The Southwestern Historical Quarterly, Volume 59, July 1955 - April, 1956 Page: 367
587 p. : ill., maps, ports. ; 23 cm.View a full description of this periodical.
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Railroad Einterprises in the Republic of Texas
dollars. In his report to Congress the following June Houston
stated that only $500 in cash had come into the treasury during
the preceding eight months and that he had been compelled to
give his personal note in order to obtain supplies necessary for
the functioning of the government.'4 Furthermore, there were
no banking facilities within the Republic and the government's
credit "was in low repute.""' Texas' independence had not been
recognized by any nation in the world, and the Mexican gov-
ernment had repudiated Santa Anna's recognition made at Velasco.
Thus the danger of a renewed invasion by Mexico entailed the
continuance of heavy expense for an army and a navy, and on
December 15, 1836, Congress enacted a law "Making appropria-
tions for paying the expenses of the Government." The measure
provided $700,000 for the army and $15o,ooo for each the navy
and the civil departments, a total of one million dollars. The law
further provided that should there be "no monies in the treasury
when the same may be demanded according to law, ... then and
in that case he [the Secretary of the Treasury] shall issue scrip
to the person or persons lawfully entitled to the same."16
In view of these facts it was most likely that the Congress
looked upon the company not only as a possible means of increas-
ing the facilities of transportation but also as a means of obtain-
ing much needed money and an operating bank. The company,
however, made no effort to develop the projects provided for in
its charter. In fact, none of the stock of the company was sold.
But that was to be expected, with the violent political opposition
and the financial panic of 1837. Moreover, as one writer has
pointed out, "The country was too much pre-occupied with civil
conflicts; it had little time to engage in works of internal improve-
ment."17 Thus the charter granted the company was soon forfeited
and the Texas Railroad, Navigation and Banking Company
passed into history.
The second charter was granted on May 24, 1838, to the Gal-
14Lewis W. Newton and Herbert P. Gambrell, A Social and Political History of
Tcxas (Dallas, 1935), 211.
15H. Yoakum, History of Texas from its First Settlement in 1685 to its Annexation
to the United States in 1846 (2 vols.; New York, 1856), II, 189.
16Gammel, Laws of Texas, I, 1145-
17Deussen, "The Beginnings of the Texas Railroad System," Transactions of the
Texas Academy of Science for 19o5, IX, 42.367
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Texas State Historical Association. The Southwestern Historical Quarterly, Volume 59, July 1955 - April, 1956, periodical, 1956; Austin, Texas. (https://texashistory.unt.edu/ark:/67531/metapth101162/m1/393/: accessed May 1, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting Texas State Historical Association.