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would have needed a deposit of $26,067, more or less, before the arrival of the emigrants in the fall of 1845. But the most astonishing fact is that not even the leading director of the Company knew the amount, or had a list of the deposits paid in, or the orders drawn. In a letter dated 23rd of June, 1846, he writes to me:
"That by fault of the banker he received a list of deposits of 1845, at first in February, 1846."
This fact shows that the control of his subordinates, by the leading director, was mighty deficient; that the business was carried on very loosely, without respect to business rules at all. (The banker had been instructed to collect at the shipping places, Bremen or Antwerp, the money to be deposited, and to make out a little account book for each emigrant, stating the amount yet due each colonist, with order to pay it here in Texas on demand.)
TO RECAPITULATE.
The poorest calculator could have foreseen, in Europe, that it needed in Texas, in the fall of 1845, at or before the arrival of the emigrants—
1. $24,000 for the payment of the floating debt.
2. $45,000 for goods and provisions, to entertain 5000 persons, or less, for three months only.
3. $33,161 60-100 for land transportation of 4304 emigrants.
4. $12,000 for houses to be built in colony.
5. $26,067 to pay drafts or orders for deposits of emigrants. Total, $140,228 60–100.
Of all the amounts needed at the arrival of the emigrants, only the trifling item for the payment of the old debt had arrived. Not one cent was left for the entertainment, the transportation, and settlement of the emigrants in 1845, and for returning deposits. Bankruptcy, predicted by me already in Europe, and proven from their own statement to the leading di-
