The Southwestern Historical Quarterly, Volume 23, July 1919 - April, 1920 Page: 232
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The Southwestern Historical Quarterly
that notwithstanding the overwhelming sentiment in favor of
annexation, he had never been able to discover any advantage,
either civil, commercial, or political in forming a connection with
a country already torn with strife. In his first annual message
to Congress, December 21, he did outline his policy with regard
to. the administration.
In this message, which was a long one, he recommended the
appropriation of land for. the establishment of a public school
system and a University; a uniform municipal code; the estab-
lishment of the Common Law of England by Statute; the gradual
return to free trade, and substitution of direct taxation for import
duties; the establishment of a national bank. He announced that
his policy towards the Indians would be directly opposite to that
of his predecessor, who was held to have been too lenient. He
hoped for recognition of Texan independence by the European
governments, and for a favorable commercial treaty with the
In discussing the action of Congress on these recommendations
I shall take up the policies of the President in more detail. As
there was no further action taken either by the President or Con-
gress on the subject of a national bank, I shall give at this place
an outline of the plan suggested by Lamar.
After expressing strong objections to private incorporated banks,
and tracing the history of the Second United States Bank, claim-
ing that the United States Bank had created a sound currency,
he expressed himself as favoring a national bank owned exclusively
by the government. It should be incorporated for a suitable num-
ber of years, founded on, a specific hypothecation of a competent
portion of the public domain, with the guarantee of public faith,
and an adequate deposit of specie. It was to be the depository of
public funds, and was to deal in foreign exchange. He realized
that real estate was not readily commutable, and that the daily
needs of commerce and trade needed specie itself, or "that active
and undoubted credit, of which a known and sufficient deposit of
the metals, or something equivalent to them, is the proper basis."
He had no plan for securing the specie, but trustfully dismissed
the matter by saying, "It is believed the proposed bank would be
'~Telegraph and Texas Register, December 26, 1838; Lamar Papers, No.
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Texas State Historical Association. The Southwestern Historical Quarterly, Volume 23, July 1919 - April, 1920, periodical, 1919; (texashistory.unt.edu/ark:/67531/metapth101075/m1/238/: accessed June 24, 2017), University of North Texas Libraries, The Portal to Texas History, texashistory.unt.edu; crediting Texas State Historical Association.