From the Annals of the Speculators – In 1883, the “Fifty Cent Act” was removed from Texas law. The FCA had been in effect for just over four years and provided for selling off Texas public land at the bargain basement price of fifty cents an acre. Half of the sales proceeds were to be used to pay down the public debt and the other half to establish a permanent school fund. The FCA applied to lands in over fifty Texas counties resulting in the sale of 3,201,283 acres for $1,600,641.55. The FCA Act was repealed due to abuse and fraudulent land speculation.