State of the banks, January 7, 1834, as given in a document laid before
Congress, June 21, 1834.
-----------------------------+---------------+------------+-------------
NAME. | Capital | Bills in | Specie
| stock paid |circulation.| and specie
| in. | | funds.
-----------------------------+---------------+------------+-------------
Canal and Banking Company | 3,998,200 | 951,780 | 297,451 21
City Bank | 2,000,000 | 380,670 | 335,288 88
Commercial Bank | 817,835 | 145,000 | 135,903 73
Union bank of Louisiana | 5,500,000 | 1,281,000 | 291,587 87
Louisiana State Bank | 1,248,720 | 428,470 | 546,125 34
Consolidated Association Bank| 2,500,000 | 84,300 | 61,936 43
| ----------- | --------- |------------
| $16,064,755 | 3,271,230 |1,568,293 46
Estimated situation of the | | |
following banks.--no returns.| | |
Bank of Louisiana | 4,000,000 } | |
Bank of Orleans | 600,000 } | |
Citizens' Bank of Louisiana | 1,000,000 } | 1,522,500 | 650,000 00
Mechanics' and Traders' Bank | 2,000,000 } | |
| ---------- | ---------- |------------
Total | $23,664,755 | 4,793,730 |2,218,293 46
-----------------------------+---------------+------------+-------------
The Union Bank of Louisiana has branches at the following places, viz.
Thiboudeauville, Covington, Marshville, Vermillionville, St.
Martinsville, Plaquemine, Natchitoches, and Clinton.
Interest. "Legal interest is 5 per cent. Conventional interest, as high
as 10 per cent., is legal. Of our banks, none can charge higher than 9
per cent., and some of them not higher than 8. But if I lend $100, and
the borrower gives me his note for $110, $120, $130, $140, or even $150,
or more, with 10 per cent. interest from date, the law legalizes the
transaction, and will not set aside any part of the claim on the plea of
usury. In fact, money is considered here like any other article in the
market, and the holder may ask what price he pleases for it."