Fayetteville observer. [volume] (Fayetteville, Tenn.) 1850-1966, 1873-02-20
The TOrbett Issue.

CooSS w dc odOkJt a 0iH'AAN1
resolution was adopted In the
Senate on the same day:
Whereas, By c.rtain litigation
now lending in the courts OF
Tennessee, as appears to the Gen
eral Assembly from the newspa-
pers, a question of the States liza
bility for an unknown, but GER
tainly a very large amount of
money, is about to he finally set
tied by appeal in Supreme Court
of the State, the principal case
coming up from recent opinion,
il which the State and the trus-
tee of the Bank of Tennessee
seem to be the actors; and,
Whereas, 1t is understood the
foundation Of this heavy clum
against the State, is simply what
has been known as the "Torbett
ISSUE" or new issue" OF the Bunk
| of Tennessee, issued in c1nse,
quence of a pressure from what
was known as The Military Board
in 1861, and at a time when the
bank had become the instrument
for furnishing the money to carry
on the war against the United
States, and at a time when the
Governor had assumed the right
by military authority to coerce
the banks of the State into the
support of the war; and,
Whereas, So completely and
entirely was this issue regarded
as a war debt, and as a military
necessity, that after the war closed
the money was only worth one
cent in the dollar; and,
Whereas, 1t is currently repor-
ted that the money is now held
mainly by spectators, who
bought it at from one to five cents
in the dollar, taking all the chan
ces of beating the State in an
operation which is much nearer
kin to gaming than commerce, and
which, if successful, will carry
with it all the indiciG, as well as
the fruits of gambling, without
one single redeeming feature Of
legitimate trade; and,
Whereas, 1t is the duty of the
General Assembly to protect the
whole people. while pursuing
their industrial avocations, from
combinations and rings; and,
Whereas, Under pressure
from some quarter, the facts of
which are not known to this Gen
eral Assembly, the whole question
is being hurried into the Supreme
Court for final decision, and,
Whereas, This General Assem-
bly, has no other means of ascer
tanning the character of the liti.
cation, and what the preparation Of
the case has been; now, therefore
Resogred by the Senate and
House Of Representatives,, That
a committee OF two on the part
of the Senate and three on the
part of the House, be appointed
with authority to take proof and
make report, without delay, upon
the following facts:
L. BY what authority was the
litigation in question instituted in
the name of the State and the
Trustee of the Bank of Tennessee,
to settle the Torbett issue CUES
ton?
2. Is the litigation in shape
that the State can make all the
defenses to this issue?
3. Is it prudent to prosecute
the case or dismiss it,
4. Who has the State to con.
tend with in this contest, and arc
the holders Of the money, persons
who took in business transactions,
or did they procure it with a
view of specializing on the State?
5. Are the holders of this mon.
ey operating in concert in their
efforts to make the State pay it,
or each acting for himself, and
without regard to the others.
6. Is the degree in the case re.
Gently tried final or interlocutory;
if interlocutory, is the State in
terested in q speedy termination
of the case in the Supreme Court?
7. Is the State better off byresist-
ing the demands of the holders of
this issue, and making them the
actors, or by becoming the actor
itself?
Mr.. Snyder offered resolution
in lieu, which was tabled.
Mr.. McAdoo stated that, while
he had no doubt but that every
one of the members of the Gener-
al Assembly would favor q refu-
sal to pay this Torbett issue, if
such a thing could be honorably
done, he was opposed to invading
upon the business and affairs of a
coordinate branch of the Govern