The Laws of Texas, 1822-1897 Volume 2 Page: 63
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Laws of the Republic of Texas.
in the United States; and all such deposits shall be made in the
name and to the credit of the Republic of Texas, and the disposition
of all sums of monev so deposited as aforesaid shall be made
upon the order of the President of this Republic, countersigned by
the secretary of the treasury.
Sec. 3. Be it further enacted, That in case of the death of either
one of the commissioners appointed to negotiate the aforesaid loan
pending any negotiation, the surviving commissioner shall have
full power to seal, execute, sell and deliver any bond or bonds, issued
under the aforesaid act, as full and perfectly as if they were all
present and acting.
Sec. 4. Be it further enacted, That in case the said sum of five
millions of dollars or any part thereof should be negotiated by virtue
of the aforesaid act of the sixteenth May, eighteen hundred and
thirty-eight, in addition to the general pledge of the faith and
credit of this Republic, contained in said act for the payment of
the interest and redemption of the principal of said loan, so much
of the revenues of the Republic as may be necessary, shall be set
apart and semi-annually remitted to the Bank of the United States
in Philadelphia. to meet the semi-annual interest on any bond or
bonds issued under said loan; and as soon as the Government shall
deem it expedient to sell the public lands, of the proceeds thereof,
three hundred thousand dollars shall be annually appropriated and
set apart, and invested in public securities or corporate stocks. to
form a sinking fund for the ultimate redemption of the aforesaid
loan of five millions of dollars, which said appropriation shall be
continued annually to be made, until with the interest accruing
and accumulating on the same, a sum shall be raised equal to the
said five millions of dollars, or any part thereof which may have
Sec. 5. Be it further enacted. That the fifth section of the aforesaid
act of the sixteenth May. eighteen hundred and thirty-eight
be, and the same is hereby repealed.
JOHN M. HANSFORD,
Speaker of the House of Representatives.
DAVID G. BIURNET.
President of the Senate.
Approved, January 22. 1839.
MIIRABEAU B. LAMAR.
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Gammel, Hans Peter Mareus Neilsen. The Laws of Texas, 1822-1897 Volume 2, book, 1898; Austin, Texas. (texashistory.unt.edu/ark:/67531/metapth6726/m1/67/: accessed July 21, 2017), University of North Texas Libraries, The Portal to Texas History, texashistory.unt.edu; .