The People's vindicator. [volume] (Natchitoches, La.) 1874-1883, 1878-04-20
THE REAL CA!S3;..

Dniniou rs to the wisdom ct such
policy Eat this time.' They were never
more mistaken. The New Orleans
Democrat has given the details OF I've
combination that was formed by the
vicious elements in New Orleans to
defeat the will of the people of the
State, and to stultify the Democratic
party in the matter "f its expressed
pledges to the people. "The Lottery
Company and other monopoGes,' says
the Dem0cvot "and a band ct unscrn'
pulous spectators, to control the Le-
cislature of this State and to shape
its action to suit their dishonest per-
sonal interests, formed this Infamous
combinations" continues this journal
"These interests were simply the
pecuniary profit they sought to ac
oujre from the manipulation of the
malket value of State C"ns"!s. We
showed how cnnningly they contrlved
by means of the power and control
they exercised over a large number of
members of the Legislature, t" keep
the public mind in a state of anxious
suspeuse as to the policy by which the
Legislature wonld be guided in the
matter of constitutional convention
and other important measures, and
with what cold blooded cynicism they
even dared to hope the Democrat
might be induced to fa1ter in the fight
it was waging, and artfully be led in
to passive support of their specn'a-
tive rings. Oar exposure OF this base
intrigue poured a food Of light upon
che mystery that had enshr"nded the
course of what was supposed to be
reform peoples Legislature, aud made
orr readers understand the nature OF
the unseen but irresistible power
| which controlled and guided that
body against the interest OF the pco'
pie. Do any Of them wonder now
that, knowing the true nature OF the
secret motive power which kept busi'y
| At work in the midst of a Legislature
charged by their constituents with the
holy mission of reforming odious abu-
ses and removing intolerable burdens,
we did not hesitate to denounce the
treason that stood patent to our eyesT
We think not, nor are they likely to
differ with Us in our estimate OF the
persons who aided and atetted our
recreant legislators in their rascal'y
| schemes, and are at this moment
deeply engaged in the same srecula
tive enterprise.
The theory of this ring was that the
defeat of the call for constitutional
convention, compiled with the passage
| of the Mottctt bill, would send State
bonds up tn 80 or IS cents: Filled
with the idea of so|em|y realizing q
large profit, though cut off from all
opportunity Of turning their les'sIa-
tive functions to personal advantage,
after the manner of former Leglsla-
| tures, the members who joined the
ring entered into the speculation we
have referred to. 1t is estimated ny
| we'll informed persons that, 10 add.
ton to the three hundred thousand
| dollars of bonds which were held for
| them by their co. conspirators at from
80 to 81 cents on the dollar, they held
| on margins made up of all the money
they could scrape together, not less
than s5O0,0OO of consols.
Our readers are familiar with the
| occurrences in the Legislature. The
call for constitutional convention
was defeated; the Motfett bill became
a law, though in an emasculated cor:
dit,op; the revenue and assessing and
collecting bills, which were ca|cula.
ted to vastly improve the financial
condition of the State, were passed,
and there was no sound financial rea-
son why bonds that were worth elgh'
ty-four before the passage of these
acts should not have commanded a
higher figure. But whilst these legis'
lative spectators were revealing in
the anticipated enjoyment Of their
profits, the Democrat inangerated a
vigorous and systematic attack upon
the monopelists and their creatures,
divulging as much Of their corrupt
purposes as it was then able to dis
cover. This policy resulted in fore
ing the Lottery Company and Other
monopolies to direct all of their ener'
gies to the protection of their owr
threatened existence, and weakened
them to that extent in their struggle
to control the bond market. On the
other hand, a. we have since learned
the brokers who had contracted tt
deliver the bonds were casting abou
for some means of saving themselves
and making handsome turn at tn
expense of their CO. workers. Wheth
. er by design or accident, this oppor
tunity was soon found in a PROPOSE
ton to tax the bonds of the State
Immediately the cry was raised by al
those who were "sllort" of bonds tina
this was step towards reputation
kilograms we're sent flying through
, out the country to this effect ; Caron-
delet street was in fever Of excite
ment, and although the action of thu
legislative committee was reconsider
. ed within a short time, the bonds sud
denly declined, calls for margins wer'
made upon our legislative SPECTATOR
who could not respond, and they wer'
rapidly sold out at the falling figures
not only losing their anticipated prof
it's, but also yielding up to Caronde
> let street the margins deposited b,
them. As each unfortunate was sac
rificed, the market price of the bond