"AN ACT," February 3, 1845

Summary: The Texas Congress declared that all paper money and exchequer bills were illegal to use for payment of debts. After the passage of this act, only gold and silver would be acceptable for money transactions. Also ordered the Treasury department to destroy all paper notes but to keep the printing material and plates safe for possible future use.

To repeal an act entitled "An Act to authorize the President to

issue Exchequer Bills, and to declare what shall be received in

payment of taxes and duties on imports," approved nineteenth

January, one thousand eight hundred and forty-two.

Section 1. Be it enacted by the Senate and House of Representatives of the Republic of Texas in Congress assembled, That from and after the passage of this act, it shall not be lawful for the Secretary of the Treasury, or any other officer of the Government, to issue or cause to be issued, any bonds, bills, notes, or any description of paper representing money, intended either for circulation, or to be received in payment of any class of revenue: the intention of this section being not merely to prohibit the issue of paper, but also the re-issue of any such paper which has, or may be returned to the Treasury Department.

Sec. 2. Be it further enacted, That it shall be the duty of the Secretary of the Treasury, to cause all the Exchequer bills received at the Treasury Department, to be destroyed according to the provisions of a Joint Resolution prescribing the manner in which liabilities of the Government shall be destroyed, approved twenty-ninth January, one thousand eight hundred and forty-two.

Sec. 3. Be it further enacted, That from and after the receipt of the whole amount of Exchequer Bills, and such other liabilities of the Government, as are at present made receivable by law, now in circulation: that the Direct Taxes, Tonnage and Impost Duties, Fines, Forfeitures, Penalties, and all other debts due the Government, shall be receivable in Gold and Silver only, provided that all land dues, (except the land tax,) and all payments for patents, shall be receivable as heretofore, in the liabilities of the government.

Sec. 4. Be it further enacted, That it shall be the duty of the Secretary of the Treasury, to procure all plates which may have been used for the printing, lithographing and engraving all Exchequer Bills, Promissory Notes and Bonds, which may be in the hands of the Engravers or Banks in the

city of New-Orleans, or elsewhere, and the same when by him obtained, shall be safely kept, subject to a future action of Congress.

Sec. 5. Be it further enacted, That all laws or parts of laws, conflicting with the provisions of this act, be and the same is hereby repealed.

Approved, February 3d, 1845.

Source Copy Consulted: "AN ACT," February 3, 1845, reprinted in H.P.H. Gammel, The Laws of Texas, 1822-1897, 12 vol., (Austin: Gammel Book Co., 1898), 2:1140-1141. http://texinfo.library.unt.edu/lawsoftexas