Herald and tribune. [volume] (Jonesborough, Tenn.) 1869-current, 1875-05-06

In 1861, May 9th the Legislature
passes the ordinance Of Secession as it was
called. That this was an act of treason
against the United States even the five.
Lawyer edited Journal will admit. I'm.
derstand We do not quarrel with the
motives of that Legislature, we only af.
firm that it was Treason
Well, afterward on the same day the
same Legislature at King Harris instiga,
ton passed an set to organize and equip
a provisional force of 5000 volunteers,
mind you, to fight the United States
Government. 10 effect this, money was
absolutely necessary. And SO in Sec. 9
of this act the Governor Isbam G. Harris
was authorized to issue FIVE millions of
bonds Of the State, and in Sec. IL it was
provided that banks and branches purchase
Ing said bonds shall have the privilege of
CHASING the bonds so purchased in the
classification oftheir assets as specie funds,
and that the banks of the Sta te are here
by authorized to invest their means in said
bonds. That was step number one. But
the banks knew the Rebellion might fail
and the bonds might become worthless ;and
although the Legislature authorized
them to invest in these bonds yet
as it was an act Of treason there was more
than a possible chance the authority might,
as it did, turn out a nullity and they
did not invest fast enough to suit King
Harris. And so on July 1st 1861 this
same Legislature, the Legitimacy of whose
very act depended on the success of the
Rebellion, passed an ''act to authorize
the Bank of Tennessee to receive and pay
out the Treasury notes OF the Confederate
States and to make the thing certain it
was in Sec. A enacted THAT the policy of
the Banks of Tennessee in retiring and
diminishing their circulation was detrimen.
tai to the public interests anu that they be
required to reverse their policy and iu>
crease their circulation 80 as to answer
the public want. This was step number
two. There you have it. The Governor
authorized to issue the bonds to the
amount Of five millions aud sell tn EN-.
The banks were authorized to buy them,
they were slow to do SO, then they we're
required to increase their circulation.
How? Why by buying Tennessee (Cou-
fcderate) bonds aud paying for them in
Torbett Issues and they we're to use the
bonds just as if they were silver dollars
as assets! But still the banks held back.
What then? Let Elk Governor Isham G.
Harris in his sworn statement answer.
He say: "As necessities for money to
Organize end ,quip the forces presented
themselves I issued the bonds but find.
ling no sale for the bonds in the market
"to private parties I resolved that the
estate Banks. ie the Bank of Tennesse,
1.-THE Union Bank and the Planters Bank
"should take the bonds and furnish the
money !!
And he had the above quoted law (?)
and the $4,000 volunteers to back up his
'resolve."
This was step number three.
Well, the Bank of Tennessee did under
such duress take the bords and furnish
the ''Torbett Issues!
That was step number four. But the
Rebellion failed, King Harris ran of to
Mexico, The Union Constitutional Con.
v%ention met in Nashville and as we have
said and now r ~iterate, knowing all the
} facts, they declared those Torbett Issues
null and void. They we're plain men but
they did their work we'll.
The Constil ution of 1870 the Demo.
cratic Convention reversed this. They
deliberately revived these dead, defunct
Torbett Issues in effect by undoing the
work Of the Convention of 1865. This
was step number FIVE. That the Conven,
ton of'70 Of which Nicholson, Brown
and Ileiskel were members did this the
Journal IN effect declars when it anoun,
ces that the Supreme Court have decided
among other things. LIST. That no pref.
erance can be given to the school fund
over other creditors (5) That the
notes issued by that bank after May
9th 1861 are subsisting debts of the
Bank.
This was step number six.
Thus we have shown that every act ia
this drama from the act of secession in
1861 down to the decision of aDemo.
cratic Supreme Court, that the Torbett
Issues we're valid, and must be paid,
even if il takes the school fund to do it
IL :ll:- II