"None but A are B" works exactly like "Only A are B" — it means "All B are A." "None but citizens can vote" = "Only citizens can vote" = "All voters are citizens." The subject and predicate switch, just as with "only."
Other exclusive phrases that work the same way: "No one except," "None except," "Only." All of them introduce the predicate term of the resulting A proposition.
Original
"None but the lonely know my sorrow."
Standard form A
All those who know my sorrow are lonely people.
Original
"No one except members may enter."
Standard form A
All those who may enter are members.