What are laughing at?

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"What are you laughing at? To the victor belong the spoils," Harper's Weekly, Nov. 25, 1871. Nast's sustained attacks on William Marcy Tweed and his Ring of politicos played an important role in influencing the public opinion. The artist's satisfaction with the outcome of the state and municipal elections on November 7, 1871 is perceptible in each detail of this cartoon.