The People's vindicator., 1878-07-20
Why Senator Stubbs Opposes a Con.
stitutiOnal Convention.
NO. IL.
u i)aito
n, y. Delta.

In a recent article in this paper. we
ventured to say that if one were to
scratch the skin of an auti-conStitu-
tional convention man, underneath
would be found a holder OF legal or
illegal State or city bonds, or Il friend
Of such bond d-holdets. 1t was shown
in that article that Senator Frank p.
Stubb, Of Ouachita Parish, under
whose manipulation that parish has
voted against holding a Convention.
was one of the bencticiaries of the
loan Or subsidy of State bonds, (ai-
terwards BY another act of fraud con-
veIted into q stock subscription,)
amounting to one million one hun
drel and twenty-five thousand dol
Lars, ISL ,l22 ,0OW issued, to the COM
i'ination knowa "a that of Luneling,
Ray, Stubbs, Waddell and others, un-
der authority of Acts Of the Lrsis|a-
turo l08 of 1868, and % Of iS722,
which were passed upon false and
therefore fraudulent statements as t"
the owership of the Vickshurg, Shrcvc-
port and Texas Railroad made to the
Legislature by tho parties interested
in obtaining the subsidy. AS there
were eight persons named in the Act
1903 of 1865 as the pretended and al
legged owners Of the railroads, it would
seem to follow that if they we've alt
equally interested in the scheme of
plunder, the share of these bonds
coming to Frank p. Stuhbs would
amount to the sum of Sl4O,22jo, but
as they were not al equa'ly interested,
We have had recourse t" the records
of the United States Circuit Court TO
ascertain Just what proportion of these
State bonds this model State Senator
pocketed as his share of the "swaS.'
The paper, filed 10 the suit of Jack
son ct al. vs.. Lndelipg ct al, and at
tacbed to Ludelings answers to i'll
terrogatories, aud, known as ":ho
covenant or agreement to january 10,
1885," between the members of the
Ludeling Combination, shows that
Stubbs was interested IN 25 ont Of
lbs shares-that is to say, to the
amount of $4,000, or five and .lOIo'|
parts of the $l35,000 which was sub
scribed to the combination for tho
purchase of the road, although it was:
oever really paid out, they having
throug a successful trick, bid in the
property for $4,000, which sum is
yet ia the possession of the purchas-
ers, the majority of the mortgages
having refused to recognize the law
fuluess of the sale. The share there
fore, coming to Mr.. Stubbs from tho
State subsidy, according to this meth
I'd of calculation, would be five and
forty hundreth parts of 81 l2e 900, or
about $2O7, ,777. Add to this, forty
years interest at eight per cent, which
the bonds were to carry, $G6l, 1856,
and We have the nice little plum OF
$672, ,763 which Mr.. Stubbs woul d
realize at tho end Of forty years if he
were 10 keep TOR t0aC IenStll OF tlmc
bis share Of the subsidy. We axe
aware that these bonds have funded
at 60 cents on the dollar under the
Funding Act Of 1874, but this fact
does not at all weaken or affect the
reasoning of this and our preceding
article, ip which We showed the inter
cot Of Mr.. Stubbs in the bonded debt
of Louisiana, and therefore his oppo.
sitjon to a Constitutional Convention
which might possibly, aud we hope
would certainly, strike his and all
similar fraudulent bonds sucha death
blow that they would have as little
value az the French Assignats Of the
last century, or the Confederate Treas
ury notes.. with q barrel full Of which
10 April, 1865, you could not buy d
days marketing for small family. u"