USA > Louisiana > Louisiana; comprising sketches of counties, towns, events, institutions, and persons, Volume I > Part 7
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was specie to the amount of $334.427, but it could not be used because the charter required one-third of the capital to be kept always in the vaults.
In his message to the legislature in Jan., 1842, Gov. Roman boldly declared the notion false that the banks of one city must suspend simply because those of another did so. He showed that from Nov. 2, 1839, to Oct. 2, 1841, the New Orleans banks reduced their assets $300,000 and increased their liabilities $780,000, and insisted they would continue this course as long as suspension lasted. On Jan. 24 he approved an act providing that "no bank note shall be issued which is not payable in specie." On Feb. +, 1842, the legislature passed an act to regulate banks. Concerning this act, the History of Banking of All Nations says it was "the most remarkable produced in this period in any state. It is drawn in remarkably clear and direct language, entirely free from legal verbiage. It leaves the impression of a schoolmaster who, having got tired of confusion, insubordination and misbehavior, takes in hand the duty of restoring order, and distributes punishments, corrections and new orders in the most peremptory manner."
By this act all charters were revived provided the banks would . prepare at once to resume and would obey the rules laid down by the new law. Loans on capital were to be designated as "dead weight" and loans on deposits as "movement of banks." No bank was to increase the former while the whole cash liability was not covered by one-third specie and two-thirds 90-day paper. If any one applied for an extension his account was to be closed and other banks were to be notified; the same was true of any one whose paper lay protested for 10 days, when he was to be discredited and to have no bank credit until he paid in full. The governor was authorized to appoint a board of currency, to consist of three mem- bers, each to receive a salary of $4,000 a year, to supervise banks and get weekly statements of their business. Each member of the board was to give bond of $5.000 for the faithful performance of duty, and the board was required to report annually to the general assembly. Banks might issue post notes, payable on Sept. 30, 1842, for twice the amount of specie possessed, the other half to be secured by state bonds or mortgages, and all such notes were to be stamped and registered by the board of currency. Solvent banks were to be secured in taking the currency of banks in process of liquidation by the assets of the liquidating banks. Any bank refus- ing to accept the law within 25 days, and any revived bank failing to comply with its provisions were to be put in liquidation by the board of currency. In short, the entire operations of the banks were to be regulated and controlled by the board.
New Orleans banks resumed specie payments on May 18, 1842. There was immediately a run upon them that amounted almost to a riot, and by June 2 all but three suspended. The treasury report at this time says: "The monetary condition of the city is deplorable beyond description." Another report in September says: "There . was a bank revulsion at New Orleans, the most severe probably
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that was ever felt. The effects extended throughout the Union." (This revulsion was probably due to the retirement of the post notes authorized by the act of the preceding February.) By the act of April 5, 1843, all property banks were placed in liquidation except such as could show a clear state of solvency. Under this act any stockholder could clear his liability by paying in bonds of the state issued to the bank. As previously stated, the Union bank was the only one that escaped liquidation under this act. The board of currency was also reorganized by the legislature of 1843, doing away with the three members and appointing the secretary of state and the treasurer as the board, each member to receive a salary of $1,200.
The constitution of 1845 prohibited the state from pledging its credit to any person or corporation, or from creating any corpora- tion with banking and discounting privileges. In the early 50's complaint was made that the banking facilities of the state were not sufficient to meet the requirements of commerce. In response to this complaint the legislature in 1852 passed a law reviving the Citizens' bank as a bank of discount and deposit. The act was vetoed by the governor on the ground that it was unconstitutional, but it was passed over his veto. Doubtless the banking situation had much to do with the making of a new constitution in 1852. by which "Corporations with banking and discounting privileges may be either created by special acts or formed under a general law : but the legislature shall, in both cases, provide for the registry of all bills or notes issued and put in circulation as money, and shall require ample security for the redemption of the same in specie." Under this provision of the constitution the legislature by the act of April 30, 1853, established a general system of free banking in the state. The principal features of the law were as follows: Five or more persons could form a corporation with the usual privileges; the capital stock to be not less than $100,000, which must be paid up within 12 months after the company began operations ; act of corporation to be made a matter of record ; each stockholder to be liable for the full amount of his stock; bills to be engraved by the auditor of public accounts of Louisiana and countersigned by him : banks to deposit with the auditor bonds of the United States, the State of Louisiana or the city of New Orleans to secure their circulation : the securities thus deposited to be open to investigation by a committee of the general assembly; every bank to keep on hand specie equal to one-third of its cash liabilities ; for violation of this provision every director or manager became individually liable for all debts and obligations of the corporation : all banks outside of New Orleans to haye an agency in that city for the redemption of its notes; a new currency board was created . to supervise the execution of the law: and lists of stockholders were to be furnished monthly to the state officials. This law re- mained in force until 1861. when the state convention provided that outstanding notes should not equal more than three-fourths of the
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capital stock, and that notes need not be registered and counter- signed by the auditor.
