By Richard Holcombe Kilbourne Jr
Slave Agriculture and fiscal Markets marks an incredible bankruptcy within the research of Antebellum southern slavery and the credits method. Kilbourne analyzes the structures which credits intermediaries resembling chartered banks and advertisement partnerships used to finance slave agriculture, utilizing the Mississippi department of the second one financial institution of the U.S. as a case examine. He explains intimately how the financial institution supported the government's and the nation's credits overseas by way of offering it seems that unlimited credits amenities to southern planters alongside the Mississippi river. This ground-breaking new ebook attracts seriously at the merely extant complete choice of documents from the second one financial institution of the us. it's the first significant scholarly venture to take advantage of this archive.
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Additional info for Slave Agriculture And Financial Markets in Antebellum America: The Bank of the United States in Mississippi 1831-1852 (Financial History)
Tichnor cautioned one stockholder that while a reduction in the dividend was not contemplated, the likelihood of an increase was indeed remote in consequence of ‘[t]he interference of the Branch of the Bk. U. States in our city …’50 The Natchez branch created a host of other diﬃculties. At settlement time it declined tenders of Louisiana state bank notes which meant that the Bank of the State likewise had to refuse its customers the convenience of paying those notes over at its counter to keep their own accounts current.
The only solution was for the Bank of the State to cease any business that might further increase the balance against it and wait for its bills on New Orleans to mature and liquidate the balance. 62 Given the history of banking in Mississippi in the years after 1832, the plethora of new banks and improvement companies with banking powers chartered by the legislature, it must seem ironic that that year seems to have marked the zenith of what may be described as a time of easy and abundant credit.
Interest then accrued at the rate of 5 percent per annum, but only if the branch was without remittances from the Bank of the State which could be discounted to cover overdrafts in excess of THE BANK OF THE UNITED STATES IN MISSISSIPPI, 18311836 29 that limit. The Bank of the United States aﬀorded such generous facilities to the Natchez bank for a variety of reasons: ﬁrst, and foremost, the relationship channeled much of the exchange business between Natchez and New Orleans in the direction of the New Orleans branch.