Marshall County Republican

For the Republican.

TO "DEMOCRATS."

In the Republican of the 24th ult. you propound a series of queries to the democratic candidates for the State Legislature.—

Holding the doctrine that you have the right to call upon your candidates, for their political opinions upon any and every subject, also what would be their votes for men and measures acting in a Legislative capacity, I will most cheerfully proceed to answer those of your queries as are embraced within the scope of the above propositions.

The first second and third, I answer in the affirmative, the fourth in the negative.

To the fifth I will remark that as a private citizen of the State of Mississippi, I have the right of voting as I may choose without being held responsible to any individual or tribunal, and I cannot consistently with what I hold to be the true principles of democracy sanction a violation of the inestimable privilege by answering the fifth query, and hope the democracy will be the last to attempt an encroachment upon the free exercise of the Elective franchise; for prostrate that and we may bid adieu to the liberties of our country. As a member of the state legislature; my vote would be that of the citizens of Marshall county, and they would have the right to control it provided it did not conflict with my views of the constitution, in which event it would be my duty to resign into the hands of the people the trust committed to me.

To the sixth seventh and eighth; it will be most convenient to respond under one general head. The right of corporations to engage in and carry on the business of banking is an active right derived from Legislative enactment, and I hold that in all cases of granting rights the charter by which they are held and exercised should be literally and strictly construed, therefore should I be honored with a seat in the legislature I would be in favor of compelling all the banks of Mississippi to comply strictly with their charters or forfeit them.

I am opposed to chartering any new banks as I have for a length of time entertained the opinion that the derangement not only of the currency of Mississippi, but of many other states has to a considerable extent been in consequence of the multiplicity of "LITTLE BANKS" that have been brought into existence by Legislative enactment. Upon the subject of the course pursued by the Union Bank since she has gone into operation, I am in favor of a strict scrutiny by a committee of the next legislature, and should it be found in any instance there has been a violation of the charter or a dereliction of duty to promptly condemn and apply the corrective.

The issuance of post notes by the Union Bank, I consider merely a matter of policy and not of principle, and justified alone by surrounding circumstances. At the time of their issuance the banks of our state had but little credit; we ourselves had told the world they were rotten fraudulent machines and it was believed the consequence was that they were compelled to cease to issue paper payable upon demand for every dollar thus issued was returned to the counter of the bank forthwith, and the specie demanded upon it, which would in a short time have completely drained the banks of every specie cent, and left them in an exhausted condition, without the means at any future period of affording any relief to the people. The citizens of the state were also greatly involved in debt and executions to a large amount hanging over them, debts that had been created in times of great prosperity and speculation which the most prudent could not resist (which should be more regretted than blamed) debts which must be admitted have done much to improve the state and condition of Mississippi by erecting habitations cutting down the forest and bringing into successful cultivation. and all the banks of this State were calling in their issues to sustain themselves, having determined under existing circumstances, they could do nothing for the relief of the debtor class of the community, the Union Bank was then alone looked to as the only hope, it was for the directory to determine whether they could grant any relief. and if any, of what character. The only relief in her power was the issuance of post notes, for by issuing her paper payable upon demand her metallic resources would have been forthwith exhausted. They were called upon to do so by persons from every portion of the State, both branches of a highly respectable Legislature, recommended it by the passage of large majorities and only one year previous, Gov. McNutt in his message accompanying the report of the Bank commissioners recommended the issuance of post notes by all the banks as will be seen from an extract from his message attached to this response, at that time it seemed to be policy of all parties of the State, as Governor Lynch had a few days previously in his message at the opening of the session of 1838, recommended it, and at the time of their issuance by the Union Bank the state of things had not materially changed. I therefore favored it & most honestly believe the intemperate crusade against them had considerable influence in depreciating their value. But the bank itself has ceased to pursue the policy, and I presume it will not again be resorted to under ordinary circumstances, I am opposed to banks issuing any paper except such as is made payable upon demand and promptly redeemed when presented.

Having thus answered all the queries consistent with the principles I have laid down, which no doubt will be recognized by every democrat. I will add some further views upon the banking system; I am opposed to a multiplicity of little banks under the belief that they never can afford a good and safe currency. But so long as there are banks in the surrounding States, I am clearly of opinion it is the duty of the State of Mississippi to foster and sustain one bank with branches, with a capital sufficiently large to afford an ample and sound circulation for the State and have no hesitation in believing that the Union Bank by proper management may be made such an institution; I would prefer the State owning in that institution a larger portion or the whole of the stock and would favor the passage of an act by the legislature, authorizing the surrender by the stockholders of the whole or a portion of their stock within a limited period.

As to the idea of an exclusive gold and silver currency, I have never yet understood that to be the policy under existing circumstances, of the great democratic party of the United States, in fact when they have been charged with it it has been universally and unequivocally denied; I am in favor of the banks being prohibited from issuing small bills, also prohibiting the circulation of small bills in the State with a view of introducing gold and silver for the purpose of change.

I entertain the opinion, that the time has arrived when the people of Mississippi should at least, for the moment lay aside their political weapons, so far as to unite upon some measure for the restoration of our currency, for at this time we present the degrading spectacle of a state richer in resources than any other in the union, with a depreciated currency, each party instead of attempting to restore it, engaged in attributing to each other the cause.

One party is for a United States bank, another for state banks, another for a gold and silver currency, and another for any thing that certain individuals are for, having no opinion of their own. Whilst we are thus distracted, sacrificing patriotism and principle to party purposes, South Carolina with not half the resources of Mississippi with the well known fact in view, that capital marks out the tract of commerce, is silently but securely laying the permanent foundation for chaining to her car the commerce of the South and West, and making Charleston the great emporium; this she is effecting by the charter of a large Bank, and the creation of its branches in the southern and western States in which she has to some extent succeeded, in party politics or party jars disturb the harmony of that measure. Although the capital seems yet too small to effect the ulterior object, it can no doubt will be increased whenever circumstances require it. Let us, at least before the great South Carolina bank gets into full blast; have such an institution that will not have to live only by her permission. Let us have such an institution as will aid us in transferring our "commerce from its present unnatural northern route upon which we pay a toll of ten millions per year to the natural Southern route, free from other than ordinary charge; let us have such an institution that the state of Mississippi with a soil richer in production than that of any other, with a population of unequalled energy and enterprise would be proud to own.

All that is necessary to effect it, is to will it.

Respectfully,

JAMES DAVIS.