"I tell you that you are wrong. The United States never made any treaty with Nicaragua. Your government granted a concession to a private corporation in 1897 to build a canal, and they bluffed for a while at digging it on the Atlantic side. The United States also sent a commission down to Nicaragua several times, but nothing came of it. Then they forced Panama into revolt against the Colombian Government, and made her give them the present location. Therefore if you want our money and our secret aid your candidate must agree to Germany's terms."

"Suppose we give Señor Cabanas a few days to consult with his committee," suggested the Englishman in his mild voice.

"The committee knows it already," exclaimed the exasperated Teuton. "The subject was thrashed out in Leon while I was there six months ago. I tell you it is subterfuge, pure and simple. They know what we want, and they should have deputized their man to grant our demands."

"Pardon me again, Señor," came the suave voice of the little man, yet his eyes must have flashed ominously at the brutal pounding of the German's heavy voice, "I assure you that this is absolute news to me."

"It shouldn't be! Your committeemen are a set of vacillating fools; that is all, and the best I can say of them. Go back to them and arrange it; but I warn you--not a mark,--not a single mark, unless----"

"Be careful, Mein Herr, here comes the house detective--they are all secret service men in Washington. We had best postpone this and meet again."

It was the Englishman who gave the warning, and with the words the three conspirators moved towards the door leading to the hotel lobby.

Behind the curtains Richard and Ursula still stood, hardly daring to breathe for fear of disclosing their presence. Every word uttered by the plotters since Dick placed his hand over Ursula's lips had been distinctly heard and understood by both, and they realized the import of the information they had obtained so unintentionally.

Barely had the three men disappeared when Dick, exclaiming, "Wait for me here!" was running towards the door in pursuit.

Henry Cabell, returning from his self-imposed absence, came around the corner of the entrance at that identical moment, and the lads collided forcibly. The delay caused thereby was sufficient to enable the quarry to efface themselves and though Dick made a careful search his efforts were futile.