Here's a close-up of the speech (Click to enlarge)
The location is the Moir Bank which was located on what is now Schuyler St. and 2nd St. (Schuyler St. was Main St.)
To the left of Lincoln is SS Phelps, then seated is a reporter for the Oquawka newspaper and next to the flag, standing on a chair is Barrack Obama.
There are many stories about SS Phelps who founded the town of Oquawka along with his two brothers. SS was nicknamed 'hawk eye' by the Blackhawk Indians because he was an excellent marksman and hunter.
The Burlington newspaper, The Hawk-Eye, is named after him as well as the state of Iowa- "The Hawk-Eye State."