Mississippi Democrat. (Carrollton, Miss.) 1844-18??, 1845-07-23
LETTER OF JEFFERSON DAVIS, ON
TtiE NRISCOE BILL.
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70 NE Editor Of the Sentinel:
SiR--In your paper Of tho Both ultimo, !
fin1 communication calling on me for
my views in relation TO the bank act, com
monty known as the "Briscoe Bill -
Your correspondent attaches tony opin-
ions value 10 which they are not entitled,
and attributes TO mo an influence certain
" do not possess. Others, as have been
Informed, also desire from mo such state.
mcnt, and as have no opinions which l
wish to conceal, they are herein submit.
ted, with no other hesitation that which
arises from unwilingness TO appear before
tho 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 lis strictly legal chnr-
acter, am not able to Judge, and will not
offer an opinion. AS a measure of policy
and Justice, every mans political right
constitutes him an umpire,and every mans
conscience must dictate the decision.
II seems 10 me that the question has
been changed from its true nature, the
rights Of creditors against the obligations
Of debtors, INTO an issue Of the banks A.
gainst the country, and IFS laws. Were
tho latter tho true question, certainty
have no favor or affection for tho banks,
which could draw me from my duty 10 the
country. From my earliest inquiries into
the policy Of paper currency, have be.
levcd it 10 be an unqualified evil to an ag-
ricultural people, especially one like our
selves engaged in the product of a staple
of export. As we sell for the currency oil
the world, if VIC have local currency
which is cheaper, we must pay the en-
HANGED price for all that we buy, and thus
lose The difference. Its action may be lik-
cned TO selling by a large measure andbuy-
ing by small oner
To show that my opinion on the subject
Of bank foricitures, is free from the bias
of any personal interest, will 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: LIST, those who hold that when forfeit.
ure is adjudged against n bank, all cebis
due TO, and from il, shall DO expunged, the
personal effects ("eschcat toy become the
property of the state and the real estate re-
vert to the original grantor. I'd, that after
forfeiture, the state shall appoint receiver
TO collect the assets Of the bank for the BON
eft of the state. Sd, that after forfeiture
OF franchise, trustees shall be appointed
under penal restraints, and with sufficient
security, 10 collect the assets and dispose
Of the property Of the corporation for the
benefit of The creditors and stockholders,
Among the third class, sir, | range myself
No one has openly contcnded for spe
cial Legislation TO relieve bank debtors
bur II is argued that statutory provision il
} necessary TO give effect 10 common law, the
operation Of which, a forfeiture being do
, carcd, is asserted 10 bo to wipe out oil
debts due to and from corporation.
!, The common law is the ancient Gus
toms, or immemorial tisages Of England
and there could have been no such usa
gcs in relation to banking corporations
for the simple reason that the thing did no
exist among them. AT the present day
the trade Of banking is conductedin tina
country by private bankers, and joint stocl
companies, deriving their powers, and suf
fering their restraints, and penalties, un'
der general acts Of Parliament. They
do not exist by special grants Or charters
and so far as | have learned, are proceeded
J against in the same manner as mercan
tile firm, which has committed an act 0
bankruptcy.
The bank ofEngland is an exception 4
!, this remark, but there, the charter pro
vides mode for terminating its existence
and so far from allowing the government o.
England to pay its immense debt 70 tha
bank BY Judgement of forfeiture, OK
pressly provides that the deb. shall be pait
before the privileges granted DO taken q
, way.
Lawyers say that the common law |
nothing more than the rules Of reason
and justice; the definition must be wrong
if The common law will permit an agen
4 to lend out the money Of his employers 4
personal, or business friends, and then b,
an act contravening his duties as On a
: gent, debar the employer from pursuing
his money in the hands Of the borrower
or If il will PERM. a banking corporation
10 throw IFS notes into circulation, am
then, by refusing to redeem them, deprive
: The note holder Of bis remedy against ihl