History of Texas 1685 - 1846, Volume 2 by Henderson King Yoakum

Author:Henderson King Yoakum [Yoakum, Henderson King]
Language: eng
Format: epub
Tags: Geschichte
Publisher: Jazzybee Verlag
Published: 2018-05-01T22:00:00+00:00

CHAPTER XI.

THE year 1841 opened with prospects gloomy enough. The imports into Texas during the past fiscal year had exceeded one and a third millions of dollars, while the exports amounted to but little over two hundred thousand dollars, which exhibited an increase of indebtedness for that year of more than a million. From this, however, should be deducted a difference in valuations, and the amount of moneys brought into the country by immigrants; still, it would leave a large balance against the people of the republic. To this add the increase in the public debt; and also the utter want of means and credit of the government; and we may form an idea of the prospect before them. That the condition of affairs did not meet the public approbation is manifest from the fact that very few of the old members were returned to the fifth Congress. Under the circumstances, all eyes were turned to the able negotiations of General Hamilton. The propositions made in Great Britain, France, and Belgium, were infinite. To give Texas credit in Europe, and raise means to pay her debts, was a problem which General Hamilton had undertaken to solve. He was a man of financial genius, with the organ of hope largely developed, and possessed of a most untiring zeal. He was, however, greatly mistaken in supposing that he could easily change the views of the chief ministers of those ancient courts. That he labored honestly for Texas, there can be no doubt; but, at the present time, it is equally clear that the republic was benefited by his want of success. Among the plans for a loan was one set forth in the prospectus of Messrs. Lafitte and Company, bankers in Paris. After much negotiation, General Hamilton thought the affair concluded, and so wrote on the 4th of February, 1841.* The news was received with great joy, not only in Texas, but in the United States, for she had many friends there who were interested in her success. The treasury notes and bonds, that had been down to twelve or fifteen cents in the dollar, suddenly rose one or two hundred per cent. This French loan was to extend to thirty-five millions of francs, and was to be raised by subscriptions, the bonds to be reimbursed in lands, duties, or cash, at the option of the subscriber. General Hamilton, previous to the consummation of the arrangement, had assured himself, as he supposed, of the favorable disposition and protection of the French government for the negotiation of the loan. This assurance he had in writing from M. Guizot, the prime minister, and verbally from the king. No sooner, however, had the negotiator left for London, and the prospectus for the loan was issued, than an article appeared in the “ Débats,” the government organ, opposing it. The bankers, seeing this, postponed opening the books for subscriptions.* General Hamilton did not yet despair; but there were difficulties in his way in Texas, of which he was not then advised.

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