USA > Louisiana > Louisiana; comprising sketches of counties, towns, events, institutions, and persons, Volume I > Part 6
Note: The text from this book was generated using artificial intelligence so there may be some errors. The full pages can be found on Archive.org (link on the Part 1 page).
Part 1 | Part 2 | Part 3 | Part 4 | Part 5 | Part 6 | Part 7 | Part 8 | Part 9 | Part 10 | Part 11 | Part 12 | Part 13 | Part 14 | Part 15 | Part 16 | Part 17 | Part 18 | Part 19 | Part 20 | Part 21 | Part 22 | Part 23 | Part 24 | Part 25 | Part 26 | Part 27 | Part 28 | Part 29 | Part 30 | Part 31 | Part 32 | Part 33 | Part 34 | Part 35 | Part 36 | Part 37 | Part 38 | Part 39 | Part 40 | Part 41 | Part 42 | Part 43 | Part 44 | Part 45 | Part 46 | Part 47 | Part 48 | Part 49 | Part 50 | Part 51 | Part 52 | Part 53 | Part 54 | Part 55 | Part 56 | Part 57 | Part 58 | Part 59 | Part 60 | Part 61 | Part 62 | Part 63 | Part 64 | Part 65 | Part 66 | Part 67 | Part 68 | Part 69 | Part 70 | Part 71 | Part 72 | Part 73 | Part 74 | Part 75 | Part 76 | Part 77 | Part 78 | Part 79
Bailes, a post-hamlet of Natchitoches parish, is situated on the east shore of Spanish lake, about 10 miles west of Natchitoches, the parish seat and nearest railroad town.
Bailey, a post-hamlet in the northeastern part of Tangipahoa parish, is situated about a mile west of the Tchefuncte river and 4 miles east of Bolivar, the nearest railroad station.
Baird, Absalom, soldier, was born at Washington, Pa., Aug 20, 1824, graduated at West Point in 1849, and served during the next 2 years as second lieutenant in the Seminole war. In 1853 he was promoted to first lieutenant and from that time until 1859 was assistant professor of mathematics at the military academy. The next 2 years were spent on garrison and frontier duty and in March, 1861, he was assigned to the command of a light battery at Wash- ington, D. C. From May to Sept., 1862, he commanded a brigade in the Army of the Ohio, then until June, 1863, was in command of the 3d division of the Army of Kentucky, and in 1864 took part in the Atlanta campaign. After the war he was assigned to duty in Louisiana, and in the absence of Gen. Sheridan, he commanded the troops at New Orleans at the time of the Riot of 1866 (q. v.). In anticipation of trouble, Gen. Baird telegraphed to Edwin M. Stan- ton, the secretary of war, for instructions, but received no reply. In his testimony before a Congressional committee he testified that neither the mayor of New Orleans nor the lieutenant-governor of the state had asked him for troops to prevent disorder, though both these officials stated that such a request had been made. Soon after the riot Gen. Baird proclaimed martial law, but the mischief had already been done. Fortier. says: "He testified that it was his intention to judge of the legality of the decision of the court, if an arrest had been made. If he could assume such power as this, he could certainly have assumed power either to disperse the con- vention or to protect it." Not long after this he was relieved from his command in Louisiana and subsequently served as inspector- general in various departments with the rank of brevet major- general.
Baird, Samuel T., lawyer and member of Congress, was born at Oak Ridge, La., May 5, 1861. He was educated at his home and at Vincennes, Ind .; began to study law in 1879; was admitted to the bar in 1882; elected attorney of the sixth judicial district in 1884, and served 4 years in that position ; elected district judge of the same district in 1888, but after serving upon the bench 4 years he resumed the practice of law. In 1896 he was elected to the state
57
LOUISIANA
senate, where he served as chairman of the committee on railroads and as a member of the judiciary, lands and levees and elections committees ; was chairman of the joint Democratic caucus during the session of the general assembly; temporary chairman of the Democratic state convention in June, 1896; delegate to the Dem- ocratic national convention at Chicago, 1896; was elected to the 55th Congress as a Democrat, and reelected to the 56th Congress, but died April 22, 1899, before that Congress convened.
Baker, a village in the northwestern part of East Baton Rouge parish, is on a branch of the Amite river about 10 miles north of Baton Rouge, and is a station on the main line of the Yazoo & Mississippi Valley R. R. It has a money order postoffice and one free rural delivery route. Its population is about 100.
