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54-473: The Munson Building is a historic building located in Independence, Iowa , United States. The Late Victorian French Renaissance style building was built in 1893. The three-story brick structure is composed of two symmetrical units that form an asymmetrical structure. It has a four sided tower that is capped with a pointed tile roof and features decorative tin work. The building was named for Perry Munson,

108-579: A coalition of poor, white cotton farmers in the South (especially North Carolina, Alabama and Texas) and hard-pressed wheat farmers in the Plains States (especially Kansas and Nebraska), the Populists represented a radical form of agrarianism and hostility to elites, cities, banks, railroads, and gold. The Free Silver movement arose from a synergy of farming and mining interests. Farmers sought to invigorate

162-403: A K - 2nd grade school (East Elementary), a 3rd - 6th grade school (West Elementary) and a junior senior high school (7th-12th grade). The area is also served by St. John Catholic School. In 2011, the communities of Brandon, Rowley and Independence passed a bond referendum to build a new $ 27,500,000 junior and senior high school that opened in the fall of 2013. The FAA identifier is IIB, and this

216-469: A continuing trend downward from a high of 3 and 1/8 pence in 1891. In February 1895, the U.S. Government turned to private financial institutions to underwrite the sale of Treasury bonds , stabilize exchange rates , and return the Treasury to its gold reserve requirement. The result was a contract drawn with what was called "The Morgan-Belmont Syndicate". The persistent balance of payments deficit in

270-555: A contributing factor to the depression. The People's Party , also known as the ' Populists ', was an agrarian -populist political party in the United States. From 1892 to 1896, it played a major role as a left-wing force in American politics. It drew support from angry farmers in the West and South. It was highly critical of capitalism , especially banks and railroads, and allied itself with

324-404: A local businessman who was a machinist and blacksmith by trade, who bequeathed $ 5,000 for its construction. The building housed a variety of programs geared toward the community's youth. They were trained in mechanical arts such as printing, drafting, and woodworking. It also housed the Y.M.C.A. , public library, Boy Scouts , Girl Scouts , and other community groups. The building was listed on

378-486: A median income of $ 31,161 versus $ 21,597 for females. The per capita income for the city was $ 20,683. About 5.0% of families and 7.0% of the population were below the poverty line , including 8.5% of those under age 18 and 7.0% of those age 65 or over. Independence belongs to the Independence Community School District , which also includes the towns of Brandon and Rowley . The district includes

432-412: A racing newspaper titled The American Trotter , to build a large three-story hotel and opera house called The Gedney , and to construct a figure-eight shaped race track on the west edge of town, on a large section of land called Rush Park, where he also built a magnificent horse barn, his family mansion, and peripheral structures. The burgeoning community was soon home to other mansions, churches, and even

486-432: A result of the meteoric financial success of Charles W. Williams. A telegraph operator and creamery owner from nearby Jesup, Iowa , Williams (with no experience in breeding horses) purchased in 1885 two mares, each of which within a year gave birth to a stallion. These two stallions, which Williams named Axtel and Allerton, went on the set world trotting records, with the result that Williams' earnings enabled him to publish

540-537: A run on gold in the U.S. Treasury . Specie was considered more valuable than paper money; when people were uncertain about the future, they hoarded specie and rejected paper notes. During the Gilded Age of the 1870s and 1880s, the United States had experienced economic growth and expansion, but much of this expansion depended on high international commodity prices. Exacerbating the problems with international investments, wheat prices crashed in 1893. In particular,

594-598: A series of failed attempts to restore reserves by issuing bonds and depreciating specie issued for legal tender , the Treasury negotiated a contract with the Morgan-Belmont Syndicate to restore confidence in the government's ability to maintain the convertibility of legal tender into gold. The full list of syndicate members was not made public, however the contract named Drexel, Morgan & Co ., A. Belmont & Co., J. S. Morgan & Co. , and N. M. Rothschild & Sons . The syndicate achieved its goals through

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648-573: A trolley-car service. Williams went on to raise other record-breaking horses, but he lost much of his fortune in the Panic of 1893 . Williams subsequently moved to Galesburg, Illinois , where (among other things) he became acquainted with the young Carl Sandburg (as mentioned in Sandburg's autobiography, Always the Young Strangers ). Today, the location of Williams' race track (which was the original site of

