The weekly true Democrat. (Tallahassee, Fla.) 1905-1912, 1906-02-23
THE LIZ. "STATEnRNT. /"

4 WHICH comhand more eNCende0 nOttcl
: than has thus far been accorded Il
them. Others, besides those mentioneC
below, will be considered later.
The document (which bears the Jen.
niDgs earInsrks, - an effort to coveI
up the Jennings administration per.
formanceS and shoulder responsibility
therefor upon the present administra.
toni, shows that the Jennings board,
In 1904 (nOt 1906, as It would make II
appear), had on hand in cash the sum
Of 1852, BAG. 16, the proceeds Of sales OF
land made by Jennings to land specu-
lators at ridiculouSly low prices. The
Trustees say: This money was depos-
tied in banks in different parts Of the
State, and TO secure these deposits, the
Trustees held "bOnds belonging 10 the
banks Of sufficient value TO make the
money in the banks safe"
Reference TO the list of these securi-
ties discloses the fact that two OF the
items, aggreRating $50, 900, consist, not
Of bonds" but, CONSOLIDATED Naval
Stores stOck"l The only plausible ex-
PLANTATION Of the fact that this "stock"
was listed as "bonds" is the other fact
that Governor Jennings is reported TO
have become personally interested in
the Consolidated Naval Stores Com
pany. This is the first time in the his
tory of the State when public money
has been loaned on the security of stock
In private corporation. Connect this
circumstance with the fact that much
OF the land thus sold by jennings at
low prices found its way into the pos
session Of the same company, and the
several ramihcations of the enterprise
are sufficiently manifest to account for
the extraordinary and otherwise unac-
countable official connection of ex-
Governor Jennings with this company
as its vice-president. 1t was a beauti-
ful combination, in this light of the dis
closures made by the statement" of
the board; the Jennings board sells a
large and valuable tract Of public land
at nominal prices to the naval stores
company, and then loans $50, 900 Of the
proceeds to the company at nominal
rate of interest, taking the company's
stock as security! No wonder Jennings
landed, when he went out Of office, in |
the softest place the company could
provide.
Another feature of the Statement"
Is the loan, at a nominal rate of inter |
est, of part Of the Fund moneys to an
unnamed individual or individuals of
$37, 900 on bond with sureties." Why
was not the name Of this fortunate in
dividual given, as was the name of all
OF the other borrowers of the public
funds? Who was IL that possessed 80
effective a pull" with the Jennings
board that he could have the use of 30
large sum Of the boards money at 2
or 3 per cent, while the less fortunate
common people had to pay per cent at
the banks If their necessities required
them TO borrow?
There Ia a still more serious feature
OF these financial performances of the
Jennings board. The second section of
the Internal Improvement Act" of
1856 provides that surplus funds arising
from the sale Of lands by the board
shall be invested lin stocks of the
United States, stocks of the several
States, or the Internal Improvement
bonds issued under the provisions of
this act, and drawing not less than 6
per cent 4" There Is no authority. I'M ,
der this act or any other, for the board ,
to lend to or deposit its surplus funds
in any bank, much less to any individual :
On bond with sureties, "
Besides all this, in 1903 Governor Jen. /
nlHgs himself approved an act Of the !
Legislature providing that all moneys
on hand or arising from the sale of
lands Shall be divided among the several
counties Of the State for the purpose of /
making hard roads, after first being de-
posted in the State treasury s
II is strange and striking illustra. I
ton Of fatuous laundering in attempted :
deception of the public for Governor !
Jennings to have thus disclosed, in his =
statement, the most prominent feat =