The Southwestern Historical Quarterly, Volume 57, July 1953 - April, 1954 Page: 176
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Southwestern Historical Quarterly
One was contemplated at Columbia but never opened, although
paper pesos had been printed for use there. Only about fourteen
thousand paper pesos were issued. By an act of Congress of the
Republic of Texas, dated February 5, 1840, McKinney and
Williams were deprived of the further privilege of issuing paper
At about the same time, a Velasco firm, R. & D. G. Mills,
merchants of good reputation, made a deal with the Northern
Bank of Holly Springs, Mississippi, brought some forty-thousand
dollars in notes into 'Texas, placed their endorsement thereon,
and used them as a medium of exchange to facilitate the operation
of their business. These endorsed bills, known as Mills Money,
were accepted by the Texas people and changed hands freely.
Also in the 1830's, land agents began to swarm into Texas.
Townsites were laid out, and shares of stock flooded the market.
Swartwout, New Washington, Velasco, Sabine, San Felipe, and
Bastrop were some of the main ones. Swartwout, on the Trinity
River, and New Washington, at the present site of La Porte, were
promoted by Samuel Swartwout, a friend of Andrew Jackson,
and other conspicuous New York Jacksonians who were large
shareholders in the Galveston Bay and Texas Land Company, of
which Sam Houston was resident attorney. Swartwout had been
appointed collector of the port of New York by Jackson. He
made a failure of his Texas land venture and soon after departed
All participants in the battles of Bexar and San Jacinto were
given certificates entitling them to 640 acres of land each to be
chosen from the public domain. These certificates or scrips were
transferable and quickly became a medium of exchange at the
rate of fifty cents per acre.
During the days of the Republic, in 1839-1840, an East Texas
merchant of Nacogdoches, Kelsey H. Douglas, issued some private
exchange bills in denominations of one, two, three, and five
dollars. The bills were beautifully engraved and closely re-
sembled the regular issue of the Republic. They were redeem-
able in New Orleans, Louisiana, at the office of W. M. Beal.
Douglas died in 1840, and the bills were discontinued. The earliest
ones were dated September lo, 1839.
Money from the United States was pouring into the Republic
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Texas State Historical Association. The Southwestern Historical Quarterly, Volume 57, July 1953 - April, 1954, periodical, 1954; Austin, Texas. (texashistory.unt.edu/ark:/67531/metapth101152/m1/224/: accessed May 24, 2017), University of North Texas Libraries, The Portal to Texas History, texashistory.unt.edu; crediting Texas State Historical Association.