Circular Letter. Fernandina, Fla., March 1st, 1869 Dear Sir: Since my last communication to you, I have been corresponding with the Trustees, with the view of getting them to complete the titles to the lands selected by you in lieu of the Bonds and Coupons deposited with me in August last. You are all aware that the obstacle, thus far, in the way of perfecting the titles, has been the absence of Mr. Soutter (one of the Trustees) in Europe. Since his re- turn, to New York, he has been made aware of the threatened suit to be brought by the holders of Bonds, &c., yet outstanding, and as it is not his wish nor intention to embarrass either the Trustees or those Bond-holders whom I represent, Mr. McRae, and himself, have thought well to propose to them (through me) to consent to the re- linquishment of those lands last reported to and divided among you, after your meet- ing on the 12th of August. These lands [a very small proportion of what you have] they propose to hold in reserve for the protection of the Bonds yet outstanding, and thus will be removed the fear of an annoying law-suit, and the Trustees will no longer hesitate to complete the execution of titles for the lands and lots specially selected by you. Mr. Yulee, on behalf of himself and those he represents [a majority of the whole] agrees to this compromise, as do, also, those Bond-holders residing in, or represented at, this place, and I cannot but highly recommend the same course to those to whom this Circular may be addressed. Upon learning the views of each Bond-holder, (if favorable to the proposition) I will immediately re- adjust the titles, and have them executed in Philadelphia, by both Trustees without further delay. Unless the Bond-holders (yet to be heard from) promptly accede to this arrangement, I cannot see but that the adjustment of our matters will yet be delayed an indefinite period, and be subject to more pe- cuniary loss and annoyance. By relinquishing the 112,000 acres, above referred to, and securing a good title to the remaining 456,000 acres, each Bond-holder will then be in condition to effect sales, or otherwise dispose of his lands, so as not only to re-imburse themselves for outlays already made, but enable them to realise on their whole investment. I, presume, of course, that the Trustees will provide for refunding to each Bond-holder, the proportion of taxes, &c., paid by them on the lands thus relinquished. Very Respectfully, Saml. A. Swann, Agent for Bondholders.