It was Pete, the man who had been orderly at the Soldiers’ Home, at Bylittle, Mississippi, and who had frankly owned to coming to the Panhandle for the purpose of robbing Captain Dan Rugley.

The girl of the ranges was much puzzled what to do in this emergency. Should she creep away, ride Molly hard back to the ranch-house, arouse Sam and some of the faithful punchers, and with them capture this ne’er-do-well and run him off the ranges?

That seemed, on its face, the more sensible if the less romantic thing to do. Yet the very publicity attending such a move was against it.

The suspicion that Captain Rugley had a treasure hidden away in the old Spanish chest was not a general one. It might have been lazily discussed now and then over some outfit’s fire when other subjects of gossip had “petered out,” to use the punchers’ own expression.

But it was doubtful if even Ratty M’Gill believed the story. Frances had heard him scoff at the man, Pete, for holding such a belief.

If she attempted to capture this tramp by the fire, making the affair one of importance, the story of the Spanish treasure chest would spread over half the Panhandle.

“What the boys didn’t know wouldn’t hurt them!” Frances told herself, and she would not ask for help. She had already laid her plans and she would stick to them.

And while she hesitated, discussing these things in her mind, a figure afoot came down the slope toward the ford and the campfire. It was Ratty M’Gill, walking as though already footsore, and with his saddle and accoutrements on his shoulder.

The high-heeled boots worn by cowpunchers are not easy footwear to walk in. And a real cattleman’s saddle weighs a good bit! Ratty flung down the leather with a grunt, and dropped on the ground beside the fire.

“What’s the matter with you?” growled the man, Pete. “Been pulling leather?”