A federal fund exists, earmarked for the acquisition of land for conservation purposes. Swaps are much easier. The law requires Congressional approval for any federal cash outlay. Swaps, on the other hand, can be brokered through state authorities. In one such deal, the Phelps Dodge Corporation sought 3,758 acres of federal land adjoining its southern Arizona copper mine.
Land speculators pocket the difference.
Not enough, though. Maxxam officials immediately stated that they could make no response until these properties were appraised. Most of them were leases, jointly owned by the US Government and the state of California, for oil and gas wells. Also included in the deal were 30 acres of vacant land next to a federal building in Orange County, and 3,000 acres of less sensitive timberland in Humboldt County. Clearly, if the rent of land were collected for public revenue as it should be, speculators would not be gathering, vulture-like, for federal land giveaways.