Laws of the Republic of Texas. Volume Third. Page: 16
54 p., iii. ; 21 cm.View a full description of this book.
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( 16 )
United States of Pennsylvania -(if practicable~:) if not,
with the Manhattan Bank of New York, or the Union
Bank of Louisiana, to act for the Government of this Republic
as fiscal agents in the United States-in all matters
relative to the loan authorized by this act, for all operations
within the state in which such bank may be located,
and by its agents in other states of the United States
of America-also in Europe; and when the said conommissioners
shall contract any loan or sale of any bonds
authorized by this act, it shall be their duty to deposite
in the said'bank, or with its agency, nearest the place
with the knowledge and approbation of said bank by its
President-and Directory, the amount of bonds corresponding
with the amount of loan contracted for, or bonds
sold, which bonds shall be issued by such bank or its
agencies to the contractors or purchasers on the payment
into the bank or its agencies, to the credit of this Republic,
the amount of money contracted to be loaned, or paid
therefor, on which payment to the credit of this republic,
the bank, or its cashier, or the agency thereof, shall issue
t -. the interested party or parties the bonds or scrip for
instalments thereon to the amount so paid in conformity
with thec0ntract and hot otherwise; and all-such money
shall be held 'by such' bank subject to the draft of the
President f this Republic, countersigned by thb Secreta
f the Treasury; and the said bank or its agencies
shall notify the Secretary forthwith of all deposites made
to the credit of this Government, and' the said commissioners
shall correspond with the Secretary of' the Treasury,
and inform him of all transactions done by authority
ofthis act.
S!gc. 6. Be it further enacted, That it shall be the duty
of the Secretary of the Treasury to lay before each and
every congress, early in every session, a full' statement
of all the sales-of bonds that may have been effected,
showing the terms and-conditions of the same, the expenses
accruing thereon, and what dispositions have
been made of the proceeds of the same.
SEC. 7. Be itfurther enacted, That for the punctual payment
of the interest, and final redemption of said bonds,
the public faith is hereby solemnly pledged.
SEc. 8. Be itfurther enacted, That all acts and parts of
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Texas (Republic). Secretary of State. Laws of the Republic of Texas. Volume Third., book, 1838; Houston, Texas. (https://texashistory.unt.edu/ark:/67531/metapth45354/m1/16/: accessed April 24, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; .