Louis Auguste Benoist
Louis Auguste Benoist | |
|---|---|
| Born | 1803-08-13 St. Louis, Missouri, French Louisiana |
| Died | 1867 Cuba |
| Occupation(s) | Banker, financier, lawyer |
| Known for | Pioneering figure in American banking and finance; founder of Benoist & Hackney bank in New Orleans |
Louis Auguste Benoist (1803–1867) was a pioneering figure in American banking and finance.
Born on August 13, 1803, in St. Louis, Missouri, which at the time was part of French Louisiana before becoming U.S. territory, Benoist hailed from influential families that played key roles in the early growth of St. Louis.
Education
Benoist initially pursued medical studies for two years before transitioning to law under the mentorship of Horatio Cozzens. He gained admission to the bar and formed a legal partnership with the distinguished conveyancer Pierre Provenchere.
Early career
After surviving a near-fatal shipwreck while returning from France where he was managing his grandfather’s estate, Benoist eventually resumed his professional endeavors back in the United States.
Banking
Shifting his focus from law to finance, Benoist developed a prosperous brokerage and real estate enterprise. By 1838, he launched a branch banking operation in New Orleans—initially known as Benoist & Hackney and later as Benoist, Shaw & Co.—which grew into a prominent financial institution in the Southwestern region. Although the Panic of 1837 compelled him to temporarily halt his St. Louis banking activities, Benoist quickly regained public trust by reimbursing depositors with an additional ten percent interest for the interruption. His unwavering integrity bolstered confidence among clients, allowing his bank to flourish. During the financial crisis of 1857, when numerous banks collapsed nationwide, Benoist’s institution remained solvent due to his sound judgment and honorable reputation.
He passed away from cholera in Cuba in 1867 and was interred at Calvary Cemetery. At his death, his estate was valued at over five million dollars.
Benoist’s home, known as The Oakland House, has been preserved as a historic landmark overseen by The Affton Historical Society.
References
- Benoist-Charleville Family Papers, 1793-1949, Missouri Historical Society
- Encyclopedic History of St. Louis, 1899
- Ann Gulbransen's genealogy site, www.gulbangi.com – used by permission
- St. Louis Star & Times, 1933
- John F. Benoist family documents