USA > Iowa > Dubuque County > History of Dubuque County, Iowa; being a general survey of Dubuque County history, including a history of the city of Dubuque and special account of districts throughout the county, from the earliest settlement to the present time > Part 13
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In 1857 Dubuque & Pacific stock was worth 90 cents on the dollar ; Dubuque & Western, 85 cents ; Dubuque Gas Light & Coke, 75 cents ; Dubuque Union Insurance, $1.15; Dubuque General Im- provenient Company, 10 cents : Dubuque Harbor Company, 71/2 cents ; Dubuque Harbor & Improvement Company, 2 cents.
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"Life and Business .- What a stir was on the streets yesterday. On Main, for the major part, as far as the eye could reach, up and down, a living mass of beings were jostling each other-men, women, children, horses, wagons and drays-all one gay, happy, moving panorama of city life. It did one's heart good to witness it."-(Express and Herald, March 18, 1857.)
"It is astonishing with what rapidity frame tenements and build- ings of different character are going up. We remarked a week ago or more that the season had commenced, but we did not dream of anything like the magical springing up of structures that the past few days have brought forth."-(E.vpress and Herald, March 18, 1857.)
On June 3, 1857, the money market here was very tight ; high rates for loans were demanded. All bills were rigidly scrutinized.
"Yesterday B. P. Power & Co. shipped to Dyersville seven boxes of merchandise, four of them weighing 1,220 pounds ; twenty-four plows, I hogshead of sugar and thirteen large packages of groceries. This firm made the first shipment over the road. They have shipped to St. Louis during the past week over 2,000 bushels of wheat."- (Express and Herald, May 20, 1857.)
The Dubuque Times was started here in the spring of 1857 with Jesse Clement editor, and in politics was Republican. "An unusual stringency pervades our money market and business, generally speaking, is extremely dull."-(Express and Herald, July 28, 1857. )
"As early as August, 1857, a horse railroad to be extended from Dubuque through Couler valley was projected and considered. It was proposed by W. R. Hopkins, who argued from experience that one should be built."-(Times, August 27, 1857.)
The Secretary of the Treasury, in March, 1857, gave the contract for the new custom house and post office in this city to Jolin Bostater and Jacob Fonts for $87,334.50, the lowest bid.
The Dubuque Times was first issued June 15, 1857, by a corpora- tion composed of twenty-four prominent Republicans. J. P. Farley was president ; D. N. Cooley, secretary ; M. Mobley, treasurer, and George G. Lyon, editor. The object was to establish here a perma- nent Republican organ and job office.
Work on the new jail was in progress in May, 1857. Kerosene oil explosions began to occur too frequently in 1857.
On February 10, 1857, the new Odd Fellows building at Eighth and Bluff streets collapsed, the roof falling in and part of the wall falling out, crushing Capt. S. C. Foss and his wife to death in their home adjacent. There were many narrow escapes. The post office was buried in the ruins. Captain Foss was an old soldier of the War of 1812, and was one of the famous Dartmouth prisoners .- (Express and Herald, February 11, 1857.)
In August, 1857, Dubuque had six daily newspapers-five in
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English and one in German, as follows: Times, Tribune, Express and Herald, Republican, Northwest and Democrat.
In August, 1857, there were nine large warehouses in course of construction on the levee.
A rumor against the M. Mobley bank caused a heavy run there by depositors on September 1I, 1857, by the German and Irish popula- tion which held his certificates of deposit. Observing this run a notice was promptly issued by forty of the best business concerns and wealthiest citizens of the city pledging themselves to sustain "his entire ability to redeem any promise or other pecuniary lia- bility at call." The men thus voluntarily backing Mr. Mobley were worth nearly $4,000,000. In August, 1857, the assessor's list showed over 240 concerns and persons here assessed over $10,000 each. Among the wealthiest citizens were the following: J. D. Bush, $67,940; Richard Cox, $90,480; Jesse P. Farley, $72,200; M. Ham, $92,657; J. L. Langworthy, $126,090; E. Langworthy, $170,060; S. M. Langworthy, $74,725; P. A. Lorimier, $65,875; L. H. Langworthy, $90,475; A. McDaniel, $62,600; J. Ogleby, $63,025; William Rebman, $128,150; H. W. Sanford, $93,200. The wealthiest concern was the Dubuque Harbor Company, which was assessed at $330,000. The total footing of all assessable city property for 1857 was $10,645,663 .- (Express and Herald, August 12, 1857.)