In 1860 the Bank of the State of Louisiana had the largest specie reserve of any bank in the United States ($4,133,000) and the Citizens' bank stood second with $3,232,000. According to the Bankers' Magazine, the banks of the state as a whole had a ratio of $54.46 in specie to each $100 of notes in circulation, the ratio of Illinois being $4.25; of New York, $20.39; and of Massachusetts, $21.63. Notwithstanding this splendid showing the New Orleans banks suspended in Sept., 1861. In May, 1862, Gen. Butler issued his order No. 3, forbidding banks "to pay out any more Confederate notes to their depositors or creditors, but that all deposits be paid in bills of the bank, U. S. treasury notes, gold or silver, authorizing them at the same time to receive the Confederate notes for any of their bills until May 27, 1862." Consequently, at the latter date all the banks were carrying a large amount of Confederate notes which they could not dispose of in the ordinary course of business, and many of the notes still remained in their vaults in 1864, others having been invested in Confederate bonds or in cotton, of which commodity the Louisiana State bank had purchased 15,000 bales. Against the Confederate notes thus held the banks were required to issue their own notes, with the results that when Gen. Banks on March 18, 1864, issued his Special Order No. 69, requiring reports from the various banks and departments, nine banks of New Orleans showed a forced circulation of this character amount- ing to $6,715,077. Butler's order was doubtless intended to work a hardship on the banks, and it certainly accomplished its purpose. In 1864 the Bank of Louisiana reported immediate liabilities amounting to $3,022,327, and immediate assets of $1,069,162, though it had to its credit within the Confederate lines in Georgia gold to the value of $2,461,395. The first national bank in Louisiana was organized early in 1864.
Since the reconstruction the banking laws of Louisiana have been abreast of those passed by the most progressive states of the Union. The act of July 12, 1888. provided that five or more per- sons might form themselves into an association or corporation for conducting a banking business. and when so incorporated should have all the powers and authority usually conferred by law upon institutions of that class. The act further provided for the organ- ization of savings banks with a capital stock of $100,000 or more, and trust companies with power to accept and execute trusts, act as receivers, traders, assignees, executors, administrators and depos- itaries, the capital stock to be a security for the safe conduct of their affairs along these lines. It was also provided that deposits made by married women and minors in savings banks might be drawn out upon their order. By the act of July 14, 1898, every bank, banker, or association or corporation doing a banking business in the state was required to have on hand at all times United States currency equal to one-fourth of all cash liabilities, the other three-fourths to be in lawful money of the United States, bills of exchange, or dis-
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1
eral assembly more clearly defined the duties and privileges of the state bank examiner. The governor was authorized to order an examination of any bank, the officials of which were required to give the state bank examiner free access to all books, documents, etc., under a penalty of from $100 to $500 fine for refusal, and also the removal from offices of any bank official who might so refuse.
The American Bank Reporter for May, 1908, showed 38 national and 193 state and private banks in the state, with a combined capital of $23,138,000. The surplus and undivided profits of these banks amounted to $13.632,335. Of the amount of deposits, 39 banks made no report, but the other 192 showed deposits subject to check amounting to $134.455,000. The deposits in the banks of New Orleans-6 not reporting-amounted to $75,770,000.
