After the election of 1844, the U.S. Congress agreed to annex Texas on the condition that the new state assume the debt of the Republic of Texas and pledge its vast public lands against this debt. By 1850, however, the state of Texas had redeemed only a tiny fraction of the debt, and subsequent political developments left clear imprints in the financial markets.
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|Other Independent Review articles by Clifford F. Thies|
|Summer 2016||Reputation Overrides Record: How Warren G. Harding Mistakenly Became the Worst President of the United States|
|Fall 2014||Repudiation in Antebellum Mississippi|
|Fall 2010||The Shaping of a Future President's Economic Thought: Richard T. Ely and Woodrow Wilson at The Hopkins|
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