Columbia December 10th- 1836

To the Honorable the Secretary of State

Sir

In almost all cases a paralell may be drawn between transactions of a Government and those of an Individual, and the same laws of justice and equality govern both.

The writer is induced to believe that the cause of the low state of the financial operations of this Country is a want of knowledge of the actual state of the immediate available resources of the Country, and a false idea of the magnitude of the debt

A tax bill is before the house of Representatives which calculating the proceeds at a very moderate rate will produce $250,000 a revenue bill on Imports, which will produce $150000 and the unpaid fees on Land granted; located and unlocated, amounts to $100000 Making in all $500000 which will be available in less than one Year and responsibilities already audited amounts to $350000 and probably will by the 1st. of January 1837; amount to $450000 leaving $50000 balance in favour of the Government.

Without making any remarks on the establishment of a Bank or the probable success of our loan bill, or of the sale of Land scrip, or confiscated property and public lands; or the sale of certain leagues of land; and a number of the other resources of the Government, we would simply suggest the propriety of permitting the Treasurer to draft countersigned by the Register for the different amounts in the form of Bank Notes, say for Five, Ten, Twenty, Fifty, One Hundred and Five Hundred Dollars, and these to be paid by the Treasurer on audited accounts, or the order of the auditor

It is a general opinion that Texas is almost insolvent; that for a number of years she cannot pay the public debt under which she labours at present

I have yet to learn that that debt exceeds two Millions, and the present population can not only pay the interest of that annually but a large proportion of the principal, without relying at all on the great increase of population, we shall have in a few years and they also paying their proportion of the public debt and it is thought that a great portion of the expenses of the first and last campaign have been audited, and if so our debt will prove much less than was really imagined

A fair, clear, and lucid expose of our affairs our debts and our resources would do more in establishing our Credit on a firm basis than any other plan whatever; and by proving our abilities to pay punctually the interest of a loan if not the principal, we shall be enabled to borow as much as we want and on moderate terms

All which is respectfully submitted

Geo. W. Poe Actg Pay Master General