702-762: Is a small municipal airport offering flight training, quick-service fueling, charter flights, aircraft maintenance, and hangar rental. Panic of 1893 The Panic of 1893 has been traced to many causes, one of them pointing to Argentina; investment was encouraged by the Argentine agent bank, Baring Brothers . However, the 1890 wheat crop failure and a failed coup in Buenos Aires ended further investments. In addition, speculations in South African and Australian properties also collapsed. Because European investors were concerned that these problems might spread, they started

756-537: Is land and 0.14 square miles (0.36 km ) is water. According to the Köppen Climate Classification system, Independence has a hot-summer humid continental climate , abbreviated "Dfa" on climate maps. The hottest temperature recorded in Independence was 108 °F (42.2 °C) on July 12–14, 1936, while the coldest temperature recorded was −32 °F (−35.6 °C) on January 12, 1912. As of

810-550: The National Cordage Company (NCC), then the most actively traded stock, caused its lenders to call in their loans immediately, and the company went into bankruptcy receivership as a result. The company, a rope manufacturer, had tried to corner the market for imported hemp. As demand for silver and silver notes fell, the price and value of silver dropped. Holders worried about a loss of face value of bonds, and many became worthless. A series of bank failures followed, and

864-692: The National Register of Historic Places in 1976. This article about a building or structure in Iowa is a stub . You can help Misplaced Pages by expanding it . This article about a property in Buchanan County, Iowa on the National Register of Historic Places is a stub . You can help Misplaced Pages by expanding it . Independence, Iowa Independence is a city in, and the county seat of, Buchanan County , Iowa , United States. The population

918-584: The Northern Pacific Railway , the Union Pacific Railroad and the Atchison, Topeka & Santa Fe Railroad failed. This was followed by the bankruptcy of many other companies; in total over 15,000 companies and 500 banks, many of them in the West, failed. According to high estimates, about 17%–19% of the workforce was unemployed at the panic's peak. The huge spike in unemployment, combined with

972-833: The Pullman Strike . After their defeat in 1896, the Democrats did not regain control of any branch of the Federal Government until 1910 . A rarely talked-about effect is the Love Canal disaster. People who were earlier keen to invest in the Love Canal stopped doing so, which led to the abandonment of its construction. Ultimately the canal ended up being a large toxic waste repository, with severe negative environmental effects. Love Canal remains synonymous with environmental pollution and degradation. The Panic of 1893 affected many aspects of

1026-526: The U.S. Treasury fell to a dangerously low level. This forced President Cleveland to borrow $ 65 million in gold from Wall Street banker J.P. Morgan and the Rothschild banking family of England , through what was known as the Morgan-Belmont Syndicate His party suffered enormous losses in the 1894 elections , largely being blamed for the downward spiral in the economy and the brutal crushing of

1080-537: The census of 2020, there were 6,064 people, 2,625 households, and 1,541 families residing in the city. The population density was 1,008.6 inhabitants per square mile (389.4/km ). There were 2,834 housing units at an average density of 471.4 per square mile (182.0/km ). The racial makeup of the city was 94.5% White , 0.6% Black or African American , 0.2% Native American , 0.6% Asian , 0.0% Pacific Islander , 0.8% from other races and 3.2% from two or more races. Hispanic or Latino persons of any race comprised 2.3% of

1134-482: The shipping industry , both by rail and maritime. It arrested the acquisition of ships and rolling stock and depressed shipping rates. The bad omen of investors switching from equity based stocks to constant return bonds in 1894 was mirrored in the corporate finance actions of railroads which reduced their acquisition of rolling stock . Railroad expansion including capital expenditures rose again in 1895, but slowed in 1897 during another economic trough. In 1893,

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1188-469: The 1890s which drained the Treasury gold reserves, caused concern from both domestic and foreign investors that the U.S. would abandon the gold standard. This prompted further gold withdrawals and bond liquidations which exacerbated the deficit. By February 2, 1895, the Treasury's gold reserves fell to approximately $ 42 million, well below the $ 100 million level required by the Resumption Act of 1875 . After

