Henry Austin to Stephen F Austin, 10-09-1836

Summary: Low credit of Texas

New Orleans 7 Octo— 1836

Genl S F Austin

My dear Sir

I drop you a line by the Urchin to apprise you that I am on my way to Texas, and purpose coming out in the Independence, Capt. Wheelright having promised me a berth.

I regret to find our fiscal concerns in a worse state than when here last— The credit of Texas public and private seems to be entirely prostrate and to make matters worse an unprecedented pressure for money has been occasioned by the order for specie payts at the land offices— Yet from, a conversation with Mr. Breedlove this morning I have reason to believe the subscribers to the 200 M loan would yet renew the contract and pay up on the terms of the compromise as they understand it, that is to be at liberty to locate their scrip when they please, but without a preference— At Mr Breedloves request I shall Meet some of the parties at his office in the afternoon for the purpose of learning what they will and what they will not do for your information for they consider the honour of the Comrs as pledged to see the contract complied with— For my own part I see no chance of the public credit being restored until this contract is satisfactorily settled No other loan can be effected or other scrip sold until the public faith shall be made good as to this—

Williams I am told could do nothing with Scrip here, and they write me from New York will not be able to do anything with it there— The Texas fever has subsided all over the country and I have found myself unable to raise money enough for the expenses of my family on any terms, or to sell land at any rate— The statement of Col Willson and Capt Postlewaits [Postlethwaite] damn'd everything in the upper country—and any person offering Texas lands either for sale or as security rati great hazard of being considered a swindler

My health was somewhat improved when I left Lexington but the Mississippi water has reduced me very much and I have some fever today which makes me very feeble—

H Austin [Rubric]

[Addressed:] To Genl. S. F Austin Columbia Texas Pr. Urchin