The lads looked at each other questioningly. The same thought was in the mind of each.

"You—you don't suppose—" muttered Walter.

"Of course! That's it! It's Eagle-eye!" exclaimed Ned.

"Don't be too quick to accuse anyone, young gentlemen. It is very irritating, I know. But let us be slow about placing the charge at any man's door, be he copper colored or white."

"But, Professor," expostulated Ned Rector, "he goes away, and while absent from camp two ponies are stolen. To-day we leave him halfway down the rocks and upon our return, two more ponies are missing, as well as the Indian himself. What can we think, but that he has had something to do with our loss?"

"If I remember correctly, it was Eagle-eye who called our attention to the fact that the animals had been stolen last night. You thought they had broken away," recalled Professor Zepplin.

"That's so," agreed Ned.

"It certainly does look bad. If Eagle-eye had no hand in the theft, why should he run away as he seems to have done?" asked Tad.

"This is what is known as circumstantial evidence," the Professor informed them. "I do not say that the Indian is guiltless. I am simply counseling caution. Wait. We shall soon be at the mines, and from there, we can set the officers of the law on the track, which we shall do as soon as we are able to communicate with Mr. Munson."

"Yes, but how are we going to get there?" asked Ned.