The Tribune alone of the newspapers here opposed the issue of post notes by the Harbor Company. It demanded that such notes should draw interest and declared that their issue was a violation of state law. The post notes of the Harbor Company began to make their appearance about November 18, 1857. They were in bills of $5 and $10 and were beautifully engraved in New York. Although the Express and Herald was "unalterably opposed to banking in all its forms," yet it favored the issue of the post notes by the Dubuque Harbor Company. It did so because it believed they were perfectly good and would relieve the situation here and did so as a "temporary necessity."
Every banker in Dubuque except the house of J. L. Langworthy & Bros. agreed to take and use the notes of the Harbor Company, and they did not probably because they were interested in the Harbor Improvement Company and not in the Harbor Company. The Tribune opposed the post notes of the Harbor Company, but not those of the Harbor Improvement Company, or the Central Island Company. Much of all this maneuvering was due to personal interests. "In the money market we have nothing new to report excepting the presence of the long expected notes of the Harbor Company. which made their first appearance some days since and are very readily taken by a greater portion of our merchants, bank- ers and business men," said the Erpress and Herald, November 18,
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1857. The notes of the Harbor Company were redeemable in specie one year from date.
At a meeting of the friends of the Harbor Company's post note issues held late in November, 1857, there were strong delegations from both "Dublin" and "Germany." Over 100 of the best mer- chants and business men agreed to take the notes at par. Therc were present at this meeting George W. Jones, Warner Lewis, Robert M. Walmsley, E. S. Norris, M. Mobley, J. B. Dorr, R. C. Waples and J. H. Emerson. The following resolution was passed : "That we do most earnestly request the Dubuque Harbor Company to continue the issue of their post notes." Mr. Emerson, a member of the company, explained that the company did not want to issue the notes but had reluctantly consented to do so upon the earnest solicitation of many of the business men, and even then only on the ground that it might be a measure of relief to the community and not of profit to the company .- (Express and Herald, November 25, 1857.) There came at once from many places in northern Iowa demands or requests for the post notes.
M. Mobley's bank suspended and closed its doors early in De- cember, 1857. He issued a card in which he stated that his assets to the amount of over $100,000 over all liabilities would be turned over to his creditors if they so desired. He would keep back noth- ing except enough to feed and clothe his family. He said that all creditors would be paid in full. This failure caused great excite- ment here, coming as it did upon a money market already greatly depressed. "The past week has been one of unusual severity, in a financial point of view, causing a deep indigo tinge to pervade all business circles," said the Express and Herald of December 9.
The Musical Association of Dubuque gave a brilliant entertain- ment at the Julien theater November 1, 1857. Among the leaders were Abel, Dickinson, Newth and Adams. An investigating com- mittee of the city council found considerable irregularity, if not downright dishonesty, in the letting and management of the city printing. Late in December exchange on the East could not be procured here at any price. The money market was extremely stringent.
Major Mobley, banker, who had suspended in 1857 during the panic, reopened his bank again late in May, 1858. He was the oldest banker here. The public charge that the post notes of the Harbor Company caused the suspension of the Mobley bank was answered in the negative by that gentleman. On the contrary, he said that they had aided him and that the charge was ridiculous. He needed them, because otherwise, in order to obtain currency, he was obliged to send gold to Chicago and that course could not long continue.
Strong efforts to force down in value the Harbor notes were made. Farmers throughout the county generally believed them the
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best paper money they had and much was used in every township. A merchant in Cascade said the farmers there liked them better than any other paper money. Another in Washington township said the same thing. The Central Improvement Company also issued post notes. Before the issue of the post notes the bankers here were compelled to bring in the notes of Wisconsin and Illinois banks, but after the issue of the post notes they were not forced to do so .- (Express and Herald, December 16, 1857.) A Mr. D. S. Moody engaged in buying wheat at Dyersville, used Harbor money exclu- sively with the farmers, who received it at par, while nearly all other paper currency was at from 3 to 10 per cent discount. A consider- able amount of city scrip was in circulation late in 1857.
The city held $80,000 of the Central Improvement Company bonds in December, 1857. The city issued its own scrip in Is, 25, 3S and Ios. In 1857 a new city charter was demanded. The Protestant churches united on a plan to relieve the destitute late in 1857. The Catholic churches acted likewise independently. Late in 1857 work on the new passenger station at Iowa and Jones streets was com- menced. The manufacture of shot was begun here in 1857, but was suspended and resumed in 1859.
The real reason why no more could be paid here for wheat and other grains was because it cost too much to be put down in St. Louis. Wheat that was bought here for 50 cents per bushel cost 70 when put down in St. Louis, where the market price was 62 cents only.
