Mississippi Democrat. (Carrollton, Miss.) 1844-18??, 1845-07-23
LETTER OF JEFFERSON DAVIS, ON
THE BRISCOE BILL.
"BRIERFtELD," 9Th July, 1915,

l1E OhlOOOE D1L14s
"BRIERFrELD," 9th July, 1915,
TO The Editor Of the Sentinel:
Shin your paper of the 30th ultimo. !
find communication calling on me for
my views in relation to the bank act, CON-
monty known as the "Briscoe Bill =
Your correspondent attaches 20 my opin-
ions value to which they are not entitled,
and attributes TO me an influence certain
ly do not possess. Others, as have been
informed, also desire from me such stale
ment, and as | have no opinions which /
wish TO conceal, they are herein submit
ted, with no other hesitation that which
arises from unwillingness to appear before
the pupblic, and with no other request than
that this answer shall not be construed
into an admission of my being a candi-
date for any Office.
OF the question, in its strictly legal char
acter, am not able to judge, and will not
offer an opinion. AS measure Of policy
and justice, every mans political right
constitutes him an umpire, and every mans
conscience must dictate the decision
1t seems 10 me that the question has
been changed from It's true nature, the
rights of creditors against the obligations
of debtors, into an issue of the banks a.
gainst the country, and its laws. Were
the latter the true question, certainly
have no favor or affection for the banks,
which could draw me from my duty to the
country. From my earliest inquiries into
the policy of paper currency, | have be-
lieved it TO be an unqualified evil to an az
ricultural people, especially one like our
selves engaged in the product of a staple
of export. As we sell for the currency ol
the world, if we have local currency
which is cheaper, we must pay the en-
HANGED price for all that we buy, and thus
lose the difference. It's action may be Tx
ened TO selling by large measure and buy
ing by small oner
To show that my opinion on the subject
of bank forfeitures. is free from the bias
of any personal interest, | viii state that
have never owned share of bank stock,
nor borrowed dollar from bank.
The various opinions, in relation to this
question, may be arranged in three class
es: Isl, those who hold that when forfeit
4 DIRE - assudged against n bank a. esbl'
due to, and from il, shall be expunged, the
personal effects ('sescheat to- become the
property of the state and the real estate re-
vert TO the original grantor. ID, that affel
forfeiture, the state shall appoint receiver
to collect the assets of the bank for the ben
eft of the state. Sd, that after forfeiture
, of franchise, trustees shall be appointe'
under penal restraints, and with suficien
security, TO collect the assets and disposl
of the property of the corporation for tn
benefit of the creditors and stockholders
: Among the third class, sir, range myself
No one has openly contended for sPe
7 Ecial legislation to relieve bank debtors
I but it is argued that statutory provision
e necessary to give effect to common law, tn
:. operation of which, forfeiture being de
Q clared, is asserted to be to wipe out a
debts due TO and from corporation.
n The common law is the ancient Gus
: toms, or immemorial usages of England
and there could have been no such usa
, ges in relation to banking corporation:
for the simple reason that the thing did nc
a exist among them. At the present day
the trade of banking is conducted in tbs
country by private bankers. and joint stOc
companies, deriving their powers, and sn
: fering their restraints, and penalties, IN
:. der general acts of Parliament. The
do not exist by special grants or charter:
and so far as / have learned, are proceede
> against in the same manner as mercar
.. ; tile firm, which has committed an act {
!, bankruptcy.
q The bank ofEngland is en- exception
this remark, but there, the charter Pre-
q vides mode for terminating its existenct
IS and so far from allowing the government
q England to pay its immense debt to tha
Is bank by a judgement of forfeiture, e.
= pressly provides that the deb: shall be pal
a before the privileges granted be taken {
y way.
% Lawyers say that the common law
3 nothing more than the rules OF reasol
and justice; the definition must be wron!
liz the common law will permit an ager
to lend out the money of his employers
personal, or business friends, and then b
an act contravening his duties as an !
Il gent, debar the employer from pursulr
9 his money N The hands Of the borrOwe
(, or if it win permit banking corporate
ST. to throw Its notes into circnlalions Al
Of then, by refusing to redeem them, depris
j: the note holder Of bis remedy against i
lg effects Of the bank; or If it viii release i
4, debtor from the obligation ofhis bill give
e, for the notes Of q bank, and throw The 10
g-lupon the note holder who gave the debt
at labor or property in exchange for the not
ae he had borrowed. If this be common =
IN il is high time il were substituted BY sla
atlutes accordant With The mandates q re