Banks, Nathaniel Prentiss, soldier and statesman, was born at Waltham. Mass .. Jan. 30, 1816. His parents being poor, he worked in the mill, devoting his leisure time to study, thus obtaining a fair education, and finally became editor of a local paper. In 1851-52 he was speaker of the Massachusetts house of representatives ; was president of the state constitutional convention in 1853 ; was elected to Congress that year by a combination of Democrats and Know Nothings ; was twice reelected as a Republican, serving until Dec. 4, 1857, when he resigned to become governor of Massachusetts. In 1860 he was made president of the Illinois Central railroad com- pany, which position he resigned at the outbreak of the Civil war to accept a commission as major-general of volunteers, having had previous experience as an officer of the state militia. His first service was in Virginia, but on Dec. 16, 1862, he succeeded Gen. Butler in command at New Orleans. His first act was to issue a proclamation, in which he said: "It is my desire to secure to the people of every class all the privileges of possession and enjoyment consistent with public safety, or which it is possible for a beneficent and just government to confer. * * My instructions require me to treat as enemies those who are enemies, but I shall gladly treat as friends those who are friends. No restrictions will be placed upon the freedom of individuals which is not imperatively demanded by considerations of public safety. * * Respectful consideration and prompt reparation will be accorded to all persons who are wronged in body or estate by those under my command." The beginning of his administration was marked by a leniency in harmony with the spirit of his proclamation-a decided contrast to the severity Gen. Butler had deemed it necessary to exercise. Banks released a number of political prisoners that had been arrested and sentenced by Butler, and otherwise indicated that his policy was to be conciliatory. His clemency was abused by some thoughtless persons, and on Dec. 21 he issued a proclamation of warning. Even this did not check the demonstrations, and more decisive measures were adopted, though they were not as austere as the methods of Gen. Butler. In May. 1863, Banks concentrated a force of some 25,000 men at Baton Rouge and invested Port Hudson, which place held out until after the surrender of Vicksburg,
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when it capitulated, and Banks showed his magnanimity by per- mitting Gen. Gardner, the Confederate commander, to retain his count paper maturing within six months. The act of July 6, 1900, required every bank to create a surplus fund, and in 1902 the gen- ' sword. Early in 1864 an effort was made to reestablish the civil government of the state, a movement to which Banks lent his aid by issuing a proclamation on Jan. 11, ordering an election for state officers on Feb. 22. The government inaugurated by this election was not satisfactory to the people (See Halin's Administration), though there is no doubt that Gen. Banks was sincere in his desire to see the restoration of civil government. On Feb. 3, 1864, he issued a general order which materially assisted the planters in making terms with the negroes by prescribing regulations under which the latter should be employed, and the wages they should receive. He established a board of education for the freedmen and conferred on it the power "to assess and levy a school tax upon real and personal property, etc." (See Freedmen's Bureau and Emancipation Proclamation.) In May, 1864, Gen. S. A. Hurlbut was assigned to the command of the Department of the Gulf and Gen. E. R. S. Canby was placed in command of the newly created military division of West Mississippi, which included Louisiana. Gen. Banks resigned his commission in the army, returned to Massachusetts and was elected to Congress that fall. By repeated reelections he remained in Congress until 1877, with the exception of one term, being defeated in 1872, along with the entire Greeley ticket, which he supported. He was then for some time the U. S. marshal for Massachusetts and in 1888 was again elected to Con- gress, but before the expiration of his term he became afflicted with a mental disorder and was forced to retire from public life. In 1891 Congress voted him an annual pension of $1,200, but he did not live long to enjoy it, as his death occurred at Waltham, Mass., Sept. 1, 1894.
Baptist Church .- (See Protestant Churches.)
Bar Association, State .- On May 13. 1847, a number of New Orleans lawyers assembled in the supreme court chamber pursuant to a previous call for the purpose of organizing a bar association. Judge Watts called the meeting to order, after which Alfred Hennen was elected chairman and Thomas A. Clarke secretary. A constitution was adopted, the organization taking the name of "The Law Association of New Orleans," and the following officers were elected: John R. Grymes, president: Alfred Hennen, vice- president : Thomas A. Clarke. secretary and treasurer. A commit- tee on membership was appointed and was composed of Pierre Soulé, Charles Watts, Christian Roselius, Richard H. Wilde, Edward Rawle. John Winthrop and William H. King. The first annual meeting was to be held on Nov. 15, 1847 (the third Monday), as provided by the constitution, but at that time there was no quorum present and the meeting was adjourned to the 20th, when the secretary reported a membership of 49. This was the beginning of the Louisiana Bar association, the principal objects of which
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were to promote good feeling among the members of the profession and provide a library for the use of those belonging to the association.