Baker, Joshua, who was appointed military governor of Louisiana by Gen. Hancock in Jan., 1868, was born in the State of Kentucky, March 23, 1799. When he was about 4 years of age his parents removed to Mississippi, and in 1811 located in St. Mary's parish, La. In 1819 he was graduated at the U. S. military academy at West Point, N. Y., where he had served as assistant professor of engineering, and after graduating was appointed a member of the board of examiners, which position he held for years. The old court-house at Franklin, and a number of bridges in Louisiana were built under his supervision. He finally gave up engineering as a profession, studied law at Litchfield, Conn., was admitted to the bar in Kentucky, but returned to St. Mary's parish to practice. In 1829 he was elected judge of that parish. He was also interested in the lumber trade and steamboating on the Mississippi. Politically he was a conservative Democrat and did all he could to prevent the State of Louisiana from seceding in 1861. His term as governor of Louisiana was short, as he was succeeded by Gov. Warmoth on July 13, 1868. Mr. Baker died at the residence of his daughter in Lyme, Conn., in 1886.
Baker's Administration .- The administration of Gov. Baker began with his appointment in Jan., 1868, though the state remained under the military authority of the United States, which was exercised with forbearance and discrimination by Gen. W. S. Hancock. In an official communication the governor notified Hancock that the claims against the state at the close of the year 1867 amounted to . $1.313,000 in excess of the receipts; that the state treasury was practically bankrupt : that the legislature had failed to provide ade- quate means to meet current expenses; and that, "unless some remedy was applied, the machinery of civil government in the state must stop." To meet the emergency Gen. Hancock on Feb. 22 issued an order directing all license fees, revenues, dues and taxes of the state to be payable and collected in U. S. legal tender notes ; requiring tax collectors throughout the state to report immedi- ately and under oath to the state treasurer the kinds and amounts of funds collected by them up to that time : instructing the auditor and treasurer to apply all moneys received after the promulgation of the order to the payment of salaries of the civil officers of the
58
LOUISIANA
state, the appropriations made in favor of the charitable and educa- tional institutions, the rent of the Mechanics' Institute, and for the support of the state convicts. A few days later another order directed the destruction of all state notes then in the state treasury, or that might be thereafter received, and instructed the treasurer to apply any surplus that might accumulate, after the payments above described, to the liquidation of outstanding claims.
On March 10 and Il he issued orders giving full directions for the registration of voters, and for holding an election on April 17 and 18, to vote on the question of ratifying the constitution and to establish civil government. On the 18th of the same month Hancock was relieved of the command of the district, and on the 25th his successor. Gen. Robert C. Buchanan, issued an order authorizing the election to include members of Congress "and for such state, judicial, parish and municipal officers, and members of the general assembly as are provided for in the constitution to be submitted for ratification." At the election Henry C. Warmoth, a Republican, was elected governor. receiving 64,941 votes to 38,046 cast for Taliaferro, his opponent. also a Republican, and Oscar J. Dunn, a negro, was elected lieutenant governor. The new officers were inaugurated on July 13, 1868, though they had been exercising the duties of their respective offices since June 27, when they were appointed by order of Gen. Grant, Gov. Baker being at that time removed.
Baldwin, a village in the western part of St. Mary parish, is at the junction of the main and a branch line of the Southern Pacific R. R., about 6 miles northwest of Franklin, the parish seat and nearest banking town. It has a money order postoffice and varied industries such as sugar manufactories, shingle mills, etc. Its population is about 700.
Ball, a village on the northern boundary of Rapides parish. is a . station on the St. Louis & Iron Mountain R. R., about 9 miles north- east of Alexandria, the parish seat. It has a money order postoffice and is a shipping point of some importance.
Ballina, a post-hamlet in the northwestern part of Concordia parish, is situated on a branch of the Black river, about 5 miles north of Frogmore, which is the most convenient railroad station.
Balltown, a post-hamlet in the extreme northeastern corner of Washington parish, is near the Pearl river, about 4 miles northeast of Angie, the nearest railroad station.
Bancker, a post-hamlet in the eastern part of Vermilion parish, is situated on the Bayou Vermilion about 21/2 miles southeast of Rosehill, the nearest railroad station, and 7 miles south of Abbeville, the parish seat and nearest banking town.
Bancroft, a post-hamlet in the west-central part of Calcasieu parish, is about 4 miles east of the Sabine river and 5 miles north of Baylor. the nearest railroad station.
Bankers' Association .- The Louisiana Bankers' association was organized on May 1, 1900. Foremost among those in effecting the organization may be mentioned W. J. Knox of Baton Rouge; J. W.
