In 1878, not long after Reconstruction ended, Memphis appeared likely to emerge from the ashes of Confederate defeat as one of the regal cities of the New South. Her population had doubled during the 1860s in spite of war and occupation, and by 1878 it had reached nearly 48,000. She lay almost midway between New Orleans and St. Louis and had rail and river connections to all the major cities and growing markets of the South. Her experienced merchants, bankers, and warehousemen were ready to collect and sell cotton and other commodities produced in the rich hinterlands of western Tennessee and northern Mississippi and Alabama.
Moreover, she had something special for a resolutely Southern city sitting on the Chickasaw bluffs—a touch of cosmopolitanism. Of the 25,000 white Memphians in 1870, some 7,000 were foreign-born. The biggest group was Irish, and the next German, but there were sprinklings of Italians and French, a few Chinese residents, and enough Jews to sustain a Hebrew Benevolent Society.