When this cartoon appeared, most of the corrupt Tweed Ring had been driven from office or were under indictment. In February 1872, The New York Times reported Smith’s involvement in another scandal, the details of which are aptly summarized in Nast’s cartoon. An investigation after the bankruptcy of the Bowling Green Savings Bank, of which Smith was president, turned up numerous irregularities. About $25,000 in city bonds earmarked for street improvements was missing. Nearly $70,000 in loans had been dispersed to nonexistent persons. Smith had personally authorized loans without security or on worthless collateral, resulting in a loss of $40,000 for bank depositors. Over $30,000 of the bank’s current expenses were listed as "loans." Smith and two other bank officials had used Bowling Green Bank credit to withdraw nearly $65,000 from another bank for their own use.

It came to light that Smith had used the influence of his position as police commissioner to obtain $18,000 from the department’s fund for widows and orphans of slain police officers. In addition, victims of the Chicago Fire of 1871 never saw the $13,000 which was contributed by New York City policemen and deposited in the Bowling Green Bank. Furthermore, Smith had used his political connections to evade years of rental payment, totaling about $52,000, on a pier he leased from the city and sublet, at considerable profit, to a steamboat company of which he served on the board of directors.