1242-563: The American-born writer Gertrude Stein . While living in Paris, Stein became close friends with an American expatriate painter named William Edwards Cook , who was born in Independence in 1881. It was Cook who taught Stein how to drive (so that she could transport supplies for the French during World War I). In her second autobiography, titled Everybody’s Autobiography , she talks about her fondness for

1296-583: The Buchanan County Fairgrounds) is a corn field. His house is still standing, but, in recent years, the Rush Park barn was demolished by a bulldozer, to make way for a fastfood drive-in and an auto parts store. In the years that followed the race track days, the town lost most of its importance when the railroad terminal at Independence was pushed further west to Waterloo, Iowa . It is not widely known that Independence has an historical connection with

1350-647: The Munson Building, formerly the Independence Free Public Library, at 210 2nd Street Northeast (1893–95); Saint James Episcopal Church on 2nd Avenue Northeast, just north of 2nd Street (1863, 1873); and the Depression-era United States Post Office Building at 2nd Street and 2nd Avenue Northeast (1934), not for its architecture, but because hanging inside in the lobby is a WPA mural from the 1930s, titled Postman in

1404-599: The Pullman Company was a railroad car company, this only increased the difficulty of acquiring rolling stock. The maritime industry of the United States did not escape the effects of the Panic of 1893. The total gross registered merchant marine tonnage employed in "foreign and coastwise trade and in the fisheries", as measured by the U.S. Census between 1888 and 1893, grew at a rate of about 2.74%. In 1894, U.S. gross tonnage decreased by 2.9%, and again in 1895 by 1.03%. In 1894,

1458-623: The Snow , painted by a former Independence resident named Robert Tabor. About 10 miles east of Independence, south of U.S. Highway 20 , near Quasqueton, is the Lowell Walter house or Cedar Rock , a state-owned Frank Lloyd Wright house that is open to the public from May through October. According to the United States Census Bureau , the city has a total area of 6.22 square miles (16.11 km ), of which 6.08 square miles (15.75 km )

1512-582: The U.S. on a book publicity tour, she eagerly agreed to speak at Iowa City (on the second floor of what is now the Prairie Lights Bookstore), with the provision that she would be able to fly over Independence, to see Cook's birthplace from the air. Unfortunately, the Midwest was hit by a major winter storm that day, and Stein's visit to Iowa was entirely cancelled. Cook himself had returned to Independence for an extended visit in 1925, to assist in settling

1566-408: The affairs of his father, an Independence lawyer who had died the year before. When Cook returned to Paris, he used part of his inheritance to commission a young architect named Le Corbusier to design, on the outskirts of Paris, what is now considered to be one of the first Cubist houses, called Maison Cook or Villa Cook . The race track at Rush Park has also the distinction of being the site of

1620-424: The age of 18 living with them, 48.7% were married couples living together, 9.9% had a female householder with no husband present, 3.5% had a male householder with no wife present, and 37.9% were non-families. 32.2% of households were one person and 15.4% were one person aged 65 or older. The average household size was 2.30 and the average family size was 2.92. The median age was 41 years. 23.9% of residents were under

1674-502: The age of 18; 7.7% were between the ages of 18 and 24; 23.2% were from 25 to 44; 25.7% were from 45 to 64; and 19.7% were 65 or older. The gender makeup of the city was 46.8% male and 53.2% female. As of the census of 2000, there were 6,014 people, 2,432 households, and 1,588 families residing in the city. The population density was 1,621.8 inhabitants per square mile (626.2/km ). There were 2,610 housing units at an average density of 703.9 per square mile (271.8/km ). The racial makeup of

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1728-505: The city was 97.97% White, 0.28% African American, 0.05% Native American, 0.76% Asian, 0.22% from other races, and 0.71% from two or more races. Hispanic or Latino of any race were 0.50%. Of the 2,432 households 30.0% had children under the age of 18 living with them, 52.9% were married couples living together, 9.4% had a female householder with no husband present, and 34.7% were non-families. 30.3% of households were one person and 16.0% were one person aged 65 or older. The average household size

