The weekly true Democrat. (Tallahassee, Fla.) 1905-1912, 1905-10-20

Having been requested by a subscriber
TO give some definite information con-
corning the status and financial history
of the Internal Improvement Fund, we
present below some facts from the of
fetal records, reminding our readers
that the subject is one too large and
important to be disposed Of in a single
article, and that we shall doubtless have
occasion later to say a great deal more
concerning it than we have space for in
this issue.
For the sixteen years ending Deem
Der 81, 1900, the average annual balance
in the Fund treasury was S., 19O7 n; for
the two years ending December 81, 1902,
the balance was 1927, 279 56, and for the
two years ending December 81, 1904,
the balance was 1892, 979.65. The causes
of this enormous increase in the Fund
treasury have been heretofore discussed
in these columns The official reports
of the secretary and treasurer of the
Fund do not disclose the location of the
moneys Of the Fund, nor do they show
the giving or acceptance of any bond to
guarantee its safety, but it is to be
hoped that such a bond exists. Up to
January !, 1889, the State Treasurer
was treasurer of the Fund, and the
moneys belonging to it were, of course,
secured by his official bond; since then
the secretary of the board has acted as
it's treasurer, although, as said above,
we have been unable to find any refer
ence in the records of the board to his
bond, or even to his appointment or
election as such secretary or treasurer.
What becomes of these enormous
sums of money?
How does the board invest them?
Where are they located?
What rates Of interest do they yield?
What is the board going to do with
them?
These are questions to which no def
mite or satisfactory answers are af-
forded by the official records of the
board. Is it any wonder that members
of the late Legislature endeavored to
secure satisfactory replies to them by
introducing bills providing for the do
post of the moneys of the Fund in the
State treasury, and for thorough in
vestigation of its financial affairs by the
State Auditor? Or is it any wonder
that Governor Jennings, through whose
agency, for purely political purposes,
these large sums came into the treas
ury Of the Fund by the reckless and I'M
necessary sale to spectators of i'm
mense tracts Of the peoples land,
should hasten to invent the amazing
theory that the affairs of the Fund lit
self the creature Of the Legislature) are
mot subject to legislative CONTROL"
and, failing to impress his peculiar
views on that body by Industrious lobby
ing, should have fallen back upon his
influence with his successor, and in
duced Governor Broward to veto both
Of those bills?
The act creating the board gave it
power to invest surplus moneys, from
time to time, in stocks of the United
States, stocks of the several States, "
ETC., but no record appears of any such
investment. The act also provides that
the board may apply, under the direc-
ton Of the Legislature, the annual in
come arising from said Fund to other
purposes of internal improvement, or TO
the support Of schools" but if single
dollar Of the moneys belonging to the
Fund have ever been transferred to the
school fund the records do not show the
fact They do show that the board
once paid out about $40, 900 for repairs
on the capitol, and on another occasion
loaned the State $3.50 They also
show where some more of the money
went. Here is brief abstract of the
receipts and disbursements of the four
years 1901, 1902, 1903 and 1904 covered
by the Jennings administration:
RECEIPTS.
Sales Of Minutes .....-.--- ... 400
Refunded 1880
StumpRRe .----------.- b4l as
United States. swamp land sales -----. 9sS2. n
Interest on deposits ..........- i947s6s
land sales, including contract deposits 3l6sa6 q
---