The weekly Floridian. [volume] (Tallahassee, Fla.) 1867-19??, 1884-09-02

These sales and the cancellation Of bonds fol-
lowing them, let outstanding not only $72s, ,175
principal of bonds and coup ms belonging to
them, OF nearly all dates subs quent to the COM
mencement Ol the war, but it also lett on the
market many past due coupons of the cancelled
| bonds.
For the interest annually accommodating from
lo69 TO 1882, On the $722, IT'S OF bonds, AS well
~ for interest on the coupons, and the very
large amount of outstanding coupons maturing
pror to the sales of the different railroads on
| the bonds, which were cancelled at such sale,
there Was no relief. except through the fund
Unless the sales of land were sufficient to nav
| tbern 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 or coupons except the
| one per cent. annually TO meet the principal of
the bonds. The land fund, held by the Trus-
| tees in addition to paying large sums before the
war for interest, now became alone responsible
| for all Me interest upon the bonds and the coupons,
not retired by the sales.
| REPUBLICAN MIsMANAGEMENT BEGINS.
The Republican party coming into power in
| 1868 was as unfortunate in the management Of
this trust fund as they were In the financial ope-
| rations OF the State government. Prior to their
ascendency no serious complications had arisen
with the creditors. The action of the Trustees,
under Republican rule, however, soon changed
| the situation The deciding 10 Mr.. Gleason Of
over 100000 acres of the public domain as the
| representative of the Southern Inland Navga-
| ton and Improvement Company" without any
consideration previously performed, was consid-
| cred fraud.
The act to incorporate the Aquatic and Trop-
lcal Plant P,opagaing Company" under which
Gleason, Purman, Stearns and other Republican
leaders were granted under certain conditions,
all of Dade county, and all the lands south of
the Caoosahatchie, embracing nearly all of
KnU tbar
blow to the security Of the creditors
The sale by IA Republican Board to- the New
York and Florida Improvement Company" of
over one million acres al ten cents per acre. to be
selected out of any Of the public lands under the
control of the Trustees, was another act that met
the condemnation of the court. Under this
agreement over O,0O0 acres, nearly halt of
which was Internal improvement lands proper
WAS actually decided to this ' improvement
Company, and the remainder would probably
nave been but for the interference Of judicial au-
,hority.
The selling to the notorious Lit,Ieteld all the
antts Nen held in trust, or Whsch might hereafter
dfcrue TO tie State, upon his relieving the fund Of
the then small debt, paying the Trustees one hun
hred thousand dollars, and building road from
Quincy to Mobile, ALahasaS, was another transac-
ton, making an important link in the chain of
recklessness that led to the appeal of the credit
orS to the courts. Ii was but few months ago
that the present Trustees were sue TO subject
these lands to eight nailiun dollars bonds claimed
rs issued upon the basis of this remarkab be con-
tract. The application WAS promptly denied by
the court
Do you wonder thai the creditors headed nv
Nnsc, appealed To the courts to protect them
from such reckless disregard Of their trust? Are
yon surprised at Judge Woods, the United States
Judge, in granting the injunction of the credit
"r>, saving TO these Republican officials: you,
ne sud Trustees, misGpplyiRg tue funds be-
LJyU{UU tn S1ILI fyuSf md frnu
|hfty mtsapproprtattng the sanas. md selling and
TRANSFERRING sud Ltnds dntOnnts manner aud
for constderatt0n that are whoNy Inconsistent ,ciM
"'"d rtoltttoe IF the prorisiOns Of said act" What
more lasting condemnation do you desire.
Ih, reckless msmanagemeni of The fund by
the Republicans caused The court TO become in
theory and in fact the directing administrator of
the trust 4 master Was appointed by the court
and every dollar had TO be paid over monthly by
The Trustees To this officer. Leaving out of con-
ii i ralion the humli,liug spectacle "i the States
highest officials, subjected by the Federal court
:, i,h, ,,4.;,~~.--,--;- .+...1 .i,,ud
lnent al the heavy burden this misnanag.mcnt
subject the fund TO- In the twelve years prior
to The Dsslon sale the net proceeds from the
sale OF lands did not exceed $18 800 per year
These litigalipns, caused by Republican mis-
mama ement, must have cost the fund al least
800 900 during its twelve years duration. From
The flud had 10 come the proceeds to pay attor-
ntys on both sides, court officers, master, etc.,
land sales During this entire period the debt
Was rapidly accumulallng, with Insignificant
sums TO meet it,
WHAT WAS TO BE DONE!
Two administrations had evinced their appre-
cation of The situation by effort to sell
off large body Of the lands al a reduced rate Ms
The only means of saving anything to The fund.
Governor Stearns' administration had appointed
the eminent statesman and diplomat, Reverdy
johnson who had represented in the capacity of
Minister PlenipOten'iary our government at the
Court of st. James, MS the agent of the State to
visit Europe for the purpose OF selling large
body of these lands at twenty-five cents per acre
in order to relieve the fund
Soon after my immediate predecessor, Cover
nor Drew, came into Office he recognized the
absolute necessity OF such sale the only
means of relieving the fund and developing the
State Mr. s. A. Swami, Of our State, was ap-
pointed the agent of the Internal Improvement
Board In this capacity he visited Europe in ad-
dition to making several trips North, in the hope
of selling sufficient quantity of these lands at a
reduced price, in order to save the fund from ut
ter wreck. (See reports of Secretary of Trustees
Journals 1875 to 1881, inclusive.) The Board
had long advertised to sell, even in blocks az
small ioe thousand acres at fifty cents per acre.
and there had been no time, for years past that
d sale OF sufficient quantity TO relieve the fund
would not have been cheerfully made at twenty
five cents per acre All of these efforts had been
journals without dissenting note as to the price
SO far as l am aware, from any source. Legisla-
ture after Legislature had met, and in response
to the inquiry what was to be done to relieve the
lands from this Inheritance of seemingly neces-
sary spoaton, no cheering answer could be
given The right of the State 10 it's equity of re-
demption was freely voted away, as insolvency
seemed the inevitable doom of the entire fund
The State could not pay the debt Or issue her
bonds for the same, rs her Constitution would
not allow it, She stood helpless in the presence
OF The impending danger.
Governor Stearns was endorsed, after his ef
forts 10 sell, by Il renOminaiien from the Rrpub-
can party. Governor Drew's administration
was endorsed after his efforts 10 sell, and the
Democratic party in placing my name before the
people as its candidate, declared " that we favor
the ACKNOWLEDGMENT of the Internal Improve
mrn Fund OF the Slate at the earliest practical
moment"
Thu, both political parties and their repre-
sentalivts were committed To a sale of large
block ol lands at reduced figures as the only
means of saving anyth hing to the fund.- 1t was
that or the entire loss of our landed interests
WERE THEY NOT CORRECT!
We had about thirteen million acres of land
still uns0ld. resting under debt OF over mil
lion of dollars. This debt bore seven per cent.
interest, falling due twioe yearly, and became
interest bearing As fast rs il fell due With an
inter, ST of seventy or eighty THOUSAND dollars
per year, and meagTe land ssles 10 meet IT, Il re-
ouires but slight calculation TO sse that DELAY
would have been runOus; for in u few more
wears the debt would have been SO overwhelming
| that the entire landed fund would mol have paid
! it, But even this respite was not to be allowed