Knoxville Whig and chronicle. [volume] (Knoxville, Tenn.) 1875-1882, 1875-04-14
MORE ABOUT ToRBETT ISSUES.

and other Democratic papers, with
ing under the popular indignation
against the "Torbett Issue swindle.
are complaining of the Republican
State administration, because it did
not saddle the people with the re-
demption of the old issues. This is
rich. The notes had gone into the
hands of the people at their full value
costing the holders dollar for dollar.
Isham G. Harris and the rebel Legis.
lature, consisting in part Of some of
these same Democratic editors, ran
off with all the effects that could be
taken away, leaving only the real es.
tate and the uncollectable debts.
There was left to redeem the notes
hardly twenty-five per cent. Of their
face value. The bank was broken.
It's notes ceased to circulate as money.
The holders, generally compelled to
realize and glad to get what they
could, were fain to sell for thirty
and even twenty cents in the dollar,
thus losing from seventy to eighty
cents on every dollar they had. Now
the Democratic editors insist that
they should have been compelled to
redeem it at par, besides, thus ma
king a loss of one dollar and seventy
or eighty cents, say one dollar and
seventy-fve cents for every dollar in
circulation.
The Republican Supreme Court of
the State decided that the people were
not liable for the redemption. As the
Democrat man says, "tAe specula-
tors, by appealing to the Supreme
Court of the United States, compelled
the State to accept it ultimately, dol
lar for dollar" viii he tell US who
these spectators were and what their
politics, and who was their attorney ?
This wise fnancier says the notes
could have been paid for taxes. The
object of taxes is to meet the expen-
ses Of carrying on the Government
and to pay the interest on the public
debt. These notes could do neither
Paid into the treasury of the State
they were worthless. 1t follows that
every dollar collected in taxes from
the people was a dead loss. The
Government Of the State might as
well have undertaken to redeem the
dishonored notes Of the Democratic
editors in order that they might be
used for the payment Of taxes.
THE New York Herald of Sunday
devotes a column to a description Of
the outfit which is being prepared for
the American Cardinal McCloskey.
The whole thing must appear rather
novel to Americans. 1t sounds more
like description ofthe paraphernalia
Of some Oriental King, than of an
American citizen. His regal robes,
his State Carriage to be drawn on
State occasions by an elegant span of
black horses to be procured without
reference to expense, are all infinitely
described. The Cardinals "cOat of
arms" has been handsomely emilia
zoned on his carriage, consisting Of
ga shield, vert, bearing three cross.
lets, argent, ON a chevron, gules, be-
tween two stars, in chief, and a flower.
de-luce. IN base, or, The crest is a
double crosslet, or"
1t will be seen by our dispatches
this morning that a rumor is in cir
4 culation to the effect that the Pope
coptemplates the possibility of max
4 ing his home in America. 1t is pos
: sible that in appointing a cardinal in
5 this country. Pope Plus was feeling
S of the American pulse, to ascertain
/ how he would be received here.
n Tor
: ELSEWHERE we publish an address
= to the people Of Tennessee from Hon
Thomas II. Coldwell and Hon. w. +