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Domestic News
September 8, 1928
The Siftings Herald
Arkadelphia, Clark County, Arkansas
What is this article about?
Florida possesses three $47 notes from 1828, now valued at $50,000 with compounded interest, stemming from a land sale to fund the territorial capitol. State officials decline to collect, leaving the assets unrealized.
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Century-Old $47 Notes
Now Worth $50,000
Tallahassee, Fla., Sept. 7
Florida has thousands of dollars of potential assets which probably never will be used.
Three notes of $47 each given the state one hundred years ago form the basis for the riches, estimatedly $50,000. There is no record payment of the notes by the debtor of 1828, and with the present legal rate of eight percent interest, compounded annually, that sum technically is due the state.
State officials, however, decline to accept the obligation as payment of their salaries and it is probable that Florida will increase its "paper wealth", for years to come.
In 1824 the federal government thought an act of congress patented to the territory of Florida a quarter section of land to be sold to raise funds to establish a seat of government for the territory and to build the "wing of the capitol" which still stands in the present state capital building.
One of these lots was sold in 1828, and the three notes of $47 were given as payment. The lots in question recently sold for ten thousand dollars.
Now Worth $50,000
Tallahassee, Fla., Sept. 7
Florida has thousands of dollars of potential assets which probably never will be used.
Three notes of $47 each given the state one hundred years ago form the basis for the riches, estimatedly $50,000. There is no record payment of the notes by the debtor of 1828, and with the present legal rate of eight percent interest, compounded annually, that sum technically is due the state.
State officials, however, decline to accept the obligation as payment of their salaries and it is probable that Florida will increase its "paper wealth", for years to come.
In 1824 the federal government thought an act of congress patented to the territory of Florida a quarter section of land to be sold to raise funds to establish a seat of government for the territory and to build the "wing of the capitol" which still stands in the present state capital building.
One of these lots was sold in 1828, and the three notes of $47 were given as payment. The lots in question recently sold for ten thousand dollars.
What sub-type of article is it?
Economic
What keywords are associated?
Florida Notes
Old Debt
Compounded Interest
Capitol Land Sale
Uncollected Assets
Where did it happen?
Florida
Domestic News Details
Primary Location
Florida
Event Date
Sept. 7
Outcome
notes worth $50,000 with interest; state declines to collect; recent lot sale for $10,000
Event Details
Three $47 notes from 1828 land sale for capitol funding have accrued to $50,000 at 8% compounded interest; no record of payment; state views as unrealized assets.