A roster of the association on Nov. 17, 1866, includes the names of J. D. Augustin, D. W. Adams, T. L. Bayne, G. A. Breaux, T. A. Clarke, M. M. Cohen. Cyprien Dufour, J. B. Eustis, C. E. Fenner, John Finney, Alfred Hennen, R. II. Marr, Edward Rawle, Christian Roselius, A. G. and T. J. Semmes, Paul E. Theard. and many others more or less prominent in the profession, all of New Orleans. It appears that another association was formed in 1876, as the minutes for the meeting of May 21, 1881, show that Carleton Hunt, B. R. Forman and W. E. Murphy introduced amendments to the consti- tution providing for a change of name to "The New Orleans Law and Bar Association," and that all members of the association established in 1876, not members of the old association, might become so without payment of fees, provided they signed the con- stitution of the association and passed a resolution "merging and consolidating" the new association into the old. The president ruled that portion of the amendment relating to the consolidation out of order, and the records do not show how the two societies were merged into one.
On April 20, 1889, the charter of the association was amended, and on Feb. 24, 1898, a resolution was adopted changing the name to the "Louisiana Law Association." Under this name it con- tinued until Feb. 20, 1899, when the present name of "The Louisiana Bar Association" was adopted. Among the distinguished lawyers who have served as president of the association appear the names of John R. Grymes, Christian Roselius. E. A. Bradford, J. A. Rozier, and James McConnell. A list of the secretaries includes Thomas A. Clarke, Thomas L. Bayne, who served for many years, J. O. Nixon, J. Ward Gurley, W. S. Benedict, and the present incumbent, W. A. Bell. Some years ago the custom of having an annual bar dinner was adopted and has been kept up since. This occasion is one of good-fellowship and has been a potent means of increasing the membership. Officers are elected at the annual meeting in June. The feature of the last annual meeting, June 6, 1908, was the address of Hon. Carleton Hunt, in which he re- viewed his experience of fifty years as a member of the Louisiana bar. The total membership at that time was 301, of whom 191 were residents of New Orleans, 80 were from different towns in the state, and 30 were classed as literary members only. The officers elected were: W. S. Parkerson, president ; E. H. Randolph, vice-president : William A. Bell, secretary and treasurer ; Stephen A. Mascaro, librarian. These officers, except the librarian, and the following members constitute the executive committee: Bernard Bruenn, P. M. Milner, Pierre Crabites, George C. Walshe and B. W. Henry.
Barataria, a post-hamlet of Jefferson parish, is located about 16 miles south of the city of New Orleans and 3 miles east of Lake Salvador. The nearest railroad station is Jesuit Bend on the line of the New Orleans, Port Jackson & Grand Isle R. R.
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Barataria Bay, lying in the southern part of the parishes of Jefferson, and Plaquemines, is about 60 miles south of New Orleans and some 40 miles westward from Pilot Town, which stands at the entrance of the Southwest pass of the Mississippi river. Across the mouth of the bay stretch the long. narrow islands of Grand Terre and Grand Isle, separating it from the Gulf of Mexico. On these islands, as well as on the numerous smaller ones which intersperse the bay, are vast deposits of a kind of clam shell, placed there by the processes of nature, large quantities of which have been shipped away in recent years to be used as paving material in various cities. Between Grand Isle and Grand Terre is Grand pass, and at the western end of the former there is also a channel which connects with Caminada bay, from which a passage is found connecting with Bayous Lafourche and Terre Bonne. Barataria bay is also connected with the interior through Bavon St. Denis, Little lake, Bayou Perot and Lake Salvador, thence via Bayou des Allemands and the lake of the same name almost to the Mississippi above New Orleans. The islands and marshy shores of this bay were favorite haunts of the naturalist Audubon, who here sought and found great multitudes of sea-fowl, among them the albatross, the cormorant and the white pelican. During the early years of the nineteenth century considerable history was made in the vicinity of Barataria bay, by reason of a band of smugglers, commanded by Jean Lafitte, who had established their headquarters on the island of Grande Terre, and who had their stronghold in the midst of a group of the shell-mounds above referred to on one of the islands of the bay. This group of mounds was known as the "Little Temple." such places having been used by the aborigines as sites for their temples and burial places. (See Smugglers and Lafitte.)
