Chubb & Schenck to Bell, September 7, 1850
On September 6, 1850, the United States Congress passed a bill that settled the long-running dispute over Texas' western boundary. This act provided that Texas would be paid $10 million in 5% U.S. bonds in exchange for ceding the disputed territory to the national government. At least half the money was to be used to pay off the debts of the Republic of Texas.
The day after the bill's passage, the Washington banking firm of Chubb & Schenck sent Bell this letter, complete with references, offering to help Texas handle its new-found riches.
Office of Chubb & Schenck,
His Excellency P.H. Bell
We would respectfully suggest that if this Stock be
Should the State issue proposals for the whole
We respectfully refer you to the enclosed letters from
Your Obt Servants
Chubb & Schenck
Chubb & Schenck to Bell, September 7, 1850, Records of Peter Hansbrough Bell, Texas Office of the Governor, Archives and Information Services Division, Texas State Library and Archives Commission.