deal in it," replied Mr. Lee gravely, removing his pipe
from his mouth. "I believe every word of it is true."

The boys were delighted at this confirmation of their own feeling by a
mind more mature than theirs. They had been afraid that Mr. Lee would
ridicule the story, or throw cold water on their plan to go ahead and
try to find the treasure.

"I was perfectly sure that Ross was telling us the truth," jubilated
Teddy.

"I never doubted that for a minute," put in Bill, "but I thought he
might be building hope on a very slight foundation. After all, he has so
little to go on."

"Then you really think that there was a chest of gold and that smugglers
took it from Mr. Montgomery and buried it?" asked Fred.

"I think they took it from him, but I don't think they buried it,"
answered Mr. Lee.

"What do you think they did with it; spent it?" asked Teddy in quick
alarm.

"I don't think that either," was the reply. "I think they hid it
somewhere and that it's there yet."

"Oh!" said Fred, with a sigh of relief. "Then we still have a chance."

"Now, look here, Dad!" exclaimed Lester, "I can see by what you're
saying that you know more about this thing than we do. Don't tease us by
acting in such a mysterious way. Come right out with it."

Mr. Lee laughed good-naturedly.

"You boys are always in a hurry," he remarked as he refilled his pipe
with a deliberation that was maddening to his hearers. "But just let me
get my pipe drawing well, and I'll tell you all I know. It isn't so much
after all as maybe you think, but it may help to piece out a bit here
and there."

He settled himself comfortably in his seat and began:

"It was about nine or ten years ago--I don't remember the exact
date--that Mark Taylor was out fishing at a point about twenty miles
from here."

"The Mark Taylor who lives in Milton?" inquired Lester.

"That was the one. He wasn't having very good luck, and had about made
up his mind to pull up and go home, when he caught sight of a little
boat tossing up and down on the waves. It didn't seem to be going
anywhere, and Mark could see that there was no one rowing or steering
it. He thought that was strange and made up his mind he'd look into the
matter. So he ran up his sail and ran over to what he thought was the
empty boat. He told me afterwards he was knocked all in a heap, when he
saw a man lying in the bottom of it.

"At first Mark thought the man was either dead or drunk. But there
wasn'