The Central Improvement Company issued post notes about December 7, 1857. The stockholders were made individually liable for them. They were made payable at different times and bore IO per cent interest. During the winter of 1857-8 the newspapers were full of charges and countercharges concerning crookedness in the assignment of city printing. The points were fought out with great bitterness. A committee appointed to investigate made a majority and a minority report.
The extensive flouring mill of James Pratt & Co., adjoining Dubuque, was a notable feature. It had been started about eighteen years before 1858, or as early as 1840. An old mill was of wood, but an immense brick addition had been built. The mill had cost $20,000. There were three runs of eight buhrs each with a capacity of 300 barrels in twenty-four hours. The power was water with an overshot wheel fourteen and one-half feet in diameter and fifteen feet wide. The dam and flume had cost $4,000 and the tail race $2,000.
The People's theater was opened in September, 1857; the drop curtain, representing Cole's "Voyage of Life," was executed by Mr. Gulic, of Dubuque. Late in 1857 the heavy bank and business fail- ures in the East caused extreme caution here ; bankers loaned spar- ingly at 2 per cent a month. In October the census then taken
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showed a population of 15,957. In September, 1857, the horse- railroad question was again considered ; a number of citizens applied to the council and were granted the right to construct a road; N. A. McClure was connected with this movement. In October, 1857, the panic struck this city ; the houses of Flaven & Co., Flinn & Bro. and A. C. Pearson suspended. Mass meetings of citizens decided it prudent for the harbor companies to issue post notes to relieve the situation. Later Cameron & Fry and Kemler & Cannon suspended. In January, 1858, Gray & Waldron and C. W. Arthur closed business.
Among the improvements at this time were the following: In 1856, 502 buildings of all kinds were erected and in 1857, 378; gas works, custom house commenced, Second Presbyterian church, First Presbyterian church, market house at Jones and Main, Malo- ney and Rebman five blocks, St. Raphael's church under way, Cen- tral market, Tammany stables, jail building at Clay and Eighth. Tremont hotel, Lorimier hotel, Congregational church started, county poorhouse commenced; on Jones street levee nine ware- houses, on Seventh street levee three warehouses, white lead works. From April 13, 1857, to December 1. 1857, the city spent in paving, grading and macadamizing $93,932. It built over ten miles of side- walks, eight miles of curbing. The three harbor companies had made vast improvements-they were Dubuque Harbor, Dubuque Harbor Improvement and Central Improvement. Gas pipe laid extended 4,550 feet. "We are at the most important point on the upper Mis- sissippi, a point which has given our city the soubriquet of 'Key City.' As the key she commands the whole of northwestern Iowa and southern Minnesota."-(Statistics of Express and Herald, January 1, 1858.)
An act of the Legislature, January, 1858, revised and consolidated the laws of Dubuque and established a city court, of which the chief officers were judge, clerk and marshal. In December, 1857, the railway land in Dubuque county was restored to market. The whole number of business houses which had suspended, assigned or closed out during October, November and December, 1857, and the first half of January, 1858, was sixty-one, and yet the city and business houses had fair credit and prosperity. By January 12, 1858, the following companies had issued post notes : Dubuque Harbor. Dubuque Harbor Improvement, Dubuque Seventh (Central) Street Improvement, Dubuque & Pacific Railway, Dubuque & Western Railway, and City of Dubuque.
In January, 1858, the immense new St. Cloud hotel on Main street between Ninth and Tenth, 113x194 feet and five stories high and 200 rooms and nine fine store rooms, was burned. It had cost $95,000 and was insured for $80,000 ; this was by far the worst fire ever here up to this date.
In February, 1858, the new city hall at the corner of Thirteenth
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and Clay streets was occupied by the recorder, auditor, treasurer, board of education and engineer of the city. There the mayor's court was held thereafter.
The Express and Herald attacked roughshod the "city plunder- ers" in February, 1858. "Not only are the 'city plunderers' to be headed off from their attempt to subjugate the First and Fourth wards, but the street commissioner is to be hauled over the coals."
Among the reforms accomplished in city government in 1858-9 were the following: Reduction of ferriage; blending of offices ; closing of House of Refuge and City Hospital; macadamizing streets partly at private expense ; upbuilding of city credit ; funding of the city debt ; providing for the payment of interest; abolishing the office of city printer, etc. A large bell was placed in the city hall on May 21, 1858. It weighed 3,098 pounds and cost the city $1,352. It was cast at Troy, New York.
