The company had hoped that they could sell the drained land for various agricultural plantations.
In 1889, the Georgia Legislature approved a plan to auction the swamp and requested bids for the state land on March 18, 1890.
The winning bid of 26.5 cents per acre was tendered by syndics Henry Jackson, Frank Coxe, Marshall A. Phillips, H.S.
Little, and PMB Young, who incorporated as the Suwannee Canal Company.
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