The Frenchman fixed his piercing eyes on Merry, saying quietly:

“Wait a little. Let’s talk it over.”

“There is no more to be said.”

“You have what I seek. I have called for it, and I have given the signal.”

“Have you?”

Frank was cool. He had slipped a hand into the side pocket of his coat, and his fingers gripped the butt of his revolver. The coolness of the American youth seemed to anger the other.

“You know I have!” he cried. “If you refuse to give it up, you are false to your trust!”

“If I gave anything to you, I should be false to my trust.”

“Why?”

“Because you are an impostor, a fraud!”