The weekly Floridian. [volume] (Tallahassee, Fla.) 1867-19??, 1884-10-07
ed =. $2,s72, 700 Total. -. $722,1


These sales and the cancellation of bonds fol-
lowing them, lett outstanding not only $722, IT'S
principal of bonds and coupons belonging to
them of nearly all dates subsequent to the COM
mencement OF the war, but 1t also lett ON the
market many past due coupons of the cancelled
bonds.
For the interest annually accommodating from
1869 TO 1882, on the $722,l IT'S of bonds, AS well
rs for interest on the coupons. and the very
large amount of outstanding coupons maturing
prior 10 the sales of the different railroads, on
the bonds, which were cancelled at such sale,
there was relief, except through The fund.
Unless the sales of land were sufficient To pay
Them they had TO remain unpaid and continue
bearing interest from their maturity In other
words, the effect OF these sales was to relieve the
railroads of the bonds coupons, except the
one per cent. annually TO meet the principal oil
the bonds. The land fund, held by the Trus-
lees in addition TO paying large sums before The
war for interest now became alone responsible
for all the interest upon the 6OHdS dnd MS coupons,
not retired by the sales.
REPUBLICAN MIsMANAGEMENT BEGINS.
The Republican party coming into power in
1868 was "a unfortunate in the management OF
this trust fund as they were in the financial ope
rnIions of The State government. Prior Ia their
ascendency no serious complications had arisen
with the creditors. The action of the Trustees,
under Republican rule, however soon changed
over 800 900 acres of the public domain, MS the
representative of the Southern Inland Naviga-
ton and improvement Company" without any
consideration previously performed, was consid-
cred fraud.
The act 10 Incorporate the Aquatic and Trop-
ca1 Plant Propagaing Company" under which
Gleason Purman, Stearns and other Republican
leaders were granted under certain conditions,
all IF Dade county, and all the lands south of
the CalOOsahaichie, embracing nearly all OF
Monroe county, except Key Wesl, was another
blow to the security Of the creditors
The sale by Republican Board to the New
York and Florida Improvement Company" of
over one million acres at ten cents per acre, to be
selected out of any Of the public tands under the
control of the Trustees was another act that met
the condemnation Of the court Under this
agreement over 100000 acres, nearly half OF
which was Internal improvement lands proper:
was actually decided to this improvement !"
compapv. and the remainder would probably
have been but for the interference of Judicial au-
thority. =,
The selling to the notorious Ltilefield all the
Lands then held in trust, tohieh might hereafter
accrue to the State, upon his relieving the fund Of
the then small debt, paying the Trustees one hun
dred thousand dollars; ana building . road rom
Quincy to Mobile, Alabama, was another transac-
ton. making an important link in the chain of
recklessness that led 10 the appeal Of the credit
ora 10 the courts. II was but few months ago
,ha, the present Trustees were sued to subject
these lands 10 eight million dollars bonds claimed
as issued upon the basis of this remarkable con-
tract. The application was promptly denied by
the court
no YOU wonder that the creditors, headed by
Voee. appealed 10 the courts 10 protect them
from such reckless disregard of their trust! Are
Won surprised at Judge Woods. the United States
Judge, 10 granting the injunction of the credit
ora. saving to these Republican officials: "You,
he sa,d ffastees, are sniaapptying the funds BE-
longing 10 said trust; ere improperIy and fraudu-
kaily 1sisappropriatiag the sanse, and ceiling and
transferring said kInds IN amounts tn manner and
for confederation that are soOVv inoonsisent ,ciM
and oiosasiss of the proUisions Of said act" What
more lasting condemnation do y'u desiree
Thh reckless mismanHgement at the fund by
the Republicans caused The curt to become ia
theory and In fact the directing administrator of
the trust. A master was appointed by the court,
and every dollar had 70 be paid over monthly BY
the Trustees TO this Dlbcer. Having nut of con-
sidesstiou the humilistiug spsctscr af the States
highest officials, subjected BY the Federal court
to humble petitioners, In the duties len them Ia
the management Of their iruat, hok for mo-
ment q the heavy bsrdsn this usismanagsmsusl
subject the fund 10 In the twelve yeaTs peio4i
to The Dias.oa sals ltths llst ,pcocseds hom thss