“Very likely,” returned Henninger. “There are all sorts at Panama. What do you want now?”

“We want am even divvy of the stuff.”

“We could take it all, you know,” put in Sevier, sweetly.

“I think not. We won’t divide it,” Henninger answered, without hesitation.

“What’ll you offer, then?”

This time Henninger reflected. “I suppose you know as well as we do how much there is,” he said, slowly, at last. “If my partners agree to it, I don’t mind offering you two cases, holding about seventy-five thousand dollars apiece. That will recoup you for your expenses in coming here.”

“It won’t do,” said Carlton, firmly. “Is that your best bid?”

“It’s our only one. Take it or leave it,” replied Henninger, with great unconcern.

“We’ve got twenty well-armed men—fellows hired to fight,” hinted Sevier, “but we don’t want to start trouble.”

“Your twenty men will certainly cut your throats on the way back, if you have an ounce of gold,” Henninger remarked.