get the money at first, but
opposition to the terms of the loan was soon manifested, and it grew
stronger during the term of the government ad interim. A compromise was
proposed, but a subsequent act of the Texan government destroyed the-
monopoly which the stockholders in the original loan had hoped to enjoy,
so they declined to buy more land. The matter was not finally closed
until the summer of 1838 (Barker, "Texas Revolutionary Finances," in
Political Science Quarterly, XIX, 631-632). This unfortunate squabble
did much to injure the credit of the young republic.176
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Texas State Historical Association. The Quarterly of the Texas State Historical Association, Volume 13, July 1909 - April, 1910, periodical, 1910; Austin, Texas. (https://texashistory.unt.edu/ark:/67531/metapth101051/m1/196/: accessed April 28, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting Texas State Historical Association.