59
LOUISIANA
Castles, C. H. Culbertson and J. T. Hayden of New Orleans: G. W. Bolton of Alexandria : A. D. Foster of Jeanerette ; J. W. Cocker- ham of Natchitoches; H. H. Youree of Shreveport : Aug. Thibault of Donaldsonville, and L. O. Broussard of Abbeville. Thirty-one banks were represented in the association at the commencement. and the first officers were: George W. Bolton, Rapides bank, Alex- andria, president ; R. E. Craig. New Orleans National bank, vice- president : L. O. Broussard, Bank of Abbeville, secretary: J. P. Suberbielle, State National bank, New Iberia, treasurer. The ob- jects of the association are stated to be "The promotion of business and social relations among banks and bank officers, and the discus- sion of matters of interest to the banking fraternity." Meetings are held annually, at which officers are elected and delegates chosen to represent the state organization in the meetings of the American Bankers' association. At the close of the year 1908 there were 198 Louisiana banks that were members of the state association. As the association grew in strength and importance it was decided to have a vice-president for each of the Congressional districts in the state. The officers for 1908 were as follows: Peter Youree, Shreve- port, president : R. N. Sims, Donaldsonville, vice-president : L. O. Broussard, Abbeville, secretary ; L. M. Pool. New Orleans. treas- urer. The district vice-presidents were: 1st. A. Breton, New Orleans; 2nd, G. Ad. Blaffer, New Orleans; 3d. Dr. L. H. Jastremski, Houma ; 4th. Andrew Querbes, Shreveport : 5th, W. S. Kilpatrick, Monroe; 6th, J. McWilliams, Plaquemine : 7th, W. A. Guillemet, Lake Charles. The association, through its social gath- erings and the interchange of ideas, has done a great deal in the way of improving the banking conditions of the state, and it pre- sents to view a striking instance of the truth of the old adage, "In union there is strength."
Banking .- At the time Louisiana was ceded to the United States in 1803 the money of the colony consisted chiefly of Spanish coins that came from Mexico and the notes known as "liberanzas." The purchase of the province by the United States arrested the importa- tion of silver from Mexico, and though the liberanzas were not redeemed at once it was generally understood that their discon- tinnance was only a matter of time. Under these circumstances. when the Territory of Orleans was created in 1804, money was scarce and trade languished for lack of a ready medium of exchange. To meet the emergency Gov. Claiborne established the Bank of Louisiana, but the people, who were already greatly dissatisfied over the division of the province, looked upon the new bank as an institution specially designed to rob them. Consequently the ter- ritorial bank was not the success that its founders anticipated. The last territorial legislature, which assembled in Jan., 1811, granted charters to the Planters' bank and the Bank of Orleans. though the former had been organized some time before. The charter of each was for 15 years: the authorized capital of the Planters' bank was $600,000, payable in specie; that of the Bank of Orleans was $500,000, "payable in lawful money or notes pay- .
.
· 60
LOUISIANA
· able to the directors." These banks met with only slightly better success than their predecessor, but with the admission of Louisiana into the Union the people became better satisfied with their rela- tionship to the United States and began to look with more favor on banks of issue. On March 26, 1823, the charter of the Bank of Orleans was extended to 1847.
The Louisiana State bank was chartered by the act of March 14, 1818, with an authorized capital of $2,000,000, one-fifth of which was to be paid at once "in cash or notes payable to the directors," who might also accept mortgages. One-fourth of the stock was reserved to the state, which was to subscribe $100.000 at once and appoint 6 directors out of the 18. The bank was required to estab- lish within six months five branches, to be located at Donaldsonville, St. Francisville, St. Martinsville, Alexandria and Baton Rouge, each with a capital of $200.000 available for loans. The original charter was to last until 1870. but by the act of March 3, 1819, the bank was ordered to liquidate by March 12, 1822.
On April 7, 1824, the Bank of the State of Louisiana was granted a charter, but by a supplementary act of Nov. 30, the same year, the name was changed to the Bank of Louisiana. Its capital was fixed at $4.000,000, one-half of which was to be owned by the state. to be paid for by an issue of 5 per cent. bonds at the ratio of $100 in bonds for $83.331/3 in stock of the bank, and the governor was to appoint 6 of the 13 directors. The bonds were sold to Thomas Wilson & Co. of London on Oct. 23, 1824, at a profit. the state's share of which was nearly $301,000. By the act of March 24, 1827, the bank was ordered to buy bonds with the profits and place them in a sinking fund for the redemption of the original issue, and by the same act the state was given 7 directors ont of the 13. The order to buy bonds for the sinking fund was evidently not complied with, for on March 7, 1834. the attorney-general of the state was directed by act of the general assembly to "institute suit without delay" against the Bank of Louisiana to compel said bank to place to the credit of the state as available means on July 1 next the amount the state was entitled to in gains or profits made by the bank on the sale of state bonds; such portion as the state might be entitled to in the balance of the profit and loss account: and any other claim and amount which the attorney-general might think was due the state.
