The Laws of Texas, 1822-1897 Volume 2 Page: 64
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Laws of the Republic of Texas.
To authorize the President to negotiate a loan of one million of
Sec. 1. Be it enacted by the Senate and House of Representatives
of the Republic of Texas in Congress assembled, That the
President of the Republic, for the purpose of effecting a loan, be,
and he is hereby authorized to issue bonds in the name of the
Republic, for such sums as may suit the purchasers thereof, to
an amount not exceeding in the whole one million of dollars, which
bonds shall be made payable to bearer, be transferable by delivery,
and bearing an interest on the face thereof, at a rate not exceeding
eight per cent. per annum, and the principal and interest to be paid
to the holders thereof at such time and place and in such manner
as may be agreed on and stipulated therein, and to be redeemable
in ten years from the day of date.
Sec. 2. Be it further enacted, That the President by and with
the advice and consent of the Senate shall appoint a commissioner,
who shall have power within the United States of America to
carry out the purposes and fulfil the objects of this act, in the
manner specified therein, and shall be subject from time to time
to such instructions as the President shall communicate to him
through the secretary of the treasury, and the said commissioner
shall have power to agree and stipulate that the holder or holders
of the bonds so issued may at any time they may choose, surrender
the same and in lieu of principal and interest due thereon, receive
any of the public lands, at the minimum price fixed by the Government,
at the time of the sale of their public lands, and if said lands
are sold at auction, any of the said holders shall be allowed to bid,
and pay the amount of their purchases with any of said bonds, in
like manner as they are permitted to do at the fixed prices of the
Sec. 3. Be it further enacted, That the commissioner shall
have power to negotiate and sell such bonds for the notes of
any bank or banks paying specie at the time of the sale, and
shall have power to stipulate that the notes of any bank
or banks purchasing such bonds shall be received in payment
of all public dues, so long as said bank or banks
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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/m1/68/: accessed June 19, 2018), University of North Texas Libraries, The Portal to Texas History, texashistory.unt.edu; .