All right," replied Fred, his voice sounding as if it came from the
center of the earth. "I'm spilling a lot of dirt down into the cave
though."

"Never mind that, as long as you don't lose any of the money."

"Do you really think there's any gold or anything in that box?" said
Grant.

"I'm sure I don't know," John replied. "If Pop were here he'd be sure it
was empty."

"I know it. Isn't he a regular old gloom lately?"

"He's not usually that way. At least he never used to be."

"Something has come over him since we started work on that code. He
thinks it's very silly and that we are foolish to bother with it."

"We'll surprise him one of these days," said John confidently.

"I certainly hope so," exclaimed Grant.

While Fred dug they chatted and talked of the possibilities of their
finding some long forgotten pirate's treasure and making themselves rich
and famous. Almost anyone would have been as thrilled as these boys were
under the same circumstances. Petersen's tale on board the
_Josephine_ and the strange code he had had; the finding of a
similar one in the cave; the chest and the powder-horn and pistol; the
queer black rock and Sam's story in connection with it; all these events
had combined to spur the four young adventurers on in their quest. Now
they had discovered another odd looking box and with the hope that
springs eternal in the human breast they were anxiously and eagerly
awaiting a chance to examine its contents.

"All right. Pull me up," came Fred's summons at last.

Slowly and carefully John and Grant lifted their companion out of the
hole. Soon he emerged, the knife in one hand, the box in the other and
with so much dirt and grime that its owner was scarcely recognizable.

"You look like Sam," remarked John, hardly able to restrain his mirth at
Fred's appearance.

"Open the box and don't get so personal," advised Fred, wiping the dirt
from his eyes.

Grant was already busily engaged in examining the prize his friend had
dug from its place in the earth. "This one is light," he remarked. "I
don't suppose there is anything in it at all."

"Can you open it?" demanded John.

"Easily. There's only a catch on it," and Grant straightway lifted the
cover.

"An envelope," exclaimed Fred disappointedly. "All that work for
nothing."

Grant, however, was opening the envelope and as he did so two gold
pieces rolled out upon the ground. "Empty is it?" he cried. "How about
those?"

"Say," e