When President Grover Cleveland blamed the Democratic party's support of the coinage of silver for his failure to win the presidency in 1888, Davis left the party. He also sold the "Franklin Herald" and in 1889 founded the "Sulphur Springs Alliance Vindicator". He campaigned for Democrat Jim Hogg in his gubernatorial bid in 1890 because the Farmers' Alliance endorsed him. Thereafter, Davis cast his fortunes with the People's Party (commonly known as the Populists). He was one of only five lawyers to participate in the founding convention of the People's party in Cincinnati in 1892, where he served on both the executive and platform committees.