1782-429: The city. The population density was 981.3 inhabitants per square mile (378.9/km ). There were 2,745 housing units at an average density of 451.5 per square mile (174.3/km ). The racial makeup of the city was 97.6% White, 0.3% African American, 0.1% Native American, 0.7% Asian, 0.2% from other races, and 1.1% from two or more races. Hispanic or Latino of any race were 1.2%. Of the 2,521 households 29.0% had children under

1836-572: The county seat was transferred there. On Main Street, on the west bank of the Wapsipinicon, a six-story grist mill was built in 1867. Some of its foundation stones were taken from that of an earlier mill, the New Haven Mill, built in 1854, that was used for wool processing. (Prior to the incorporation of Independence on October 15, 1864, a short-lived neighboring village, called New Haven, had grown up on

1890-419: The destitute. Facing starvation, people chopped wood, broke rocks, and sewed by hand with needle and thread in exchange for food. In some cases, women resorted to prostitution to feed their families. To help the people of Detroit, Mayor Hazen S. Pingree launched his "Potato Patch Plan", which were community gardens for farming. President Grover Cleveland was blamed for the depression. Gold reserves stored in

1944-453: The economy and thereby end deflation , which was forcing them to repay loans with increasingly expensive dollars. Mining interests sought the right to turn silver directly into money without a central minting institution. The Sherman Silver Purchase Act of 1890, while falling short of the Free Silver movement's goals, required the U.S. government to buy millions of ounces of silver above what

1998-502: The economy deepened, people rushed to withdraw their money from banks, and caused bank runs . The credit crunch rippled through the economy. A financial panic in London combined with a drop in continental European trade caused foreign investors to sell American stocks to obtain American funds backed by gold. The economic policies of President Benjamin Harrison have been characterized as

2052-495: The first one-mile bicycle speed record of under two minutes, which was set in 1892 at Independence by John S. Johnson . Of additional interest are several other buildings of historic and architectural value. Among these are the Christian Seeland House and Brewery at 1010 4th Street Northeast (1873), an Italianate style mansion and brewery; Saint John's Roman Catholic Church at 2nd Street and 4th Avenue Northeast (1911);

2106-531: The inauguration of U.S. President Grover Cleveland , with the appointment of receivers for the Philadelphia and Reading Railroad , which had greatly overextended itself. Upon taking office, Cleveland dealt directly with the Treasury crisis and convinced Congress to repeal the Sherman Silver Purchase Act , which he felt was mainly responsible for the economic crisis. As concern for the state of

2160-514: The labor movement. Established in 1891 as a result of the Populist movement, the People's Party reached its height in the 1892 presidential election , when its ticket, consisting of James B. Weaver and James G. Field , won 8.5% of the popular vote and carried five states (Colorado, Idaho, Kansas, Nevada, and North Dakota), and the 1894 House of Representatives elections when it won nine seats. Built on

2214-612: The loss of life savings kept in failed banks, meant that a once-secure middle-class could not meet their mortgage obligations. Many walked away from recently built homes as a result. As a result of the panic, stock prices declined. Five hundred banks closed, 15,000 businesses failed, and numerous farms ceased operation. The unemployment rate hit 25% in Pennsylvania, 35% in New York, and 43% in Michigan. Soup kitchens were opened to help feed

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2268-650: The neighborhood," where offers "a fine view of the city of Independence, the Valley of the Wapsipinicon, and the surrounding Country". The original courthouse was replaced in 1939 by a Moderne or Art Deco structure. Among the town's distinctions has been the long-term presence of the Independence State Hospital (formerly called the Iowa State Hospital for the Insane), located on a large, remote tract of land on

2322-438: The opening of numerous mines in the western United States led to an oversupply of silver, leading to significant debate as to how much of the silver should be coined into money (see below). During the 1880s, American railroads experienced what might today be called a " bubble ": investors flocked to railroads, and they were greatly over-built. One of the first clear signs of trouble came on 20 February 1893, twelve days before

