The total amount of specie or specie equivalent received by the Republic of Texas from loans was $457,380, and if to this are added the proceeds of loans made by the revolutionary governmental bodies the total receipts amount to $524,370.1

1 Report of the Auditor and Comptroller, November 12, 1851.

2 Report of the Auditor and Comptroller, December 27, 1849. In 1841 the public talk of repudiating the debt, the president's recommendation in his message of December 20, 1841, that redemption be postponed, and the general critical financial condition of the government, caused the greatest depreciation of the notes and bonds. On January 26, 1842, the Telegraph and Texas Register quoted the 8 per cent bonds at from 6 to 7 cents, and on February 2 and May 9 at from 6 to 8 cents.

3 Report of the Comptroller, 1855.

4 Ante, p. 16.

5 Gammel, op. cit., vol. 1, pp. 1289, 1498.

6 Act. of February 5, 1844; ibid., vol. 2, p. 1007.

The revenue debt, or that which came under the provisions of the acts of the United States Congress of September 9, 1850, and February 28, 1855; amounted, original principal and interest to July 1, 1850, to $10,078,703.21. The holders of this debt received the $7,750,000 appropriated by the United States in 1855, which was payment on the basis of about seventy-six and nine-tenths cents on the dollar. The state, however, appropriated $60,000 to compensate certain creditors for the difference between the scaled and the par ratings, which brought the basis of settlement of this revenue debt to something more than the 76 9-10 cents.2 Of the $7,750,000 appropriated by the United States for the payment of this debt, there remained an unexpended balance on January 1, 1861, of $101,113.27. In 1881 a payment of $45,000 out of this balance was made. The total payment made by the United States on account of the debt of the Republic of Texas amounted to $7,693,886.73.

The face value of the audited claims and miscellaneous liabilities cannot be stated. The amount of such, excluding interest was, according to the report of the auditor and comptroller, November 12, 1851, $1,008,267.37, but this was an underestimate. Payment of this class of debt devolved upon the state, and the total paid by the state down through 1902, the date of the last payment, amounted to $1,287,951.13. To this amount of $1,287.-951.13 should be added $288,263.16 which was the net amount of the liabilities of the republic received by the state in the collection of revenue due the republic.

1 Gouge, op. cit., p. 273. 2Laws of 1856, p. 64.