Chapter 14 Section 2 &3
Chapter 14 Section 2 &3. First Banking in Texas. In 1822, the Mexican government set up the first bank in Texas. In 1889 James Everett McAshan founded the first National Bank. Texas has problems with banks.
Chapter 14 Section 2 &3
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Presentation Transcript
First Banking in Texas • In 1822, the Mexican government set up the first bank in Texas. • In 1889 James Everett McAshan founded the first National Bank.
Texas has problems with banks • Texas had cases of loans going bad and when they used the money they lost their farms
Private Banks • Private banks became most common type of bank during the Civil War. • Most of them were wealthy cotton farmer’s. • They were unregulated by state. • Texans demand a better banking system.
State-Chartered Banks • Government would regulate state-chartered banks. • Ranchers and Business people needed credit. • Could also issue paper currency that retained its value. • They needed these services to grow.
Call for A State Banking System • Main goal to change laws against state chartered banks. • Have both State and National banks in 1904. • State banks began under Governor Thomas B. Love. • Law makers made Department of Insurance and Banking to supervise banking.
Section 3 Texas Industries • The Lumber industry boom after the civil war to build houses. • As older industries grew, new ones sprang up. • These including textiles, cottonseed oil production, mining, and meatpacking.
Gristmills Milling Wood • Gristmills take grain and grind it. • Sawmills operated in Texas. • A sawmill is a machine that cuts timber into boards.
Growth of Industry After the Civil War • Gristmills remain vital after the civil war. • Flour and gristmills products comprised the top industry in Texas in 1880
