and on."

"What is your price?"

"Five hundred thousand dollars!"

"Quite modest!" said Merry sarcastically.

"Will you pay it?"

"Not a dollar of it!"

Hagan was set back, for he had fancied the youth weakening.

"Not a dollar?" he repeated, in astonishment. "Do ye mean it?"

"I always mean what I say."

"But--but you're crazy!"

"I think not."

"It's the devil's own broil ye'll find yourself in if you refuse."

"Then I'm certain to have a lively time, for I utterly and absolutely
refuse to give up a dollar."

"You just said the document was genuine."

"I beg your pardon; you misunderstood me."

"I heard you say so!"

"I repeat, you misunderstood me."

"Then what did you say?"

"I said it seemed to be genuine."

"But you doubt if it is?"

"I do."

"How can ye?"

"There are various things which lead me to doubt."

"Will you name them?"

"I don't mind naming some of them."

"Do so."

"In the first place, before investing heavily in the San Pablo Mine, I
took the trouble to investigate thoroughly the solidness of my title to
the property, knowing how insecure most titles are in Mexico. I
overhauled old records and probed into history. I found out all about
the grant of President Pedraza to Guerrero del Norte. I found the
concession had been reaffirmed by Santa Anna when he first received the
presidency, and I afterward found that, later on, because old Guerrero
preferred to remain a bandit and a plunderer, Santa Anna had revoked and
annulled the grant."

"Well?"

"Well, that left me no doubt whatever in regard to the legality of my
title. In all my investigating I found no record of any grant to Colonel
Sebastian Jalisco. In all my probing into the history of Mexico and her
struggles to rid herself of the Spanish yoke I am certain I found no
mention whatever of any such person as Sebastian Jalisco, who held in
the patriot army the commission of colonel. In short, Bantry Hagan, I do
not believe any such person as Colonel Sebastian Jalisco ever existed!"

As far as Frank Merriwell was concerned, the bomb hurled by Hagan had
missed the mark completely.

In spite of himself, Hagan was staggered by the bold stand of the youth
that nothing could daunt. Not only was he staggered, he was enraged.

"It is a wonderful knowledge of Mexican history you have, me boy!" he
cried. "But you're due to find out that you don't know near as much as
you think you do. This poor boy has a claim to prop