laws ( though often not enforced ) further regulating the lives of slaves and free Blacks . Consequently , Louisiana legislatures followed suit either proposing or adopting legislation restricting the livelihood of FPCs . By 1859 , FPCs could not own establishments that might sell liquor such as coffee houses , billiard halls or retail establishments . As for slaves , with manumission restrictions becoming more prevalent , particularly on the eve of the Civil War , the transition from bondsperson to free became less probable .
Yet , regardless of their tenuous social position , the free Blacks of New Orleans prospered . A vibrant , urban community of white male businessmen often sought the latest in European fashion , and free Black tailors would service their needs almost exclusively . One contemporary noted that FPC “ tailors ... they were almost exclusively patronized by the elite ” and from their expertise “ acquired individually fortunes of several thousands of dollars .”
Etienne Cordeviolle and Francois LaCroix , both tailors , established a retail clothier business in 1817 . By 1853 , they had become , as advertised in a city directory at the time , purveyors of “ French cloth , fancy cashmere ... and clothing made in Paris .” In fact , according to one 19th century historian , American tailors admired Cordeviolle ’ s work so much so they sometimes copied his designs . The partners also invested in commercial real estate starting in the 1830s ; by the 1850s , they owned complete city blocks .
Another tailoring partnership in competition with Cordeviolle and LaCroix — Julian Clovis and Joseph Dumas — operated both in New Orleans and Paris . They , too , are said to have acquired significant holdings of commercial real estate . Brothers Phillipe Aime and Erasme Legoaster would follow a similar path purchasing large estates from the proceeds of their tailoring establishment ; Phillipe became the wealthiest FPC in the city by 1850 with taxable property of $ 150,000 . Revenues from “ D . Mercier & Sons Emporium of Fashion and Fair Dealings ” allowed the proprietor , Dominique Mercier , to eventually become a plantation owner . His sons , too , due to the net income of the Emporium , enhanced their wealth as successful realtors in the city by the end of the 19th century .
Free women of color also proved notable to New Orleans ’ fashion industry .
Nineteenth century Louisiana historian Charles Gayarre observed how they “ shaped the dresses of the elegantes of the white race .” Gayarre estimated that many of these designers garnered profit margins as high as two-thirds of sales because they , like many whites , owned slaves . He said the slave women employed by these dressmakers were , “ A source of revenue to their mistresses .”
Small markets , grocery stores and vending operations were often owned by free women . An 1838 city directory listed Caroline Duminy , Elizabeth Fay ( or Foy ) and A . C . Pellebon as grocers ; Jane Williams operated a confectionary . In the early 1800s , Rose Nicaud is said to have made coffee that served “ like the benediction that follows after a prayer ” from her stand located just outside of the city ’ s famous extant building , St . Louis Cathedral .
As mentioned , financial services in New Orleans were both owned and staffed by whites . Commission merchants , those who held title and marketed commodities like sugar and cotton , and exchange brokers that bought durable goods for resale , were operated by whites as well . Nevertheless , the historical record evidences several FPCs , including women , scratched the glass ceiling in financial services and participated in merchant exchange businesses .
Given the plethora of bank notes in circulation prior to the Civil War , merchants and other non-bank small businesses sometimes engaged in the “ discounting ” of these notes prior to their redemption . The discounting agent would offer the note holder a percentage of the value based on interest rates at the time and risk of non-repayment of the note in specie ( gold or silver coin ). According to R . G . Dun Mercantile Credit Reports , Louisiana , from 1854 , brothers Bernard and Albin Soulie ( FPCs ), engaged in money brokerage services “ doing a large ” discount business . The report added that both served as “ private bankers ... estimated worth between 300 ( k ) to 500 ( k )” and had a credit rating that was “ 1st rate .”
Drosin Barthelemy McCarthy , related by marriage to the Soulies , operated a dry goods business and functioned as a commission broker in 1848 . Six years later , he retired from selling dry goods , and by 1859 had a desk with “ B & A Soulie ” as a broker ; by that time the Soulie brothers were commission brokers . Cecee Macarty
( no relation to McCarthy ), a female with “ unlimited credit ,” is said to have had an export and , at times , a discounting business . When she died in 1845 , her commission business had been appraised at $ 150,000 , a considerable sum for any female ( or male ) entrepreneur at the time .
The aforementioned businessman and philanthropist , Thomy Lafon , had a commission business too during the 1850s , proceeds of which helped propel him into owing a seat on the city ’ s stock exchange . Upon his death in 1893 , Lafon had an estimated net worth of $ 400,000 ; even more so than Macarty , a substantial estate for any business owner , North or South , of any race .
Regardless of wealth accumulation , however , societal prejudice could impede how FPCs invested savings acquired from their businesses . For example , the Citizens Bank of Louisiana amended its charter in 1836 limiting ownership of its capital stock to whites . Requiring that “ no person who is not a free white citizen … shall be directly or indirectly owner of any part of the Capital stock of said company ” resulted in the forfeiture of shares owned by free Blacks .
Francois Boisdore and Jean Goule , a local building contractor and tin smith , respectively , having a total of $ 35,000 invested , sued . A lower court and the state supreme court ruled in favor of the plaintiffs . The Louisiana Supreme Court found that the bank ’ s board of directors had no sufficient ground to amend their charter and that by using collateral pledged by the plaintiffs , then removing them , violated the plaintiff ’ s rights . As time progressed , New Orleans ’ free Black community would not just have their economic livelihood disrupted , but the right to remain within the state , regardless of financial status , eventually came into question .
Most of the first Blacks to arrive at Charleston , South Carolina , came as indentured servants during the late 17th and early 18th centuries . Upon termination of their contracts , they became free ; West Indian freed Blacks from Barbados ( a source of Charleston ’ s white population too ) also supplemented a growing community of settlers . At the time , liberalized attitudes in the colony regarding intermarriage allowed for biracial unions , often resulting in children . Furthermore , the sentiment toward emancipation , prevalent throughout the states after the
24 FINANCIAL HISTORY | Fall 2020 | www . MoAF . org