The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1878-04-12
OUR REAL SITUATION.

The attitude assumed by the DEMOCRAT to
ward the Legislature during the regular SEES
sion. and its open denunciation OF the action
Of that body in respect to many measures OF
nublic interest, was q cause Of surprise and
regret to many of It's warmest friends. BY
some members Of the Democratic party our
course was attributed to disappointment at
The refusal OF the Legislature to adopt our
views In respect to the calling OF O constitu-
tional convention; by others our bitter denun-
citation of the members who appeared as the
friends and champions of the odious monopo-
lies that infest the State and city was be
lieved to be prompted by personal hostility to
the ruling spirits OF those monopolies
How erroneous these assumptions were
none but ourselves could fully know; but
we have never felt it to be our duty to
do more towards correcting such mistaken
ideas of our motives than simply advancing in
our columns the reasons which governed us
in the course we consistently pursued. In the
DEMOCRAT of the twenty-fourth OF March
we gave some of the details OF the Infamous
combination that was formed by the leading
men OF the Lottery Company and other mo-
nopoles, and band of INSCRIPTIONS specu
lators, to control the Legislature OF this State
and to shape its action to suit their dishonest
personal interests. These interests were sim
ply the pecuniary profit they sought to &C
suuire from the manipulation Of the market
value of State Consols. We showed
how .cunningly they contrived, by means Of
the power and control they exercised over a
large number Of the members of the Legisla-
.:,,l ia otn ,f
anxious suspense as to the policy by which
the Legislature would be guided In the mat
ter of constitutional convention and other
important measures, and with what cold
blooded cynclsm they even dared to hope
that the DEMOCRAT might be induced TO fall
ter In the fight 1t was waging and artfully be
led into passive support OF their speculative
rings. Our exposure OF this base intrigue
poured food of light upon the N ystery that
had enshrouded the course of what was
supposed to be reform peoples
Legislature. and made our readers I'm
derstand the nature of the unseen but ire
sistible power which controlled and guided
that body against the interests of the people.
Do any of them wonder now that. knowing
the true nature Of the secret motive power
which kept busily at work in the midst OF
Legislature charged by their constituents
with the holy mission OF reforming odlous
abuses and removing intolerable burdens, we
did not hesitate to denounce the treason that
stood patent to our eyes? We think not, nor
are they likely to differ with us In our esti-
mate Of the persons who aided and abetted
our recreant Legislators In their rascally
schemes. and are at this moment deeply en-
gagged in the same speculative enterprise.
The theory OF this ring was that the defeat
of the call for constitutional convention,
{ coupled with the passage Of the Mof1ett bill,
would send State bonds up to 80 or IS cents.
Filled with the idea of suddenly realizing a
large profit. though cut off from all opportu-
nifty Of turning their legislative functions TO
personal advantage, after the manner OF
former Legislatures, the members who
Joined the ring entered into the speculation
we have referred to. 1t is estimated by we'll
informed persons that, in addition to the
three hundred thousand dollars OF bonds
which were held for them by their cocoon
spirators at from 80 to "a cents on the dollar,
they held on margins, made up Of all the
money they could scrape together. not less
than 100000 Of consols.
Our readers are familiar with the occur
rences In the Legislature. The call for con,
stitutional convention was defeated; the Moi
felt bill became law, though In an emaseu
lated condition; the revenue and assessing
and collecting bills which were calculated to
vastly improve the financial condition OF the
State, were passed, and there was no sounC
financial reason why bonds that were wortf
eighty-f before the passage OF these acts
should not have commanded higher figure
But whilst these legislative spectators were
revealing in the anticipated enjoyment of theil
profits, the DEMOCRAT inaugurated vigorous
and systematic attack upon the monOpolists
and their creatures, divulging as much o
their corrupt purposes as it was then able t.
fiiscoyer. This policy resulted in fore
ing the Lottery Company and other monopo
lies to direct all of their energies to the pro
lection of their own threatened existence
and weakened them to that extent in thei
struggle to control the bond market. On TIN
other hand, as we have since learned, tn
brokers who had contracted to deliver tn
bonds were casting about for some means o
saving themselves and making handsome
turn at the expense Of their cO-workers
Whether by design or accident, thi
opportunity was soon found in
proposition to tax the bonds Of the Stat9
Immediately the cry was raised by all thos
who were short" of bonds that this was c
step toward reputation. kilograms were
sent flying throughout the country to THU
effect; Carondclet street was in a fever of ex
eitement, and although the action Of the leg
islative committee was reconsidered within
short time, the bonds suddenly declined, call
for margins were made upon our Legislative
SPECTATORS, who could not respond, and the.
were rapidly sold out at the falling figures
not only losing their anticipated profits. bu
also yielding up to Carondelet street tn
margins deposited by them. AS each unfor
tunate was sacrificed, the market price of tn