DUBUQUE HARBOR COMPANY

DUBUQUE HARBOR COMPANY. The Dubuque City Directory of 1857-1858 listed the officers of the Dubuque Harbor Company as Charles H. GREGOIRE, president; Richard BONSON, Vice President; and directors--Gregoire and Henry L. STOUT. The company in 1855 agreed to build a causeway south of WAPLES CUT, the consideration to be all the city land south of the cut except enough for streets, alleys, etc. They agreed to extend Jones or Dodge street to the river.

The wealthiest business in Dubuque in August 1857, the Dubuque Harbor Company first issued post notes in November 1857. The denominations, $5 and $10, were engraved in New York. The notes caused controversy because some people felt they were in violation of state law. The Tribune, one of the local newspapers, was opposed to the bills while the Express & Herald although opposed to the bills saw them as a temporary necessity.

All the bankers in the city, with the exception of J.L. Langworthy & Brothers who had an interest in the DUBUQUE HARBOR IMPROVEMENT COMPANY honored the currency. A group was formed to support the Harbor Company notes and the company asked local businessmen to aid the community and not to profit from the currency being issued. The bills circulated throughout northern Iowa.

In November, 1867, the sheriff sold at public auction many lots of the Harbor Company for non-payment of taxes; they were all bought back by the Harbor Company. (1)

In June, 1878, the Dubuque Harbor Company officials announced the company was going out of business and selling all of its property in September. It had large holdings including about 5,000 feet frontage on Main street south several blocks covered with buildings. There were sold 1,678 lots, which were bought by Cooley, Stout, Bonson, Bush, Shields, Waller, Staples, Langworthy and others; the two days' sale brought over $100,000.

---

Source:

1. Oldt, Franklin T. History of Dubuque County. http://www.ebooksread.com/authors-eng/franklin-t-oldt/history-of-dubuque-county-iowa-being-a-general-survey-of-dubuque-county-histor-tdl/page-17-history-of-dubuque-county-iowa-being-a-general-survey-of-dubuque-county-histor-tdl.shtml

2. Ibid., p.20

Oakes, Dean G. Iowa: Obsolete Notes and Scrip.