Probably no banking institution ever chartered by Louisiana was the cause of so much trouble and litigation as the Consolidated Association of Planters, which was incorporated by the act of March 16, 1827, with a capital of $2,000,000. The stock was to be raised by loan, the company selling bonds and taking mortgages from the stockholders for loans made to them. Under this plan the scheme failed, as there was not sufficient capital in the state seeking such an investment, and the company had no credit abroad. By the act of Feb. 19, 1828, the state agreed to lend its bonds to · the association to the amount of $2.500,000 as a pledge for the pay- ment of capital borrowed from abroad, and in return for this favor
.
61
LOUISIANA
received 10,000 shares of the stock as a bonus. By the act of April 5, 1843, to liquidate certain property banks, the assets of the association were to be held by the state until the bonds of 1828 could be paid. and the governor was authorized to appoint man- agers for the bank. In 1847 an annual assessment of $6 a share, to run for 17 years, was levied upon the stock of the association for the payment of the bonds. The act of Dec. 20, 1848, made the stock of the association payable in specie or state bonds, and the following year a plan for the final winding up of the association's affairs was arranged. Bonds to the amount of $1,376,000 were issued, the last of which fell due in 1866, the assessment of $6 a share to provide for their payment as they fell due. In 1850 a case was instituted to test the liability of the state as a stockholder. The bank's attorneys argued that as the state had made a million dollars out of its banking operations, it ought to pay one-sixth of the losses in the case of the only banking institution that had been unfortunate, but the court held that the 10,000 shares held by the state, having been given to it as a bonus, were not liable to assessment. (5th La. p. 44.) By means of the fund established by the assessment of 1847, the bonds falling due in 1861 were paid, leaving a balance of $550,400. Then came the great Civil war. which paralyzed the business of the South, the last of the bonds in 1866 were not paid, and the affairs of the consolidated were still unsettled in 1878, when an act was passed levying an assessment of $10 a share on the stock. This law was declared null by the courts in 1883, on the ground that the assessment of 1847 was a contract on the part of the state that the stockholders, by the pay- ment of the assessment of $6 a share, should be relieved of further liability for the state stock issued for the bank. The business of the bank was then settled by compromise, the expenses of liquida- tion being heavy, as the salaries and fees from 1876 to 1883 amounted to nearly $60,000.
The New Orleans Gas Light Company was chartered by the act of Feb. 7, 1829. Four years later the charter was transferred to a larger company and on April 1, 1835, it was granted banking privileges. The capital stock was fixed at $6,000,000, of which the state was authorized to subscribe for any number of shares not to exceed $100.000, and the city of New Orleans for a like amount, said stock to be paid for by bond issues, and both state and city to be represented on the board of directors. The company was given the exclusive privilege of lighting New Orleans, its faubourgs, and the city of Lafayette with gas, and was to spend at least $50,000 annually for four years for the perfection of its gas works. The capital stock was to be exempt from taxation for 15 years, and the city was given the right to purchase the works at the expiration of 40 years, the price to be fixed by arbitrators. In case the city decided to exercise this right the banking privileges of the company were to expire 10 years after the sale of the gas works. Branch banks were to be established within one year, with capital as follows: Alexandria, $800,000; Port Hudson,
62
LOUISIANA
Franklin, Springfield, Napoleonville and Harrisonburg, $300,000 each ; and St. Bernard, $100.000. The president of the bank was required to make annual reports to the general assembly, which was given the power to appoint a joint committee to examine into the bank's affairs. On March 14, 1838, the legislative committee reported that "twelve directors of the Gas Light and Banking company owed to it on Dec. 23, 1837, $1,400,000 as borrowers and $400,000 as endorsers." The report further stated that a large part of this indebtedness was for "kites or race-horses," and that "ex- change operations to a large amount had been agreed to by the president, in which he was himself interested, when no one but the cashier and himself were present, and that the bank owed the Bank of the United States $2.000,000 payable in one and two years." (Raguet's Register, p. 332.) Upon the request of the stockholders the charter of the company was amended in March, 1845, when the banking privileges were surrendered.
