Louis Auguste Benoist
Encyclopedia
Louis Auguste Benoist was a pioneer banker and financier.
Born August 13, 1803, in St. Louis, Missouri
, then a French settlement under Spanish rule and soon to become a possession of the United States under the Louisiana Purchase
. His father, Francois Marie Benoist, and his mother’s father, Charles Sanguinet, both arose from prominent families and were among those individuals who were instrumental in laying the foundations of the great city that St. Louis would ultimately become.
, north of Spain, an area noted for its storms. He narrowly escaped death and months would pass before he would be able to obtain passage on another vessel bound for America.
gripped the country and the St. Louis house was compelled to temporarily suspend operations. Very soon, however, Benoist's financial expertise enabled him to overcome his challenges and he opened the doors of his bank. His depositors were paid what was due them at ten percent interest for the time their funds had been tied up. He is quoted with his characteristic brevity in a story about him in the St. Louis Star and Times, dated May 30, 1933: “Louis A. Benoist & Company will pay on demand.” http://www.prophotodallas.com/benoist/star.htm Due to his integrity, he resumed his banking operations with a stronger hold than ever upon public confidence and esteem. The Encyclopedic History of St. Louis wrote of him: "It may truly be said of him that he was not only one of the great Western financiers of his day and generation, but was a remarkably progressive man in every respect. During the financial panic of 1857
, when banking-houses were failing all over the United States, his bank weathered the storm, its resources unquestioned, his honor and fidelity to the trust reposed in him being regarded by the public as a guarantee of the stability of the institution of which he was the head."
Benoist died 1867 of Cholera while traveling in Cuba. He left an estate valued at more than five million dollars.
Benoist's descendants remain prominent in St. Louis with some members of the family entering law and banking.
L. A. Benoist’s home, The Oakland House, is today a historical site owned and operated by The Affton Historical Society http://www.waymarking.com/gallery/image.aspx?f=1&guid=b1868ea9-1e71-48df-8962-59ef8824f5ff.
Born August 13, 1803, in St. Louis, Missouri
St. Louis, Missouri
St. Louis is an independent city on the eastern border of Missouri, United States. With a population of 319,294, it was the 58th-largest U.S. city at the 2010 U.S. Census. The Greater St...
, then a French settlement under Spanish rule and soon to become a possession of the United States under the Louisiana Purchase
Louisiana Purchase
The Louisiana Purchase was the acquisition by the United States of America of of France's claim to the territory of Louisiana in 1803. The U.S...
. His father, Francois Marie Benoist, and his mother’s father, Charles Sanguinet, both arose from prominent families and were among those individuals who were instrumental in laying the foundations of the great city that St. Louis would ultimately become.
Education
After devoting two years to the study of medicine under one of the pioneer physicians of the city, Benoist undertook the study of law in the office of Horatio Cozzens and became licensed to practice in the legal profession. Thereafter, he entered into practice in partnership with well-known attorney and conveyancer, Pierre Provenchere.Early career
Once, returning from an extended trip to France to settle his grandfather's estate, Benoist’s ship was wrecked in the Bay of BiscayBay of Biscay
The Bay of Biscay is a gulf of the northeast Atlantic Ocean located south of the Celtic Sea. It lies along the western coast of France from Brest south to the Spanish border, and the northern coast of Spain west to Cape Ortegal, and is named in English after the province of Biscay, in the Spanish...
, north of Spain, an area noted for its storms. He narrowly escaped death and months would pass before he would be able to obtain passage on another vessel bound for America.
Banking
After his return home, Benoist developed an interest in financial affairs and he abandoned his legal practice in favor of brokerage and real estate. He soon built a thriving business and by 1838 his financial operations had grown to such an extent that he established a branch banking house in New Orleans under the name of Benoist & Hackney, and later under the name of Benoist, Shaw & Co. Both the parent house and the New Orleans branch were regarded as leading financial institutions of the Southwest and did a large business until 1842. Around this time, financial panic Panic of 1837Panic of 1837
The Panic of 1837 was a financial crisis or market correction in the United States built on a speculative fever. The end of the Second Bank of the United States had produced a period of runaway inflation, but on May 10, 1837 in New York City, every bank began to accept payment only in specie ,...
gripped the country and the St. Louis house was compelled to temporarily suspend operations. Very soon, however, Benoist's financial expertise enabled him to overcome his challenges and he opened the doors of his bank. His depositors were paid what was due them at ten percent interest for the time their funds had been tied up. He is quoted with his characteristic brevity in a story about him in the St. Louis Star and Times, dated May 30, 1933: “Louis A. Benoist & Company will pay on demand.” http://www.prophotodallas.com/benoist/star.htm Due to his integrity, he resumed his banking operations with a stronger hold than ever upon public confidence and esteem. The Encyclopedic History of St. Louis wrote of him: "It may truly be said of him that he was not only one of the great Western financiers of his day and generation, but was a remarkably progressive man in every respect. During the financial panic of 1857
Panic of 1857
The Panic of 1857 was a financial panic in the United States caused by the declining international economy and over-expansion of the domestic economy. Indeed, because of the interconnectedness of the world economy by the time of the 1850s, the financial crisis which began in the autumn of 1857 was...
, when banking-houses were failing all over the United States, his bank weathered the storm, its resources unquestioned, his honor and fidelity to the trust reposed in him being regarded by the public as a guarantee of the stability of the institution of which he was the head."
Benoist died 1867 of Cholera while traveling in Cuba. He left an estate valued at more than five million dollars.
Benoist's descendants remain prominent in St. Louis with some members of the family entering law and banking.
L. A. Benoist’s home, The Oakland House, is today a historical site owned and operated by The Affton Historical Society http://www.waymarking.com/gallery/image.aspx?f=1&guid=b1868ea9-1e71-48df-8962-59ef8824f5ff.
External links
- Missouri Historical Society Archives, Benoist-Charleville Family Papers http://www.mohistory.org/files/archives_guides/Benoist-CharlevPapers.pdf
- Oakland House web site http://www.afftonoaklandhouse.com/
- Oakland House fact sheet http://www.explorestlouis.com/factSheets/fact_oakland.asp?PageType=4
- Oakland House architectural details http://www.archiplanet.org/wiki/Benoist,_Louis_Auguste,_House#Discussion