 Calomiris and Schweikart found that to have resulted from the South's superior system of branch banking, as opposed to the North's unit banking system, in which the transmission of the panic was minor because the diversification of the South's branch banking systems in which information moved reliably among the branch banks.However, northern unit banks were competitors and so seldom shared such vital information.The decision was hailed in southern slaveholding society as a proper interpretation of the US Constitution.