The Laws of Texas, 1822-1897 Volume 2 Page: 65

Laws of the Republic of Texas.

65

shall be in good credit, and redeem their notes when presented in
gold or silver.
Sec. 4. Be it further enacted, That the bonds issued under the
provisions of this act shall be signed by the President and countersigned
by the secretary of the treasury, and be under the seal of
the Republic, and upon the sale of any bond or bonds, the purchaser
or purchasers thereof shall deposite the proceeds of the sale
in such banks in the United States as the President shall direct, to
the credit of the Republic of Texas, and all such money shall be
held by such bank subject to the order or draft of the President;
which order or draft shall be countersigned by the secretary of the
treasury, and the said bank shall forthwith notify the secretary of
all deposits made to the credit of this Government, and the said
commissioner shall from time to time inform the secretary of the
treasury of all transactions done by authority of this act.
Sec. 5. 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, and so much of the receipts from the
customs and the proceeds of the sale of the public lands, as may
be necessary to carry into effect this pledge.
Sec. 6. Be it further enacted, That it shall be the duty of the
secretary of the treasury, should the loan be effected, to lay before
each and every Congress, early in the session, a statement of all the
sales of bonds that may have been effected, the expenses accruing
thereon, and what disposition has been made of the proceeds of the
same.
Sec. 7. Be it further enacted, That full power and authority is
hereby vested in the President of this Republic, to effect the loan
contemplated by this act, upon such terms and conditions as he
may deem beneficial to the country, and he shall give instructions
to the commissioner to be signed and sealed by him, and every act
of the commissioner within the limits of the instructions given by
the President, shall be valid and as binding in this Republic as if
done by the President: Provided, that the expenses incurred in
negotiating the loan on the part of the commissioner shall not
exceed one per cent. in the amount borrowed.
Sec. 8. Be it further enacted, That nothing in this act shall
be so construed as to effect the law of the sixteenth May,
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