A banking history of Louisiana
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Date
1934
Authors
Caldwell, Stephen Adolphus, 1889-1956
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When in 1927 Dr. E.L. Bogart, the economic historian, declared that he considered that Louisiana furnished the 'richest field of unexplored research in banking evolution of any state in America,' he expressed a need that has been felt by students of banking for many years. Though Louisiana has been a pioneer in the development of sound banking in this country, having passed even as early as 1842 a law that Horace White has described as 'eminently scientific' and 'in nearly all respects a model for other states and countries,' no adequate single treatment of the development of banking in Louisiana has ever been written. When and why were banks first chartered in Louisiana? What part did the State play in the development of Louisiana's banking system? How did the banks affect the development of the Mississippi Valley, and how were they themselves in turn affected by this development? What were the results of the Civil War upon the banks in Louisiana? To what extent have the banking laws of Louisiana been copied by other states and by the United States? These are some of the problems considered in this study. It should not be forgotten, though, that Louisiana's banking system did not develop wholly of itself. Remarkably original as it has been, nevertheless, at nearly every stage of its development, it has reflected the evolution taking place throughout the country. Completely to understand its history, therefore, one should have well in mind the facts in the development of banking in other states and in the Union. Only the most important facts can be given in the short space of a chapter, but it is hoped that the outline in Chapter I will suffice to provide an adequate background for this study