Matt observed quizzically. "Perhaps I
deserve it. However, 'we come to bury Caesar, not to praise him;' so, if
you will kindly hold over your head, Mr. Ricks, I'll be pleased to hit
it another swat."

"Well, I'll admit that the failure of Morrow & Company and the Pacific
Shipping Company to pay the crew of the Tillicum puts the buck up to me,
and I dare say I'll have to pay," Cappy admitted, his voice trembling
with rage.

"Well, that isn't the only bill you'll have to pay. Don't cheer until
you're out of the woods, Mr. Ricks. You'll have to pay for a couple
of thousand barrels of fuel oil, and a lot of engine supplies, and sea
stores, and laundry, and water--why, Lord bless you, Mr. Ricks, I can't
begin to think of all the things you're stuck for!"

"Not a bit of it!" Cappy cried triumphantly. "It was an open-boat
charter, my son, and you rechartered on the same basis; and, though
Morrow & Company were originally responsible you'll find that the
creditors, despairing of collecting from them, will come down on the
Pacific Shipping Company like a pack of ravening wolves, by thunder!
Don't YOU cheer until YOU'RE out of the woods!"

"Well, I have a license to cheer," Matt replied, "because I got out of
the woods a long time ago. Before the vessel sailed from this port,
I sent this letter to all her creditors!" And Matt thrust into Cappy
Ricks' hand a copy of the letter in question.

"That will not help you at all," Mr. Skinner, who had read the letter
over Cappy's shoulder, declared.

"It wouldn't--if I hadn't sent it by registered mail and got a return
receipt," Matt admitted; "but, since I have a receipt from every
creditor acknowledging the denial of responsibility of the Pacific
Shipping Company, I'm in the clear. It was up to the creditors to
protect their hands before the vessel went to sea! They had ample
warning--and I can prove it! I tell you, Mr. Ricks, when you begin to
dig into this matter you will find these creditors will claim that every
article furnished to the Tillicum while Morrow & Company had her was
ordered on requisitions signed by Captain Grant, your employee, or
Collins, your chief engineer. They were your servants and you paid their
salaries."

"All right then," Cappy challenged. "Suppose we do have to pay. How
about that freight money you collected in Panama--eh? How about that? I
guess we'll have an accounting of the freight money, young man."

"I submit, with all due respect, that what