The Southwestern Historical Quarterly, Volume 47, July 1943 - April, 1944 Page: 342
456 p. : ill., maps ; 24 cm.View a full description of this periodical.
Extracted Text
The following text was automatically extracted from the image on this page using optical character recognition software:
Southwestern Historical Quarterly
At a meeting in Houston, on June 30, 1837, the board of direc-
tors, of which Archer was president, resolved:
Whereas the interests of the republic of ... Texas and the Rail road, navi-
gation and banking company are intimately connected, and whereas it is
desirable that the actual citizens of Texas should be stockholders in said
institution: be it therefore
Resolved, That books of subscription for stock in the Texas Rail road,
Navigation and Banking Company be opened at Houston, under the direc-
tion of any two or more of the directors, on the 15th of August next, and
continue open until the 15th of October following, under the rules and
regulations of said company: and that publication be made in the Tele-
graph printed at Houston, and in the Velasco Herald, and Nacogdoches
paper for thirty days.
Resolved, That in order to give the citizens of Texas a fair opportunity
of becoming stockholders, that ten per cent. only be required to be paid in
at the time of subscription, in gold, silver or United States Bank bills.
Resolved further, That for the purpose of giving the citizens generally
an opportunity of subscribing, no individual shall subscribe by proxy; and
no individual shall subscribe directly or indirectly for more than fifty
shares of one hundred dollars each.9
These resolutions seem to indicate that the company had been
unable to dispose of its stock either in the United States or to
the limited monied interests of Texas. Years later, Gouge stated
that the capital stock of the company was subscribed by eight
individuals and firms.'0 Thomas J. Green said that there were
sixteen subscribers, among whom were James H. Gholson and
C. P. Green, of Virginia; William Christie, of New Orleans;
James Hamilton, of South Carolina; and John Kirby Allen, Sam
Houston, and himself, of Texas."
Very soon the company, particularly its banking privileges,
became the target of a large number of significant and vocal
opponents. Anson Jones'2 and many others took up arms against
the enterprise, but it was Dr. Francis Moore, Jr., editor of the
Telegraph and Texas Register, who led the attack. On July 29,
1837, he printed the charter of the company and wrote, in his
most rhetorical style, a long editorial. He announced that, on
good authority, he had information that the company had al-
most finished raising the one million dollars in specie required
9Telegraph and Texas Register (Houston), July 29, 1837, 3, col. 2.
0oWilliam M. Gouge, The Fiscal History of Texas, Embracing an Account
of Its Revenues, Debts, and Currency, from the Commencement of the
Revolution in 1834 to 1851-52, with Remarks on American Debts (Phila-
delphia, 1852), 61.
1Reply of Gen. Thomas J. Green, to the Speech of General Sam Houston,
in the Senate of the United States, August 1, 1854 (Washington, 1855), 58.
12Anson Jones, Memoranda and Official Correspondence Relating to the
Republic of Texas, Its History and Annexation. Including a Brief Auto-
biography of the Author (New York, 1859), 18, 159, 577, 632.342
Upcoming Pages
Here’s what’s next.
Search Inside
This issue can be searched. Note: Results may vary based on the legibility of text within the document.
Tools / Downloads
Get a copy of this page or view the extracted text.
Citing and Sharing
Basic information for referencing this web page. We also provide extended guidance on usage rights, references, copying or embedding.
Reference the current page of this Periodical.
Texas State Historical Association. The Southwestern Historical Quarterly, Volume 47, July 1943 - April, 1944, periodical, 1944; Austin, Texas. (https://texashistory.unt.edu/ark:/67531/metapth146054/m1/391/: accessed May 2, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting Texas State Historical Association.