The Sun.
London, England, 1833-07-06 00:00:00

expanding the currency which is again to be
conferred upon the Bank. Let us now
see what the consequences are of contracting
the currency, the power of doing whieli is also
again to be conferred upon it.
By its own admission, the Bank now holds
between eight and nine millions of Exchequer
bills, purchased, like its other investments, with
its notes ; thus issuable to any amount to which
it chooses to go in purchasing investments. By
selling these Exchequer bills, or investments, it
gets back its notes, and it may thus, whenever
it pleases, contract the currency to the whole
amount of the Exchequer bills, or investments,
which it chooses to sell, and always will sell, to
such amount as may he necessary to counteract
the effects of over-issue, when the consequence
of such over-issue is a drain of gold from it,
which sooner or later always does happen.
As the effect of expansion is to raise currency
prices, so the effect of contraction is to depress
them, but there is this difference in the operation.
The expansion is gradual, but the contraction is
almost always sudden, and the more severe as it
is sudden. Through expansion, currency prices
rise gradually. From contraction they fall sud-
denly. Hence instant loss upon all holders of
goods or of investments, the consequent bank-
ruptcy often of discounters of bills of exchange,
and sometimes the failure of bankers by whom
they have been discounted. Capital is thus
rendered insecure. Industry and skill are de-
prived of their reward, and labour is thrown out
of employment.
We have not overcharged the picture. We
wish we could impress its image upon our
countrymen.

The House of Lords last night discussed the
resolutions relative to the East India question,
and agreed to them without any alteration.

Hamburg papers, received this morning, con-
tain a long article, dated Berlin, extenuating or
attempting to justify the rigorous conduct lately
manifested towards the poor Poles by Prussia.
The fear of a reaction in Poland seems to haunt
the Prussian Cabinet as much as that of Russia.

EXCHANGES ON LONDON.
HAMBURG, JULY 2.-13 121,4 ; two months, 13 10%.
PETERSBURGII, JUNE 21.—Three months, 10%.
BREMEN, JUNE 28.—TWO months, 6 10%.
STOCKHOLM, JUNE 25.—Ninety days, 14 8.
BERLIN, JUNE 29 —Three months, 6 26%.
CHRISTIANA, JUNE 19.—Three months, 6 B.
-.-Hamburg Papers, July 2.
HAMAURG JULY 2.—BoasEN HALLE, HALT-PAST TWO O'CLOCK.—
Our Stock Marketwas more animated to-day.
Discount 1% per Cent. End of July.
Anglo-Danish Loan, three per cent 72W
Anglo-Russian lOl
Russian Inscription, 5 per cent., 182.) 93%
Ditto, ditto, 1831 92
Ditto, ditto, 1830
Polish Bonds 1197.1
Prussian Bonds, 1832
Austrian Bank Shares 12`.5
New Austrian Four per Cents
,_ ,
Ditto Metalliques '.b!, %
Spanish 3 per Cents. 44%
Dutch 2h per Cents.
—Hamburg Reporter,

A proposition of Lord A urtionr's, relating
to the mode of debating the details of the Fac-
tory Bill, was last night negatived by a majority
of 164 to 141. We regret the mortification
this must have occasioned his Majesty's Mi-
nisters, but confess that the consequences which
we anticipate from it give us no small satisfac-

Lion. Before entering into these consequences,
we would make a few remarks upon the nature
of the question upon which the House last
night divided, for we perceive that it has been
misapprehended both in and out of doors. The
Times, in an article which we have given in
another part of The Sun, asks why refer the
matter to a Committee to collect further evi-
dence ? Now this was not the object of the refe-
rence to the Committee ; and although we are
glad the reference is not to take place, it is but
justice to give a true version of the argument,
which clearly our contemporary could not have
read, we suppose because it was not in type,
when he wrote the article to which we refer.
Lord At.TH 0 RP'S argument was, that the House
was so oppressed with business, that it could not
snare the time which must necessarily be taken
up in discussing the alterations he proposed to
make in the details of Lord ASHLEY'S measure.
He therefore proposed that it should be referred
to a Select Committee up stairs to remodel the
Bill, receiving instructions from the House, as
to the principles on which the remodelling
should take place. Some time would doubtless
have been saved by this arrangement, but it
would not have been so much as Lord AL-
THORP calculated upon, for when the Bill had
been refrained up stairs, it would have taken
nearly as much time to discuss in the House,
as it will now. We confess, however, that
its occupying a little longer time in a Committee
of the whole House, is no objection in our
minds, for the inevitable effect will be, to
make it impossible to pass, in this session,
some of the other measures which now crowd
the order paper of the House. The chances
are great that one of the Bills which must be
postponed will be the Bank Charter Bill, a con-
summation so devoutly to be wished, that we
rejoice at any event which tends to bring it
about. Our chief satisfaction, however, at the
decision come to by the House last night, arises
from the benefit which we are sure will result
from an open discussion of the question in the
House. It is not just to the master manufac-
turers, nor to the Commissioners, whose report
has just been made, that the arguments in their
favour should be stifled in a Committee up

stairs. We are satisfied that the more a ques-
tion is discussed, the more clearly apparent
will the truth become. We do not think
that the labour of adults should be
interfered with ; but there are many who pass for
friends of the labouring classes who advocate
this doctrine, and who would, upon discussion,

be proved, to any workman of cotnmon sense,
to be really his enemy. The details of the
Factory Bill being now to be argued in an
open Committee, the question of which is the
preferable plan arises. Lord ASHLEY proposes
that up to 18 years of age, persons shall not be
allowed to work more than 10 hours per day.
This is his main principle. Now, all the medi-
cal men, whose evidence was taken, agree in
saying that ten hours per day is too much
for children of a tender age to work. Lord
ALTHORP proposes, therefore, to make
the protection of children more effectual
and to limit the hours of labour to eight, for
children who have not attained their fourteenth
year, leaving those above that age to the pro-
tection of Sir JOHN HOBHOUSE'S Bill, limit-
ing the hours of labour to twelve. In order,
however, to render that Bill effective, he
proposes the appointment of visiters to see
that the factory regulations are complied with.
Further, his Lordship concurs in the opinion
we expressed a few days back, of the necessity
of giving factory children some degree of educa-
tion. We suggested that the greatest possible
encouragement should be held out to their edu-
cation ; hut his Lordship appears to contem-
plate the adoption of a compulsory system.