The Sun.
London, England, 1863-11-27 00:00:00

reasons best known to himself, tempted his fate by
returning to this country, he was at once sued by
the "official managers" of the notorious London
and Eastern Banking Corporation. It is true teat
he surrendered and claimed the protection of the
Bankruptcy Court, but the right of action belong-
ing to the plaintiffs was not affected by this act,
and, failing to get their demand admitted by that
Court, they reverted to their remedy at law. Nor
did they stop here. Having issued their writ, they
made an affidavit that they had probable cause for
believing that the defendant was about to quit
England, and got an order directing him to find two
sureties in £50,000 each for his appearance. This it
seems he was unable to do, and the consequence is
that for some time past he has been residing in
Whitecross-street Prison. An application was made
not long since to a Judge at Chambers to procure
his discharge from custody, but after a careful argu-
ment it was refused with costs. He then applied
to Mr. Commissioner Goulburn, but here he met
with opposition from the assignees, whose expe-
rience of Colonel Waugh made them as unwilling
as the plaintiffs to let go their hold of him. How'
ever, that opposition has now been withdrawn, and
the Commissioner has resolved to grant the dis-
charge for which the Colonel petitions, in case
no appeal should be lodged within a fortnight
by the detaining creditor. Until that time this
dangerous gentleman remains in durance, and
must postpone any arrangements which he may
have made for his return to the more genial climate
of Spain. The grounds upon which Mr. Commis-
sioner Goulburn vindicates his judgment are of
very unequal validity. That which he puts first and
foremost is the advantage to the assignees and
creditors of obtaining a fuller disclosure than they
could otherwise expect. "It was obvious to every
person of common sense that neither the accountants
appointed by the Court (Messrs. Brown and Dubois)
nor the solicitor to the assignees (Mr. Linklater)
could make proper inquiry into the case while the,
bankrupt remained in prison." Upon such a point
as this we readily bow to the Commissioner's opi-
nion ; but, obvious as this may be, it is not less
obvious that the interests of justice would be still
more seriously defeated by the bankrupt's abscond-
ing, and rendering no accounts at all. It is satis-
factory to know that very voluminous balance•sheets
are in course of preparation, but we have heard
enough of the Eastern Bank te• make us very scep-
tical as to any new figures being introduced on the
side of assets, and enough of Colonel Waugh to
diminish our confidence in the value of his services
as an accountant. The Commissioner tells us that

the primary object of the 112th section of the
Bankruptcy Act passed in 1849, permitting such
releases, was to facilitate a complete discovery of

the bankrupt's estate and effects: This may be True,
but we cannot help observing that this very section
recognises an exception in the case of persons who
are confined " for any debt contracted by fraud or
breach of trust," as well as those who have been
convicted of offences less heinous than those alleged
against Colonel Waugh. Assuming, as we are
bound to do, that the Commissioner has kept within
the letter and spirit of this exception, we think it
plain that the Legislature did not mean the die'
cretion of the Court to be exercised, if it could be
helped, in favour cf bankrupts who deserve no in-
dulgence. Besides, the section empowers the Court
to insist on its own conditions, one of which
might reasonably be the production of adequate
bail. We should have the more right to expect
this security to be taken if, as in the present in•
stance, a vary large sum had been already fixes by one
judge and approved by another. On the other hand,
it is fair to mention, for what it is worth, the state-
ment of the Commissioner as to the nature of the

plaintiffs' claim. It is by no means clear that the
having attempted and failed to substantiate it in

Bankruptcy would be a bar to proceeding by way
of action, but if it be true that " the debt was
barred by the Statute of Limitations before the arrest
was made," even Colonel Waugh is entitled to the
benefit of that fact. We can hardly doubt that it is
the consciousness of this flaw in their own case that
has deterred the plaintiffs from carrying it any
further for eight months. It is possible that on this
ground, which the Commissioner will not allow to
be the main one, the substance of his decision may
be confirmed on appeal. With the expressions that
fell from him in deprecation of prejudice against
the bankrupt we can have no sympathy. "Exces-
sive bail" may, no doubt, be used as an engine of
oppression, and is prohibited by our law ; but it is
difficult to say what bail is excessive when the per-
son arrested is une who has diverted hundreds of
thousands of pounds from the pockets of others into
his own, and has made off when detection was cer-
tain. Colonel Waugh stands self-condemned. He
fled this country when it was vital to his character
that he should remain. He chose disgraceful im-
punity rather than the choice of establishing his
innocence, because he then believed that chance to
be desperate. What his motive for now braving
the latter alternative may be we cannot say ; but
until he clears himself every presumption must be,
and ought to be against him. Should he succeed in
giving this last proof of his genius, he may revive,
if he pleases,the orilliant entertainments of Carnpden
House, and dazzle London, like Cagliostro after his
imprisonment in the Bastile. But to undo the ruin
that he has wrought, and to silence the bitter
_re-
proaches of those who were induced to trust bli,
bie
is past his power, even if his conscience be OP
of suggesting the desire.

COUNTRY MARKETS.

MANCHESTER—THuRsDAY.

-- - -
At our market this morning the attendance was moderate.
English wheat was in fair demand at is per qr advance ort
the Lull prices of this day se'nnight, and foreign was 2d to
3d per 1001bs. dearer. Flour was 6d per sack higher, with
a very limited business. Oats and oatmeal at about former
prices. Indian corn and beaus steady.

BRISTOL—THURSDAY.
We had a fair supply of English wheat to-day, which
realised about last Thursday's prices. Foreign wheat also
at late rates. Barley and other articles as before.

BIRMINGHAM—THURSDAY.
Wheat was in fair supply to-day, and sales were made 01
rather over last week's rates. Barley sold slowly. Oat,
rather dearer, and beans quite as dear. Peas unchanged,
English wheat was sold at 40s to 46s for white, and 360
to 448 per 36 stone for red. Barley, new malting, 32s to
42s per qr ; grinding, 26s to 30s Oats, old, 22s to 300
per 30 stone ; Irish, 18s to 245. Beans, 40s to 448 per qr.
Peas, 36s to 44s per 36 stone.