Southern Shield

THE SHIELD.
HELENA, ARKS.
Friday, May 28, 1841.

THE EXTRA SESSION.

Next Monday, being the 31st day of May, is the day set apart for the twenty-seventh Congress to convene. The event is looked to with great interest, by both parties. The leading measures of the new Administration, will, doubtless, soon develope themselves. The people expect relief from the financial embarrassments which now & have for many years overshadowed the nation. By the death of Gen. Harrison, fears were entertained by some that the character of the Government would undergo some change, but these fears were soon dispelled, by the address of President Tyler, by which it became apparent, to every unbiassed mind, that the same measures which would have characterized the lamented Harrison, will meet the approval of the present incumbent. The President has expressed great readiness to give his approbation to any measure which may have a tendency to create a salutary reformation in the financial affairs of the country; some measure of reform and relief is absolutely necessary for the prosperity of every branch of business. By the late Presidential election, the people decided in a manner not to be mistaken, that the Sub-Treasury scheme must not be permitted longer to encumber our plans of finance,—at the same time we are aware that the establishment of a National Bank does not meet the entire approbation of the whole mass of the people, but the fact is, we need a currency that will bear a par value in every section of the Government. The Commercial and Agricultural interests of the Union have suffered greatly for the last 8 or 9 years for want of some such an institution. We have long felt the evils arising from the want of a uniform currency, and the losses experienced by exchanging the currency of one State for that of another, have been ruinous to trade of almost every description. The scheme of a National Bank has already been tested, and if there were faults in the organization of the former Bank, (which we don't doubt.) there is no necessity for a perpetuation of those faults in a new charter. We hope that none wish to renew any exceptionable features that were perceptible in the old charter—or desire a revival of that charter unaltered. Though its operations were infinitely superior to the changeable and experimenting policy which characterized the Administrations of Jackson and Van Buren—yet there were many features in that institution which might have been much improved.

The recent failure of the Pennsylvania Bank of the United States will doubtless be reverted to by many who are opposed to the establishment of a National Bank as an argument against the creation of such an institution; but every sensible man, of any reflection, must be aware that the downfall of an ill-omened corporation has nothing to do with the establishment of a safe and competent National Bank, under proper and constitutional restrictions. The blow up of the U. S. Bank of Pennsylvania, has more connection with this subject, than the failure of any of the little pet banks. All of which demonstrate the necessity of the establishment of a national institution of some description to supply a medium not subject to such explosions and fluctuations. The little dependence that can be placed upon State institutions convince us more thoroughly, that something better is absolutely necessary for the general welfare. Many of the opposition are favorable to a measure of this kind, although the leaders of the party may be opposed to it.
and even Gen. Jackson himself have shown a singular alacrity to forget him and trample down his doctrines. Is the Argus answered!