Jack, like the investigating fellow that he had always proved in the past quickly snatched out his knife, opened the big blade, and commenced scratching the back of the dull-looking brick. Immediately they caught a bright sheen wherever the edge of the blade pursued its activities.

“You’re right, Captain, it’s gold!” gasped Ballyhoo, grinning as though he had seen one of his most wonderful dreams come true.

They all stared at the bullion. Perhaps through Oscar’s imaginative mind there may have flashed a strange picture just then. Remembering all he had ever read concerning the doings of those old-time worthies who defied the perils of the sea in those early days, he saw this same precious metal handled by men in odd, picturesque dress, carrying long swords, and wearing hats adorned with waving feathers—those reckless conquistadores, in fact, who raided both Mexico and Peru under such leaders as Cortez and Pizarro.

Possibly for a brief space the scroll of time seemed to unroll before the boy’s vision, and he peopled that float with those ancient worthies, all carrying just such weighty bricks of gold, seized from the stores of the poor natives, and meant to be carried across the sea to Spain.

Then he came to himself with a shock. The presence of that modern miracle boat capable of descending to the bottom of the sea told him that he was living in the Twentieth Century, and not away back there in those primitive days.

Yes, and he also remembered something else—those three spies in the little motor launch, who had evidently been watching their operations until assured that they possessed accurate knowledge of the location of the lost galleon—they were even now on the way to carry the news to Captain Badger.

“But we have come to give you warning, Captain!” he hurriedly exclaimed, while, of course, Jack listened eagerly, being almost eaten up with curiosity to know what it really was had frightened his two chums.

“What’s that you say, lad?” cried the skipper, recovering the precious bullion.

“We made a discovery while ashore,” Oscar went on. “As we drew near the other end of the Key we heard the sound of oars, and then saw a boat that had just left land.”

“Then there were people on the island after all,” snapped the captain, frowning, as though now it was too late, he regretted that he had not gone ashore in the first place, and closely examined every rod of ground before commencing operations; for, as Ballyhoo afterwards remarked, Captain Shooks was like most folks whose “hindsight was a heap better than their foresight.”