Bunker gave a snarl of anger.

“Why, you fool!” he cried. “Do you think you can scare me by rolling up your sleeves? I’ll take you over my knee and spank you!”

This caused Merriwell’s smile to broaden and break into a ringing laugh.

“Just toss aside that club,” he said, “and I’ll soon show you who will be spanked.”

“Don’t do it, Bill!” came from Welch, who had recovered in a remarkable manner. “He is the greatest athlete in Yale College, if what the papers say about him is true.”

“I ain’t going to fool with him,” declared Bunker, advancing a step and half lifting the club. “Pay for those guns, Mr. Frank Merriwell, or I’ll thump the life out of you!”

Frank stood his ground, looking the man straight in the eyes; but Hodge retreated to the canoe, the prow of which had been drawn up on the sand.

“Keep back!” commanded Merriwell. “We are not going to fool with you any longer.”

“And I am not going to fool with you, either!”

“You have tried to fill us with shot and break our heads this morning. That you have received the worst of it so far is simple retribution. Welch would have drowned if I hadn’t saved him, for you made no move to help him. You owe me something for that.”