2376-450: The population. Of the 2,625 households, 27.7% of which had children under the age of 18 living with them, 44.3% were married couples living together, 7.4% were cohabitating couples, 29.8% had a female householder with no spouse or partner present and 18.6% had a male householder with no spouse or partner present. 41.3% of all households were non-families. 35.2% of all households were made up of individuals, 17.6% had someone living alone who

2430-487: The rate for a bushel of wheat by rail dropped from 14.70¢ in 1893 to 12.88¢. This rate continued to decrease, reaching a terminal rate in 1901 of 9.92¢ and never reached 12 cents between 1898 and 1910. Between 1893 and 1894, average shipping rates by lake or canal per wheat bushel decreased by almost 2 cents, from 6.33¢ to 4.44¢. Rates on the transatlantic crossing from New York City to Liverpool also decreased, from 2 and 3/8 pence to 1 and 15/16 pence, but this reflected

2484-491: The state, and for Cook's hometown in particular, which she had never visited (although, as a child in San Francisco, she was well aware of the town's sudden celebrity as a horse racing center). Her fondness for Iowa is also partly attributable to her close friendship with American writer Carl Van Vechten (who would become her literary executor), who had grown up in nearby Cedar Rapids, Iowa. In 1933, when Stein traveled throughout

2538-424: The total railroad mileage in the U.S. was 176,803.6 miles. In 1894 and 1895, railroads only expanded 4,196.4 miles, although 100,000 miles of rail was added from 1878 to 1896. In 1893, the year following the panic, one fourth of all rail mileage went into receivership. The U.S. Census placed this value at close to $ 1.8 billion (not adjusted for inflation), the largest amount recorded between 1876 and 1910. This

2592-590: The west edge of town. The recently restored main building, called the Reynolds Building (made of "native prairie granite" in French Second Empire style ), was built in 1873. Today it is open to the public for scheduled tours. For a few years in the late 1880s and early 1890s, Independence was a nationally known horse-racing center, and was sometimes referred to as the "Lexington of the North". This came about as

2646-464: The west side of the river, hence the name New Haven Mill.) The 1867 mill, now called the Wapsipinicon Mill, was a source of electrical energy from 1915 to 1940. Some structural restoration occurred in recent years, and the mill now functions partly as an historical museum. A courthouse was built in 1857, on the east side of the town, on a site described at that time as "the highest tract of land in

2700-403: Was 2.35 and the average family size was 2.93. Age spread: 25.4% under the age of 18, 7.3% from 18 to 24, 25.9% from 25 to 44, 22.5% from 45 to 64, and 18.9% 65 or older. The median age was 39 years. For every 100 females, there were 88.6 males. For every 100 females age 18 and over, there were 82.8 males. The median household income was $ 36,554 and the median family income was $ 45,951. Males had

2754-465: Was 6,064 at the 2020 census . Independence was founded on June 15, 1847 near the center of present-day Buchanan County. The original town plat was a simple nine-block grid on the east side of the Wapsipinicon River . The town was intended as an alternative to Quasqueton (then called Quasequetuk), which was the county seat prior to 1847. The village of Independence had fewer than 15 persons when

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2808-422: Was 65 years old or older. The median age in the city was 40.6 years. 25.9% of the residents were under the age of 20; 4.5% were between the ages of 20 and 24; 24.3% were from 25 and 44; 24.6% were from 45 and 64; and 20.7% were 65 years of age or older. The gender makeup of the city was 48.5% male and 51.5% female. As of the census of 2010, there were 5,966 people, 2,521 households and 1,566 families residing in

2862-576: Was over $ 1 billion (also not adjusted for inflation) more than the next largest amount, in 1884. In 1894, the U.S. Army intervened during a strike in Chicago to prevent property damage. The Pullman Strike began at the Pullman Company in Chicago after Pullman refused to either lower rent in the company town or raise wages for its workers due to increased economic pressure from the Panic of 1893. Since

2916-457: Was required by the 1878 Bland–Allison Act (driving up the price of silver and pleasing silver miners). People attempted to redeem silver notes for gold. Ultimately, the statutory limit for the minimum amount of gold in federal reserves was reached and U.S. notes could no longer be redeemed for gold. Investments during the time of the panic were heavily financed through bond issues with high-interest payments. Rumors regarding financial distress at

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