There was but one bank in the State—­this was located in Natchez, and was under the control of these men of fortune.  It had at the time of obtaining its charter paid an extravagant bonus to the State, upon condition no other bank should be chartered for the period granted to this.  It was a monopoly, and was charged with great partiality in its management.  Its accommodations were for the few, and these only granted for the purpose of enhancing the already bloated wealth of the stockholders, directors, and their special pets.  This exclusive aristocracy was odious to the fierce democratic feelings of the masses.  They counted their wealth by millions; their homes were palaces; their pleasure-grounds Edens; and all this was the fruit of an odious and oppressive monopoly.  This fallacious and most ridiculous idea fastened itself upon the minds of the masses, and was fostered and encouraged by many who knew better, but who were willing to pander to the popular taste for popular preferment.  R.J.  Walker seized hold upon this popular whim, and leading the multitude, succeeded in procuring charters for several other banks, in defiance of the vested rights of the Bank of Mississippi.

Stephen Duncan was the president of the bank, and, under his advice, the directors surrendered the charter, and wound up the business of the bank.  Duncan was one of the best business-men in the Union.  From very small beginnings he had amassed an immense fortune—­was a man of rare sagacity and wonderful energy.  He was the cousin of Walker, but was always opposed to him in politics.  This was the commencement of the era which culminated in the repudiation of the State’s obligations and the general ruin of her people.  It was about this period that Jefferson Davis first made his debut as a public man in the State, with William M. Gwinn, and Henry S. Foote, McNutt, J.F.H.  Claiborne, and Albert Gallatin Brown.  Quitman was made chancellor of the State, and disappointed sadly his friends.  His administration of this branch of the judiciary was weak and wild; a vast number of his decisions, or awards in chancery, were overruled, and, in disgust, or from a consciousness that a chancery judgeship was not his speciality, resigned.  His mind was greatly overrated:  it was neither strong, logical, nor brilliant.  His classical attainments were of the first order, and I doubt if the Union furnished two better or more finished linguists than John A. Quitman and H.S.  Foote.

Walker and Davis were the leading minds of the period.  They were both men of education, extended reading; both men of fine oratorical powers; both men of strong will, ripe judgment, and exceedingly tenacious of purpose.  Walker was many years the senior of Davis, and was in advance of him some years as a successful politician.  Foote, as an orator, was greatly the superior of all of these; but there was in him want of judgment, want of fixed principles and fixity of purpose.  When first appearing before the people of the State, he carried the multitude with him as a tempest drives a feather.  In a contest for Governor he came out in opposition to Quitman, drove him from the canvass, and triumphed over Davis, who was placed by his party in nomination to fill the place of Quitman.  This triumph was evanescent:  he left the position, perhaps, the most unpopular man in the State.