attracted Rosey's attention, and noiselessly unclosed
its fastenings. A penetrating smell of bilge arose from the opening.
Drawing a small bull's-eye lantern from his breast he lit it, and
unhesitatingly let himself down to the further depth. The moving flash
of his light revealed the recesses of the upper hold, the abyss of the
well amidships, and glanced from the shining backs of moving zig-zags
of rats that seemed to outline the shadowy beams and transoms.
Disregarding those curious spectators of his movements, he turned his
attention eagerly to the inner casings of the hold, that seemed in one
spot to have been strengthened by fresh timbers. Attacking this
stealthily with the aid of some tools hidden in his oil-skin clothing,
in the light of the lantern he bore a fanciful resemblance to the
predatory animals around him. The low continuous sound of rasping and
gnawing of timber which followed heightened the resemblance. At the
end of a few minutes he had succeeded in removing enough of the outer
planking to show that the entire filling of the casing between the
stanchions was composed of small boxes. Dragging out one of them with
feverish eagerness to the light, the Lascar forced it open. In the
rays of the bull's-eye, a wedged mass of discolored coins showed with a
lurid glow. The story of the Pontiac was true--the treasure was there!

But Mr. Sleight had overlooked the logical effect of this discovery on
the natural villainy of his tool. In the very moment of his triumphant
execution of his patron's suggestions the idea of keeping the treasure
to himself flashed upon his mind. HE had discovered it--why should he
give it up to anybody? HE had run all the risks; if he were detected
at that moment, who would believe that his purpose there at midnight
was only to satisfy some one else that the treasure was still intact?
No. The circumstances were propitious; he would get the treasure out
of the ship at once, drop it over her side, hastily conceal it in the
nearest lot adjacent, and take it away at his convenience.--Who would
be the wiser for it?

But it was necessary to reconnoitre first. He knew that the loft
overhead was empty. He knew that it communicated with the alley, for
he had tried the door that morning. He would convey the treasure
there, and drop it into the alley. The boxes were heavy. Each one
would require a separate journey to the ship's side, but he would at
least secure something if he