I think you think this is text but it's all graphics at this point. If you wanted to put it to text you have a few choices.
1. Contact the owner of the document and ask for the word or text file version.
2. Run it through some OCR and correct it as you see fit.
I am running 10.5.8 on a MacBook Pro, using an HP Photosmart Premium all-in-one.
I just scanned a 38-page document - all type, no graphics - and it ended up being 217 mg. Obviously too big to mail or do anything with. I tried to compress it, but it only compressed down to 117 mg.
Any idea what I am doing wrong?