The City bank of New Orleans was incorporated by the act of March 3, 1831, the charter to extend to 1850. The capital was fixed at $2,000,000, divided into shares of $100 each; the state was to have a credit of $100,000 with the bank : branches were to be estab- lished at Baton Rouge and Natchitoches; the bank was to be subject to legislative examination ; was not to issue any note of a less denomination than $5; and was never to suspend redemption in current money of the United States under a penalty of 12 per cent. Two days after this bank was incorporated a charter was granted to the New Orleans Canal and Banking company, with a capital of $4.000.000. It was authorized to cut a canal through the city from Lake Pontchartrain: was required to loan the state not over $600,000 on bonds payable in from 10 to 25 years: was to establish three branches at certain designated points, and two-thirds of the capital at each branch was to be loaned on real estate.
On April 2, 1852, the Union Bank of Louisiana was incorporated with an authorized capital of $7,000,000. The plan on which this bank was to be operated was an extension and perfection of the consolidated association. The capital stock, which was to be exempt from all taxation, was to be subscribed by citizens of Louisiana who were land owners: the state issued bonds equal in amount to the stock, and these bonds were secured by mortgages; the governor and state senate were to appoint half of the 12 directors; the charter was to expire in 25 years, during the last three of which the bank was to wind up its affairs: it was not to issue any notes for less than $5 ; and a penalty of 10 per cent. was provided for in case of suspension. This plan was afterward adopted in Florida, Arkansas and Mississippi. The Union was the only one of the property banks that escaped liquidation under the act of 1843. As most of its assets were loaned on real estate it was able to pay the interest on the bonds, and to take up each series as they fell due. Its charter expired in 1857, when it became a free bank and later a national bank.
Three banks were incorporated by acts of the legislature on
63
LOUISIANA
April 1, 1833, viz .: The Commercial bank of New Orleans, the Citizens' bank of Louisiana, and the Mechanics' and Traders' bank of New Orleans. The first was capitalized at $3,000,000, which was to be exempt from taxation, and the chief object of the com- pany was to supply the city with water. The city was given the right to purchase the waterworks after 35 years, the price to be fixed by arbitration, and if this right was exercised the banking privileges of the company were to expire 5 years later. If the city did not buy the waterworks at the given time all banking privileges were to expire within 50 years from the date of the act of incorporation. Operations were to be commenced within twelve months from the passage of the act, and the company was to expend $100,000 annually until the works were completed. The city of New Orleans was authorized to subscribe for $500,000 of the stock, payable in 40-year bonds, upon which the bank was to pay 5 per cent. interest. The Citizens' bank was capitalized at $12,000,000 in the form of a loan as prescribed by the act; all subscribers to stock to be secured by mortgages executed in the parishes where the lands were located. and upon which the directors might issue bonds payable in 14, 23, 32, 41 and 50 years. The state was entitled to a credit of $500,000, and the company was to enjoy all the rights and privileges usually accorded to banks, in addition to which it was authorized to dig canals, build railroads, etc., all property of this class to become the property of the state upon the expiration of the charter. The bank was not able to raise the cap- ital according to the original plan and on Jan. 30, 1836, the state was authorized by act of the legislature to take the stock mortgages and issue bonds for four-fifths of the amount of the mortgages thus taken, in return for which the state was to have one-sixth of the profits of the bank, and the corporation was to pay $5,000 annually during the life of the charter to each of three colleges. The stock of the Mechanics' and Traders' bank was fixed at $2,000,000 in shares of $50 each, and it was authorized to go into operation when 5,000 shares had been subscribed. Of the 13 directors 5 were to be mechanics or traders ; mechanics were given the privilege of subscribing for $200,000 of the stock, and the bank was directed to establishi two branches-one at Opelousas with a capital of $150,000 and one at Vidalia with $200,000.
The legislatures of 1836 and 1837 chartered corporations whose aggregate capital amounted to nearly $40,000,000. Thompson, in his Story of Louisiana, says: "The system of chartering public gambling concerns under the title of banking companies was for a long time a source of popular corruption." But this system re- ceived a check by the panic of 1837 (See Panics), when several of the banks were forced to suspend. During this period of depres- sion the United States bank bought the Merchants' bank of New Orleans, which had been incorporated on Feb. 25, 1836, for an agency, paying for it $1,076,500. In April, 1841, the assets of the bank were reported to be worth $906,000, and it was finally sold by the liquidators to Edward Yorke for $575,000. Among the assets
Need help finding more records? Try our genealogical records directory which has more than 1 million sources to help you more easily locate the available records.