"It all depends," said the chief, "upon the fact that they will be impatient. If they have the ability to wait, we lose. But we can afford to risk the chance. The man who wrote this letter is not a counterfeiter. He's an old yeggman. We haven't heard anything of him lately. We tried to corner him on a post-office job, but he slipped by. He may be a stool. Anyhow, I'll draw him in somehow."

"There'll be some excitement."

"We're used to that; you too. All we've got to do is to locate this man Beggs. There are signs of spite in this letter. Very well played, if you want my opinion. What's this Black Hundred?"

"I'm not at liberty to tell just yet. It's a strange game; half political, half blackmail. It's a pretty strong organization. But if they're back of this counterfeiting, there's a fine chance of landing them all."

Here the chief's assistant came in. "Got Beggs on the wire. Says he'll conduct you to the home if you'll promise him immunity for some other offenses."

"Tell him he shall have immunity on the word of the chief. But also say that he must come to see me in person."

"All right, sir."

"I don't believe it would be wise for Beggs to see me here. I gave him a good send-off—Sing Sing—five years ago. He may recollect," said Norton.

"Suit yourself about that. Only, keep in communication with me by telephone and I'll tip you off as to when the raid shall take place. Lucky you came in. I should have honestly gone there and arrested innocent people, and they would have had a devil of a time explaining. It would have taken them at least a week to clear themselves. That would leave the house empty all that time."

Norton did not reply, but he put the blotter away carefully. There was no getting away from the fact, but the god of luck was with him.