Hoping to come to a amicable settlement with respect to the 13,000 acres of outstanding land scrip, Saskatchewan Attorney General Thomas C.
Cohoon concluded that "the Prairie Provinces are unduly concerned with respect to the obligation attaching to outstanding half-breed land scrip notes." (131) According to Cohoon, there were only 106 scrip notes outstanding, many of which were more than thirty years old and presumed to be lost.
Likewise with regard to the apparent reaction of the price to the Texas governor's 1849 proposal to swap depreciated land scrip for the liabilities of Texas at their already-scaled values, we have the problem that New Orleans was slower to react than Philadelphia (although both reacted prior to the proposal, presumably on the basis of intelligence).
Accordingly, upon annexation, this value rose not to face value, but to a range commensurate with the present value, in view of expectations about when the market value of Texas land scrip and of these liabilities would approach par.