Barbreck, a post-hamlet and station in the northern part of St. Landry parish, is on the Southern Pacific R. R., about 20 miles north of Opelousas, the parish seat. It has a population of about 100.
Barham, a village and station on the Kansas City Southern R. R., in the northwest part of Vernon parish. is 14 miles northwest of Leesville, the parish seat. It has a money order postoffice, telegraph and express office, and is the trading center for a considerable district.
Barrow, Alexander, United States senator from Louisiana, was born near Nashville, Tenn., in 1801, and was educated at the U. S. military academy at West Point. After he left the academy he studied law and began practice in Louisville. He became a planter, entered politics, served several years in the state legislature, and in 1841 was chosen U. S. senator from Louisiana as a Whig. He served from May 31. 1841, until his death at Baltimore, Md., Dec. 29, 1846.
Barton, a village in the southwestern part of Ascension parish, is about 2 miles west of Donaldsonville, the parish seat, and a mile east of Palo Alto, the nearest railroad station. It has a money order postoffice, and a population of about 100.
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Basile, a post-hamlet in the northwest corner of Acadia parish, is about 2 miles south of Hawling, which is the most convenient railroad station.
Baskin, a village in the northern part of Franklin parish, is a station on the New Orleans & Northwestern R. R. about 6 miles north of Winnsboro, the parish seat. It has a money order post- office, an express office, and is a trading center for a considerable district.
Baskinton, a post-hamlet in the northwestern part of Franklin parish, is a station on the Mangham & Northeastern R. R., about 12 miles north of Winnsboro, the parish seat. 1
Bastrop, the capital of Morehouse parish, is located in the western part of the parish on the line of the New Orleans & Northwestern R. R. When the parish was created in 1844 the site was selected for a seat of justice and the name Bastrop was given to the town on account of the land in that section having been once included in the grant to Baron de Bastrop. The first settler was William Gillespie, and the first store was established by Archibald McIver. Bastrop was incorporated in 1851, and on Oct. 15 of that year William Prather began the publication of the "North Louisianian," the first newspaper in the town or parish. Bastrop has a money order postoffice, express and telegraph service, one bank. several good stores, and in 1900 had a population of 787.
Batchelor, a village and station in the northern part of Pointe Coupée parish. is on the Texas & Pacific R. R., about 20 miles northwest of New Roads, the parish seat. It has a money order postoffice, express and telegraph offices, and in 1900 reported a population of 177.
Baton Rouge, the capital of the state and the seat of justice of East Baton Rouge parish, is located on the east bank of the Mis- sissippi river, 120 miles above New Orleans by river, but only 68 miles "as the crow flies." It was founded by the French in 1719 and occupies the first high lands the voyageurs found in their ascent of the great river. The words baton rouge translated into English mean "red stick." and according to Du Pratz this name was derived from a large cypress tree which stood on the site of the city when the French first visited the place. This tree had been shorn of nearly all its branches and most of its bark, and as the natural color of the wood of the cypress is red, the denuded trunk of this tree presented the appearance of a gigantic red stick or baton. Another account says the name was taken from a red stake planted on the river bank to mark the boundary line between the hunting grounds of the Houma and Bayou Goula Indians.
For some years the growth of the settlement at Baton Rouge was slow, but after the Western Company surrended its charter in 1732 important additions were made by the arrival of immigrants, and when the Acadians were driven from their homes in Nova Scotia about 80 of the exiles settled at Baton Rouge or in the immediate vicinity. At the time France ceded Louisiana to Spain
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