The Laws of Texas, 1822-1897 Volume 1 Page: 1,486
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Laws of the B.epublic of Texas.
16
( 1486 )
United States of Pennsylvania (if practicable,) if not, with the
Manhattan Bank of New York, or the Union Bank of Louis-
iana, 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
commissioners shall contract any loan or sale of any bonds au-
thorized 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 con-
tracted for, or bonds sold, which bonds shall be issued by such
bank or its agencies to the contractors or purchasers on the pay-
ment 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 to the interested party
or parties the bonds or scrip for instalments thereon to the
amount so paid in conformity with the contract and not other-
wise; and all such money shall be held by such bank subject to
the draft of the President of this Republic, countersigned by the
Secretary of 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 cor-
respond with the Secretary of the Treasury, and inform him of
all transactions done by authority of this act.
Sec. 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 disposi-
tions have been made of the proceeds of the same.
Sec. 7. Be it further 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 it further enacted, That all acts and parts of
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Gammel, Hans Peter Mareus Neilsen. The Laws of Texas, 1822-1897 Volume 1, book, 1898; Austin, Texas. (https://texashistory.unt.edu/ark:/67531/metapth5872/m1/1494/: accessed May 5, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; .