USA HISTORY

Detailed explanation-1: -Texas relinquished 67 million acres in the Compromise of 1850 in exchange for a cash payment that wiped out the debt. Future land sales were earmarked to fund Texas education. But sales proved to be disappointing.

Detailed explanation-2: -Despite his efforts, by the time Houston left office, Texas’s debt was almost 12 million dollars by 1846.

Detailed explanation-3: -– the Republic was deeply in debt because of the Revolution and the fact that the money they had previously used was Mexican money – they literally had no money, not even printed currency! that had fought in the Revolution wanted and needed to be paid.

Detailed explanation-4: -The Tyler-Texas treaty, signed on April 12, 1844, was framed to induct Texas into the Union as a territory, following constitutional protocols. To wit, Texas would cede all its public lands to the United States, and the federal government would assume all its bonded debt, up to $10 million.