“…Southern states tended to have larger shares of foreign creditors than Northern and Western states. For instance, in 1853, estimates suggest foreign shares of Mississippi, Alabama, and Louisiana debt were 100, 98, and 83 percent respectively [see Wilkins (1989) Rolnick and Weber (1984) and Chabot and Moul (2014)], state banks do not appear to be the central source of credit for state governments at the time. In 1841, total bank assets held under the category "state and local government bonds" by all banks was less than 7% of total outstanding state debt.…”