Proceedings of the Senate and Documents Relative to Texas, from which the Injunction of Secrecy Has Been Removed Page: 12 of 119
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[ 341 ] 12
In order to ascertain the full amount of the debts and liabilities herein
assumed, and the legality and validity thereof, four commissioners shall
be appointed by the President of the United States, by and with the advice
and consent of the Senate, who shall meet at Washington, Texas,
within the period of six months after the exchange of the ratifications of
this treaty, and may continue in session not exceeding twelve months, unless
the Congress of the United States should prolong the time. They shall
take an oath for the faithful discharge of their duties, and that they are not
directly or indirectly interested in said claims at the time, and will not be
during their continuance in office; and the said oath shall be recorded
with their proceedings. In case of the death, sickness, or resignation of
any of the commissioners, his or their place or places may be supplied by
the appointment as aforesaid, or by the President of the United States during
the recess of the Senate. They, or a majority of them, shall be authorized,
under such regulations as the Congress of the United States may
prescribe, to hear, examine, and decide on all questions touching the legality
and validity of said clainis, and shall, when a claim is allowed, issue
a certificate to the claimant, stating the amount, distinguishing principal
from interest. The certificates so issued shall be numbered, and entry
made of the number, the name of the person to whom issued, and the
amount, in a book to be kept for that purpose. They shall transmit the
records of their proceedings and the book in which the certificates are entered,
with the vouchers and documents produced before them, relative to
the claims allowed or rejected, to the Treasury Department of the United
States, to be deposited therein; and the Secretary of the Treasury shall,
as soon as practicable after the receipt of the same, ascertain the aggregate
amount of the debts and liabilities allowed ; and if the same, when added
to the amount to be paid to Frederick Dawson, and the sum which may
be paid in the redemption of the exechequer bills, shall not exceed the estimated
sum of ten millions of dollars, he shall, on the presentation of a
certificate of the commissioners, issue. at the option of the holder, a new
certificate for the amount, distingluishing principal from interest, and payable
to him or order, out of the nett proceeds of the public ladis lhereby
ceded, or stock of the United States, for the amount allowed, including principal
and interest, and bearing an interest of ttree per cent. per annum from
the date thereof; which stock, in addition to being made payable out of the
nett proceeds of the public lands hereby ceded,shall also be receivable in payment
for the same. In case the amount of the debts and liabilities allowed,
with the sums aforesaid to be paid to Frederick Dawson, aind which may
be paid in the redemption of the exchequer bills, shall exceed the said sum
often millions of dollars, the said Secretary, before issuing a new certificate,
or stock, as the case may be, shall make in each case such proportionable
and ratable reduction on its amount as to reduce the aggregate to the
said sum of ten millions of dollars; and he shall have power to make all
needful rules and regulations necessary to carry into effect the powers
hereby vested in him.
Until further provision shall be made the laws of Texas, as now existing,
shall remain in force, and all executive and judicial officers of Texas,
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United States. Congress. Senate. Proceedings of the Senate and Documents Relative to Texas, from which the Injunction of Secrecy Has Been Removed, book, 1844; [Washington]. (texashistory.unt.edu/ark:/67531/metapth2363/m1/12/: accessed April 28, 2017), University of North Texas Libraries, The Portal to Texas History, texashistory.unt.edu; .