The miners' express. (Dubuque, Iowa) 1849-1854, 1853-02-16
GOVERNOR HENPSTEAD.

! Wing editors seem 10 be letting OF thei
Jattled thunder pretty freely at Gov. Hampstead
for having vetoed two bills, for calling con
vention for altering the constitution. We hav,
not seen the objections Of the GoveYnor bu
understand they were ample to justify TIE cours'
pursued.
The first bill, made no provision for the ekc-
tinn Of members of convention 10 revise ant
alter the constitution, at the snme time that I
vote should be take3 10 test ;he sense Of thu
people, as e the proprieiy and necessity Of hol
ding q convention. And this, let il be borne il
mind the constitution requires.
The Second bill, made no provision foE iatipqs
off the state into districts, as to give to al
portions of the State, an equal and fair repre-
sentaton according to population. These two
were prominent and ample objections, bu, moi
the only ones, which called for Executive inter-
position. If Mrssrs. Grimes, Browning and
Sells (wh;gs) who clam red SO loudly for con
vention, lacked the good sense, to frame bill
in conformity with tn. provisions of the Con-
situton, i, was the duty of the Executive to
interpose his veto and it should constitute NJ
rational ground tor abusing and 'raducing him,
because he had the ability and discrimination to
detect these objections and the frmness to pre-
sent them in the form of veto.
The less that wings say upon this subject the
better, for it can be easily that the
people neither asked nor desired this question
submitted to them, and that when reaowned
whig leaders and lawyers, took it upon them
selves to frame bill, they lacked the ingenuity
20 avoid valid constitutional objections
SIGNS OF COMMERCIAL PERIl. Hunts
Merchants Magazine for january, touches chief
ly on two or three topics which at this moment
possess more than ordinary interest. We ex-
tract the following suggestive paragraphs:
"Our merchants have never enjoyed such un-
interrupted prosperity. Breaches of mercantile
faith. or failure to meet commercial engage
ments, have been almost unknown, and thus the
profit and loss account exhibits a range ofen'res
all upon the credit side "What next" is the
question asked, or anxiously considered or
every side. Have we REACHED this height OF
PROSPERITY only to make our fall the more disas
trous? Is the course of commercial affairs al
ways like the segment of the circle described
by child's swing, and can there be no progress
without correspondent reaction las the
world grown no wiser with age than thus TO toll
up the hill with the certainty that the ground
VIII all be lost again. These are thoughts
which will come to many during the long eve
ningsthat will close IN upon the first Of next
year.
"There are, it is true, some signs of evil por
tent. We regard as the most dangerous The
rapid increase Of new banks. The principal
danger from this source is not in the fact that
the expenses of legitimate banking will be great
ly increased, while the profits will only be div-
ded. Nor is il so much in the healthy expan.
sion which will be created by the increased issue
of paper money /; although this is an evil of great
magnitude. The great danger lies in the fac,
that the control Of the currency, and the dircc
ton of monetary affairs will pass, in great
measure, from the hands OF the judiciors and
experienced into the hands of new set OF men,
too little accustomed to such change. The
new banks managed in great drgree by
new hands. undiclplIned by former reverses, and
unaccustomed to the dangers which sure to
be encountered. Like inexperienced mariners,
they viii carry too much sal, in fair weather,
and give way to too sudden panic when the
storm over,akes them. A large class OF the
new banks originated by b6rrO,ocrs instead
OF capitalists, and this will add neither to their
caution nor their stability.
"Another indication of evil is the rapid form
alton of new houses by young and inexperien
ced clerks, aho ought to be kept under the con-
troll Of wiser heads until they are more fit TO be
trusted to their own strength. The requisites
for the successful management of mercantile bu
siness are greatly underrated by the majority OIL
the young men in this country; and the melan-
choly disasters with which commercial his
tory in the past is SO thickly sirewed, seem toI
have no influence in detecting the yoiing md ad
venturous from embarking in the same desperate
enterprise, and in setting up for themselves,
show but little Judgment at the very outset of
their career. They have no patience for the
small beginnings, and slow and sure spccess in
mercantile pursuits. They lay on, their schems
on scale of magnifcence truly dazzling, and
their expenses are generally in ratio inverse to
their profits This multiplication of mercantile
houses will be one Of the most s'trying' of all
the assaults upon our prosperity for the coming
year"