The Quarterly of the Texas State Historical Association, Volume 13, July 1909 - April, 1910 Page: 8
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8 Texas Historical Association Quarterly.
tary of the navy, in 1840, confessed the task too heavy for him-
Soon after the Zavala had been arranged for, Mr. Williams was
successful in concluding a contract, on November 13, 1838, with
Frederick Dawson, of Baltimore, for one ship, two brigs, and three
schooners to be fully armed, furnished with provisions and muni-
tions, and delivered in the port of Galveston.2 For this it was
the bonds of the Government of Texas, made and executed by
the Commissioners for the Loan, shall be executed and signed and
deposited in the Bank of the United States of Pennsylvania, or
the Girard Bank at Philadelphia, . . . for five hundred and
sixty thousand dollars, there to remain . . . as security
. . . for the space of twelve calendar months, which bonds are
to bear . . . a rate of interest of ten per cent per annum,
. . . which bonds can be redeemed at the end of twelve months,
by the payment of the two hundred and eighty thousand dollars,
and the ten p.er cent which shall have accrued . . in Gold
or Silver. . . . If the Government of Texas shall prefer to
instruct the Loan Commissioners to issue, or shall itself issue
sterling bonds for the sum of five hundred and twenty thousand
dollars at any time prior to the first day of February next, he will
receive them in full liquidation, and payment of the debt hereby
contracted, and in lieu of the bonds heretofore mentioned.
On receiving the intelligence that the navy had been contracted
for, the Texas government, on January 26, passed an act which
declared that, whereas the agent of the Republic had made a con-
tract for the purchase of one ship of eighteen guns, two brigs of
twelve guns each, and three schooners of six guns each, and,
whereas it has become indispensably necessary, in order to prepare
and keep in service the said vessels, as well for the protection of
1Secretary of the Navy, Report of November 4, 1840, in House Journal,
5th Tex. Cong., 1st Sess., Appendix, 187; see also Gouge, Fiscal History of
Temas, 93, 94, 198-199, 206, 305.
2For the contract with Dawson see House Journal, 5th Tex. Cong., 1st
Sess., Appendix, 202-204. See also Yoakum, II, 243; Gouge, Fiscal History
of Texas, 94; and Report of Special Committee to the Senate, January 22,
1854. Dawson turned his interest over to S. Chott and Whitney; these two
gentlemen, in a lengthy letter addressed to the government of Texas, Octo-
ber 9, 1851, complained bitterly of the effort made to scale the bonds, and
their arguments seem unanswerable. See Gouge, Fiscal History of Texas,
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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. (texashistory.unt.edu/ark:/67531/metapth101051/m1/16/: accessed March 20, 2018), University of North Texas Libraries, The Portal to Texas History, texashistory.unt.edu; crediting Texas State Historical Association.