Mayor Hetherington, on taking his office in April, 1858, delivered an inaugural address from which the following points are extracted : He had taken the census here himself in 1852 and there were then 4,012 inhabitants. Since that date to April, 1858, there had been an annual increase of about 30 per cent. "The outward signs of pros- perity are awfully deceptive. They indicate the disease and corrup- tion at work upon the citadel of life. Notwithstanding the apparent prosperity our city has become profligate, spendthrift, has wasted her substance and ruined her credit and good name by fast living, by projecting and carrying on costly improvements and going into extravagant expenditures, and not having the ability to meet the expense thus incurred. She is forced to make short loans and pay exorbitant interest until the regular interest upon the funded debt, together with heavy shares upon short loans, are swallowing up almost her entire revenue."
He then reviewed the finances of the city and showed the extent of the extravagance. The whole amount of railroad bonds voted was $1,500,000, of which $550,000 had been issued. He showed that the last city council had expended $350,000, while the revenue amounted to only $137,000. For the fiscal year 1857-8 the gross expenditures of Dubuque were $350,963, and the gross receipts $137,817. The total liabilities or indebtedness of the city on April 6, 1858, was $727,678. Of this amount there was outstanding city scrip to the amount of $47.926; city bonds to the Dubuque and Pacific railroad, $200,000 ; city bonds to the Dubuque Western rail- road, $250,000. There had been issued during the year $93,208 in city bonds to retire city scrip. The new market houses had cost $54,686, there being four in all. Street improvement cost $67,671 ; schoolhouses, $51,765 ; loss on city scrip and on Seventh Street and Central Island Company's bonds paid out, $25,308.
Brackett & Howland packed pork here in 1857-8. The bankers in February, 1858, were Taylor, Richards & Burden; Redmand, Lovell
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& Co .; Markell, Darrow & Co .; W. J. Barney & Co .; Finley, Burton & Co .; Gelpcke, Winslow & Co., and the Langworthys. In the spring of 1858 H. H. Heath was postmaster. In 1858, on the pro- posed general banking law, Dubuque and Julien Township voted as follows : For the law, 1, 105 ; against the law, 40. For a State bank, 1,260; against it, 32. There was much complaint in 1858 over the management of the House of Refuge ; the keeper was declared to be a brute : it had been established several years earlier. In August, 1858, as high as 175 teams were here in market at one time. On August 16, 1858, the Queen's message was received here over the newly laid Atlantic cable ; an immense celebration of the event was held. In the fall of 1858 A. Bayless, formerly of the Milwaukee Commercial College, opened here in the Maloney building the Dubuque Commercial College, which is yet in existence. Odeon, a German theater, opened in 1858 on Main between Eighth and Ninth. Of the new State bank in 1858 F. N. Goodrich was president and R. E. Graves cashier. It was called "City of Dubuque Branch of the State Bank of Iowa ;" there were 109 stockholders. The Dubuque Musical Union gave attractive performances at Globe hall in Sep- tember, 1858. H. S. Hetherington was president.
The Dubuque Daily Ledger was established in September, 1858, by Flaven & Co., publishers. The number of families in Dubuque in 1857 was 3,939, and in 1858, 4,411. The gas company, in viola- tion of their agreement, raised the price from $3.50 to $4.50 per thousand feet. The company reported a debt of $120,000 and receipts that did not warrant a continuance at the old figures. The Daily Times was discontinued in November, 1858, but in De- cember it again resumed lively existence. Jesse Clements wrote good poetry in 1858. In October, 1858, the National Demokrat began as a daily. Late in 1858 C. Childs wrote a history of Dubuque in 400 quarto pages.
"Saturday the thermometer reached 98 and 100 in the shade; Sunday 100 and 103, and yesterday from 102 to 105."-(Express and Herald, August 10, 1858. )
When the Central Island Company bought the islands, they assumed the Corkery loan of $100,000, the Jesup loan of $20,000 and agreed to pay the city $80,000 in ten years with 10 per cent interest-in all $200,000. The company in 1858 notified the council that it would be unable to meet the interest on the bonds. The city held a mortgage on the property for $80,000, leaving $120,000 not provided for by mortgage. Against the proposition for the city to take back the property of the Central Improvement Company, 400 citizens remonstrated. The company had failed and was seeking a way out of its troubles.
There was a big reduction in rents in Dubuque in the fall of 1858. "Dwelling houses that a year or eighteen months ago would rent from $300 to $400, can now be rented for less than half the
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amount, and in many instances go begging at these rates for tenants. Also stores which from eighteen months to two years ago were grasped by shylocks as soon as finished or empty and re-rented at bonuses at high rates from $1,000 to $3,000 per annum, are now rented at from $400 to $600, $800 and $1,200 per annum."- (Express and Herald, September 12, 1858. )
By September 27, 1858, the amount of city bonds issued in lieu of scrip was $127,647.32. They ran for one, three, four and five years.
