Although the Senate had declined to create a Government stock
for the $12,000,000, and issue transferable certificates for the amount
in such sums as the Mexican Government might desire, yet they could not
have intended thereby to deprive that Government of the faculty which
every creditor possesses of transferring for his own benefit the
obligation of his debtor, whatever this may be worth, according to his
will and pleasure.
It can not be doubted that the twelfth article of the treaty as it
now stands contains a positive obligation, "in consideration of the
extension acquired by the boundaries of the United States," to pay to
the Mexican Republic $12,000,000 in four equal annual installments of
three millions each. This obligation may be assigned by the Mexican
Government to any person whatever, but the assignee in such case would
stand in no better condition than the Government. The amendment of the
Senate prohibiting the issue of a Government transferable stock for the
amount produces this effect and no more.
The protocol contains nothing from which it can be inferred that the
assignee could rightfully demand the payment of the money in case the
consideration should fail which is stated on the face of the obligation.
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