FLORIDA. 



293 



channel suggested, by a canal whose cost of construc- 

 tion shall not exceed the annual aggregate loss on 

 Western produce through insum'ciencj and expense 

 of existing means of transportation. * * * 



The interior lake-region of this State, mainly 

 within the counties of Marion, Sumter, acd Orange, 

 gives a lake-surface of more than 200 square miles, 

 having an average depth of more than 15 feet, thus 

 insuring an abundant water-supply for a canal of any 

 necessary magnitude, and so located upon an elevated 

 plateau that it can with facility and economy be di- 

 rected both east and west, and thus seems by natu- 

 ral selection to have been topographically designated 

 as the most desirable route ; and it is worthy of 

 remark here that, through the private enterprise and 

 public spirit of one of our own citizens, a canal suffi- 

 cient for the passage of steamers of twenty feet beam 

 is already considerably advanced in process of con- 

 struction, under a contract made with the trustees 

 of the Internal Improvement Fund of this State. 

 And this canal, which only requires for completion 

 an excavation of 14 miles farther, by making its 

 course through the St. John's, the Ocklawaha, and 

 the Withlacoochee. and its Gulf terminus at the 

 mouth of the Withlacoochee, will have so much 

 southing as measurably to secure the South Ameri- 

 can as well as Gulf trade. 



This is only one of the routes across the Peninsula 

 of Florida that is feasible and practicable. Another 

 route can be obtained by improving the navigation 

 of the Suwanee River and using its waters as a 

 feeder, and connecting that river with the St. Mary's 

 by canal, making the Atlantic terminus at Fernan- 

 dma, which has one of the finest harbors in the 

 South, 



Copies of the memorial were ordered to be 

 sent to the Florida Senators and Representa- 

 tives in Congress, and to the Governors of all 

 the other States. 



On the 19th of February the Legislature ad- 

 journed, and on the following day it was con- 

 vened in extraordinary session by the Gov- 

 ernor for the consideration of a financial meas- 

 ure in relation to the large amount of bonds 

 of the State that were under hypothecation in 

 New York for less than half their value. Up- 

 on the reassembling of the Legislature an act 

 was promptly passed refunding the indebted- 

 ness of the State. The funding bill provided 

 for the issue of coupon bonds to the amount of 

 $1,000,000, payable in thirty years, with six per 

 cent, interest, payable semi-annually, in gold, 

 in New York City, or at the office of the Treas- 

 urer of Florida. Provision is made by taxa- 

 tion for the payment of the interest, and the 

 creation of a sinking fund to meet the principal, 

 it being provided that " there shall be levied 

 annually, upon the assessed valuation of the 

 real estate and personal property of this State, 

 a tax of three mills upon the dollar, and a tax 

 of one mill for the ultimate redemption of said 

 bonds, but no taxes are to be levied until one- 

 fourth of the bonds are sold." The taxes col- 

 lected under the act to be applied solely to the 

 payment of the interest, and to form a sinking 

 fund for the redemption of the bonds. The 

 Controller is authorized to exchange $500,000 

 of the bonds at par, for a like amount of the 

 principal and unpaid interest of the bonds to 

 be redeemed. Except that the following de- 

 scribed bonds shall not be so redeemed, to 

 wit : Bonds held by the Seminary and School 



Funds ; the $350,000 of bonds issued under the 

 act of January 26, 1871 ; the bonds issued in 

 aid of railroads, and bonds of 1868 and 1869, 

 hypothecated in the city of New York, or else- 

 where, and when any bonds are so exchanged 

 or relieved from hypothecation they shall be 

 returned to the State, and be immediately can- 

 celed and retired. 



The act requires the remaining $500,000 of 

 the bonds to "be sold by the Governor and 

 Controller in the city of New York, or else- 

 where, as may be deemed best for the inter- 

 ests of the State, at a sum not less than eighty 

 cents net on the dollar in United States cur- 

 rency, but in no case shall they be hypothe- 

 cated ; and out of the proceeds, to be depos- 

 ited with the Treasurer or to his order, the 

 Treasurer shall first pay the amount necessary 

 to redeem the bonds of 1868 and 18Gy from 

 hypothecation, and next pay the indebtedness 

 of the State accruing after the first day of 

 July next ensuing." 



It is further provided that no agent shall be 

 employed in the negotiation and sale of the 

 bonds; also that "no other or further bonds 

 shall be authorized ; and it is hereby made a 

 condition of the issuing of the said $1,000,000 

 of bonds, that no further bonds shall be is- 

 sued while said bonds remain outstanding, 

 and it is declared to be an express contract on 

 the part of the State with the holders of said 

 bonds that no further amount of bonds shall 

 be issued." 



According to the report of Controller Cow- 

 gill, submitted to the Legislature in January, 

 1874, the bonded debt of the State is repre- 

 sented as follows: 

 Total debt and interest, to be exchanged for 



the bonds of 1873 $490,937 75 



Bond8ofl871 350,00000 



Bonds of 1878, sold and delivered 265,000 00 



Bonds of 1873, sold but not delivered, and 



held to obtain funds to pay for twenty-one 



hypothecated bonds of 1868 15,000 00 



Bonds of 1873 exchanged for eighteen bonds 



of 1868 with accumulated interest 20,000 00 



Bonded debt due School Fund 190,75263 



Bonded debt due Seminary Fund 71,292 45 



Deduct amount of bonds in Sinking Fund 

 for payment of bonds of 1871 



$1,402,982 83 

 8,700 00 



(1,394,282 83 

 Add Interest due January 1, 1874, to School 



and Seminary Funds ..................... 9,960 01 



Add interest one January 1, 1874, upon the 



bondsof 1871 ............................ 29,57500 



Add interest due January 1. 1874, upon bonds 



of 1873 .................................... 12,66000 



Total bonded debt and interest due thereon 

 to January 1. 1874 ......................... $1,446,477 84 



Less money in Treasury, applicable to pay- 

 ment of Interest of 1871 and 1873 bonds ... 16,264 36 



Total bonded deht and interest, less cash in 

 Treasury, applicable in payment of In- 

 terest ..................................... $1,430,223 48 



In this statement are not included the bonds, 

 amounting to $4,000,000, issued to the Jack- 

 sonville, Pensacola & Mobile Railroad Com 

 pany, as the State has a statutory lien upon 

 the road for the amount of these bonds, and it 

 is hoped that arrangements may be effected 



