t's more, they have the nerve to
take the chance. That is the difference between us and them."

They waited until they could no longer hear the horse's hoof-falls nor
the rumble of the wheels. Then they started forward, keeping off the
road and taking a course that afforded the protection of the trees and
undergrowth. Presently, they caught sight of the two men--out in the
open, their heads together, poring over a paper, presumably the
Parmenter letter.

"It is not as easy finding the treasure, as it was to pick my pocket!"
chuckled Croyden. "There's the letter--and there are the men who stole
it. And we are helpless to interfere, and they know it. It's about as
aggravating as----" He stopped, for want of a suitable comparison.

Macloud only nodded in acquiescence.

The men finished with the letter. Hook-nose went on to the Point, and
stood looking at the ruins of the light-house out in the Bay; the other
turned and viewed the trees that were nearest.

"Much comfort you'll get from either," muttered Croyden.

Hook-nose returned, and the two held a prolonged conversation, each of
them gesticulating, now toward the water, and again toward the timber.
Finally, one went down to the extreme point and stepped off two hundred
and fifty paces inland. He marked this point with a stone.

Bald-head pointed to the trees, a hundred yards away, and shook his
head. More talk followed. Then they produced a compass, and ran the
additional distance to the North-east.

"Dig! damn you, dig!" exclaimed Macloud. "The treasure's not there."

"You'll have to work your brain a bit," Croyden added. "The letter's
not all that's needed, thank Heaven! You've stolen the one, but you
can't steal the other."

The men, after consulting together, went to the buggy, took out two
picks and shovels, and, returning to the place, fell to work.

"Did you ever see such fools?" said Macloud. "Dig! damn you, dig!"

After a short while, Bald-head threw down his pick and hoisted himself
out of the hole. An animated discussion followed.

"He's got a glimmer of intelligence, at last," Croyden muttered.

The discussion grew more animated, they waved their arms toward the
Bay, and toward the Severn, and toward the land. Hook-nose slammed his
pick up and down to emphasize his argument. Bald-head did likewise.

"They'll be doing the war dance, next!" laughed Macloud.

"'When thieves fall out, honest men come by their own,'" Croyden
quoted.

"_More_ h