At this time, owing to the great financial and commercial dis- tress prevailing throughout the country, the following resolution was passed : "That hereafter this council will not authorize, coun- tenance or consent to the issuing, sale, use or negotiation of the bonds above described, or any part thereof, or any transaction, arrangement or scheme which shall require the issue or expenditure of money other than for the payment of interest already con- tracted for, from the city treasury for railroad purposes." It was passed unanimously.
In the autumn of 1858 there arose a serious controversy between the school authorities and the city council as to the ownership of the school property in the city. It was vested in the city, but the school officers insisted it should be vested in their name and that they should have sole and exclusive jurisdiction over the same. The city council could not see the matter in the same light. Accord- ingly an agreed case was made an issue and argued by J. David. George L. Nightingale and D. S. Wilson for the city, and J. E. Bissell for the school authorities.
In January, 1859, the outlook at Dubuque was anything but promising. The crops had failed largely, the financial crisis was still in existence and the railroads seemed at a standstill. There was little money at home and no credit abroad. But late in 1859 the Dubuque & Pacific was finished to Independence and the Dubuque Western to Langworthy. Late in 1859 the city had grown rapidly, but its credit was low and its scrip far below par. In this emergency the house of Gelpcke & Co. agreed to advance the required funds and meet the different engagements as they became due, and to be repaid for the advances by the succes- sive collection of taxes. The taxes were not collected as expected, but the company promptly met every engagement according to agreement and only asked 10 per cent for the use of its money. No city scrip was issued in 1859, no floating debt was created.
In 1857 the Dubuque city council had adopted the subterfuge of issuing bonds in lieu of scrip. It was a temporary financial expedi- ent to prevent the immense amount of scrip outstanding from becoming utterly worthless and to make room for a still heavier issue, exceeding in the space of six months $150,000. Holders of scrip were allowed to convert it into bonds drawing 10 per cent
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interest. All this led to an additional interest tax to meet the bonds as they became due. Being unable to meet these extra expenses, the city authorities were obliged to resort to the scheme for exchanging their bonds for new coupon bonds on longer time. Thus really the scrip was transformed into a permanent debt draw- ing a high rate of interest. "At the present value of scrip the hold- ers will have the full cost returned to them in less than four years in the shape of interest, continuing to enjoy the comfortable income of 25 per cent on their investment. The scrip upon which these bonds are based has been issued at from 40 cents to 75 cents on the dollar. It was necessary to continue this bond issue, otherwise the scrip would fall much lower." Probably the value to the city of scrip issued did not exceed 50 cents on the dollar. To meet the interest on the bonds there was required by 1859 an annual tax of $13,000.
A committee of citizens prepared a new charter for the city in January, 1859. At this date the city had three fire engines, three hose carts, and one hook and ladder brigade; there were sixteen public cisterns, each holding 600 barrels. The entire system was. yet wholly voluntary. J. B. Howard was chief, and Philip Sage, assistant. At this time the city recorder announced that thereafter no paper money except of the branches of the State bank would be accepted in payment of taxes.
All winter, 1858-9, this county and community suffered from dogs and mad dogs. Scarcely an issue of the papers was seen with- ont accounts of "some doggoned canine outrage."
"As predicted, yesterday witnessed the consummation of the scheme of plunder long known as the 'Central Island proposition.' The company and the members of the council in their interests (B. B. Richards, Franklin Hinds, Robert Mitton, Samuel Virden, N. Nadean) have at last succeeded in binding the city of Dubuque to pay the debt which two years ago Jesse P. Farley, F. V. Good- rich, A. J. Goss, F. E. Bissell, R. C. Waples, R. W. Walmsley, C. Pelan and A. Anderson bound themselves honorably to pay. Nay, more, by the villainy of these members of the city council the city. is now made to pay $120,000 and interest amounting at least to two-thirds of the purchase money for one-third of the property then purchased for $200,000. Neither Jesse P. Farley nor any other man in the city can justify the manner in which the company then obtained the property ; but bad as it was it was righteous and honest compared with the present plunder scheme."-(Express and Herald, March 11, 1859.) "Gentlemen, I wash my hands of the whole Central Island fraud and shall enter my protest against it." said Mayor Hetherington. It was openly charged that the mayor was not sincere in this statement and that he secretly favored the transaction.
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