The Quarterly of the Texas State Historical Association, Volume 13, July 1909 - April, 1910 Page: 175
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Recognition of the Republic of Texas by the U. S. 175
anything beyond the Rio Grande would "damn us beneath all
depth in hell."'
In addition to the friendly interest manifested, another cause
for congratulation, the commissioners felt, was that, in spite of
the fact that Texas, according to her own declaration, was nothing
more than a seceded state of the Mexican confederation, with no
credit and no wealth except her lands, there were still found in-
dividuals who were willing to, advance money with which to finance
the revolution. A short time after their arrival in New Orleans
two loans were negotiated, the first for $200,000, the second for
$50,000. To be sure, the terms upon which these loans were se-
cured were not all that could have been desired. The lenders, or
holders of the scrip, had the right to take in return lands in Texas
at fifty cents an acre. The most objectionable feature was that the
lenders were allowed to choose their lands, priority of selection be-
ing reserved to subscribers of the first loan; and no further sales
of lands by the Texan government were to, take place until this
choice was made. Moreover, in the case of the first loan, after the
first payment, which was to be 10 per cent of the whole, had been
made, the lenders had the right to withhold further payment, if
they so desired.2 The second loan was supposed to be a cash pay-
ment." In other words, these so-called loans were nothing more
1Wharton to Governor Smith, February 7, 1836, Garrison, Dip. Cor.
Tex., I, 66.
2Printed copies of these terms are among the Austin Papers. The fol-
lowing were the subscribers to the first loan: T. D. -Carneal, L. White-
man, Paul Anderson, and J. F. Irwin all of 'Cincinnati; J. N. Morrison
of Maysville, Kentucky; Robert Triplett of Yellow Banks, Kentucky;
and George Hancock of Louisville, Kentucky; W. F. Gray of Fredericks-
burg, Virginia; J. S. Brander of Pittsburg, Virginia; and Alfred Penn
of New Orleans. In the case of the second loan twelve subscribers were
from New Orleans, three were from Virginia, and two were from Ken-
tucky. It would be instructive to attempt to discover how much the
interest felt for Texas in some sections of the United States was due to
the influence of individuals who had invested heavily in Texas lands.
Barker, "Land Speculation as a Cause of the Texas Revolution," in TIE
QUARTERLY, X, 95, says, "In 1836 the Texans contracted several loans on
the public land, and there is material to warrant the belief that those
who advanced the money were ready, if the revolution had continued long
enough, to enlist volunteers for the cause."
"Gouge, Fiscal History of Texas, 53, says the amount actually received
was only $45,820. Austin estimated that it would yield but $40,000
cash (Austin to McKinney, January 21, 1836, Austin Papers). This
may have been written inadvertently, as undoubtedly was the following
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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/m1/195/: accessed April 24, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting Texas State Historical Association.