In the 1840s and 1850s, the sparsely populated state of Florida came to own approximately of mostly swamp land, granted by the U.S. Congress to states with wetlands for the purpose of reclaiming the land under water by constructing canals and levees. In Florida, consolidated grants for the purpose of building rail infrastructure and reclaiming wetlands were placed in a trust called the Internal Improvement Fund of the State of Florida (IIF). The trust fund was managed by the Governor of Florida and four state officials. The fund pledged land to railroad companies and guaranteed bonds issued by the railroad companies on the land. When the high costs associated with the American Civil War and Reconstruction caused railroad companies to default on the bonds, the fund became liable and rapidly sank into debt and eventually into Federal Court receivership. By the time Governor George Franklin Drew took office in 1877, the fund was nearly $1 million in debt. The state constitution forbade issuing bonds to repay it; investors were not interested in Florida, no rail lines were built, and progress in the state stalled.