Edgefield Advertiser

The Texas Debt.—There having been much controversy of late in the Washington papers, and in Congress, relative to the Texas debt, in order to render the matter more intelligible to those who have an interest in it, the Washington Southern Press briefly states the facts of the case; from which we perceive that the State of Texas, since its annexation, has adopted a scale of reduction upon her debt, so as to make it very important to her treasury to diminish her liability to that amount.

The creditors of the Republic of Texas insist that the Government should be held liable for the contract of annexation, or the subsequent arrangements between these high contracting powers.

The revenue of the Republic of Texas was pledged specially for a large portion of the public debt. The creditors, therefore, hold the United States liable from the instant of annexation, and urged that the United States took Texas, cum onere.

The condition of the act of Congress of the 9th of September, 1850, was the issue of ten millions of dollars in stock to Texas—provided that no more than five millions should be issued until the creditors of the State should file releases in the Treasury Department of all their claims. The residue of five millions is still in the Treasury.

The State of Texas, by her legislative enactments, has compelled her creditors to ask relief of the Government, and they now ask of the United States, (who holds the pledged security,) the payment of the money advanced to Texas while struggling to accomplish her independence.