“The part we want to get at,” continued Chap, “is the stern, which is out there in deep water, and never can be seen at all. The treasure would, very naturally, be in that part of the ship.”

“Quite likely,” said Mr. Muller, “but it is frightful to think of its being out there in deep water.”

“Yes,” said Chap, “and, what is more, one side of it must be jammed against the shore, and pretty well covered up with mud.”

“The channel must come quite near the bank in this part of the river,” said Mr. Muller.

“Oh, yes,” replied Chap, “a good stone’s-throw from where we stand it is deep enough to float anything. Down below here, near the place where the Thomas Wistar was run ashore,—they’ve towed her off now,—it’s shallow ever so far out, and it’s pretty much the same thing above.”

Mr. Muller looked about the place where he was standing, and seemed to be considering something.

“Well,” said Chap, impatiently, “what do you say? Are you ready to go right ahead with this thing? You may think it is none of my business, but I’ve been pushing on the affair for ever so long, and I want to be on hand when anything is done.”

“I have no doubt you will be,” said Mr. Muller,—“no doubt of it at all. But I really cannot counsel immediate action in this matter. A great many things have to be considered first. I think we had better let the subject drop for the present.”

“All right!” said Chap. “Drop her!”

And, without another word, he marched off, leaving Mr. Muller standing on the river-bank.