Page:History of Iowa From the Earliest Times to the Beginning of the Twentieth Century Volume 1.djvu/510



In August the election on the adoption of the new Constitution resulted as follows: for the Constitution, 40,311; against the Constitution, 36,681; majority for, 3,630. The Republicans generally voted for, and the Democrats largely voted against the Constitution.

The Democrats held their State Convention at Iowa City on the 26th of August and nominated the following ticket: for Governor, Ben M. Samuels; for Lieutenant-Governor, Geo. Gillaspy. The resolutions indorsed the administration of James Buchanan, the recent decision of the United States Supreme Court in the Dred Scott case, denounced the new Constitution and negro suffrage, and approved the acts and votes of Senator Jones and Representative Hall in Congress.

The Republican Convention was held at Iowa City on the 19th of August and placed in nomination for Governor, Ralph P. Lowe and for Lieutenant-Governor, Oran Faville. The resolutions declared that under the Constitution of the United States freedom alone is national; condemned the repeal of the Missouri compromise, the Dred Scott decision and the attempt to force slavery into Kansas. They declared in favor of a banking system, indorsed the new Constitution and the administration of Governor Grimes. The year 1857 closed with great financial depression throughout the country. Most of the banks suspended specie payment and redemption of their bills and a large number of them failed. There were no banks in Iowa permitted to issue bills and it was impossible to get good money in sufficient quantities to buy farm produce or carry on the ordinary business.

In the Territory of Nebraska on our western border there was no restriction to the establishment of banks. Some of our Iowa financiers conceived the plan of establishing banks in that sparsely settled Territory to supply Iowa with currency. Thomas H. Benton, a well-known citizen, made the first venture in March, 1855, by