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    General Memucan Hunt. The Public Debt and Lands of Texas. [New Orleans]: n. p, [1849]. 8vo, 16 pages. Modern slipcase quarter-bound in blue cloth over boards with navy blue leather spine. Gilt lettering and five raised bands on spine. Tri-fold protective case in blue cloth over boards. Light to moderate toning and wrinkling of pages. "A letter from Hunt dated Austin, November 30, 1848, to J. B. Shaw and J. M. Swisher, comptroller and auditor of Texas, regarding his clients who are presenting claims against 'the late Republic of Texas,' and asking the state not to repudiate the obligations." (Eberstadt) Hunt, a former Republic of Texas minister to the United States, was acting "as agent and attorney of many claimants against the late Republic." Light to moderate toning with uneven top and bottom edges. Also included is a letter from an unknown author to Ovid J. Johnston Esq., dated September, 1848, from Philadelphia, outlining the sections of an act passed by the Texas legislature regarding the repayment of the debt passed on March 20, 1848, "An Act to provide for Ascertaining the Debt of the late Republic of Texas." The author expresses his concern, as a creditor to the republic, in receiving the full refund of the debt owed.

    When the United States annexed the Republic of Texas, it was estimated that the republic held a $12 million debt, from loans by private citizens in Texas and the United States and in service provided for the defense of Texas. In 1848, the Second State Legislature called for the auditor and comptroller to assess the debt and scale it down to "face" value. By 1851, the debt was scaled to $6.8 million. Having little to no money in the treasury, Texas was allowed to keep all of her unappropriated lands to be first used as payment toward her debt, at a proposed rate of fifty cents an acre. The creditors refused and with the Compromise of 1850, the federal government gave Texas, in return for giving up its claim to New Mexico and parts of present-day Colorado, Kansas, Wyoming, and Oklahoma, totaling 6.7 million acres, $10 million dollars in U. S. Bonds. All told, the federal government and the State of Texas paid out a total of $9.28 million of the estimated $12 million.

    Reference: Eberstadt Texas 162:423. Sabin 33883.

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