Marcy was right when he told himself that the captain had him fast, and that there was no release for him as long as the Osprey remained in commission. It was a gloomy outlook, but the only thing he could do was to make the best of it.

As soon as the captain thought it safe to do so every inch of the privateer's canvas was given to the breeze, and she made good headway toward her destination. That day and the ensuing night passed without excitement of any sort, and at sunrise the next morning two objects were in plain sight from the schooner's deck. One was the entrance to Hatteras Inlet, and the other was a large steamer in the offing. The two vessels had been in view of each other ever since daylight. They were both headed for the same point—one making the most desperate efforts to place herself under cover of the guns of the forts, and the other making equally desperate efforts to bring the schooner within range of her bow-chaser before she could get there. It was a close and exciting race, and the crews of both vessels watched it anxiously. The black smoke rolled in thick clouds from the steamer's funnels, and the privateer's topmasts snapped and bent like fishing-rods, while her white-faced captain paced his quarter-deck, dividing his attention between his imperilled top-hamper and the pursuing steamer, and rubbing his hands nervously. At last the climax came. A puff of white smoke arose from the steamer's bow, and a shell from an old-fashioned smooth-bore thirty-two pounder dropped into the water about half way between her and the flying schooner. If that same steamer had had for a bow-chaser the heavy rifled gun she had a few months later, the result would have been different. As it was, Captain Beardsley gathered courage, and the anxious look left his face.

"If that's the best he can do we're all right," said he gleefully. "If this breeze holds half an hour longer we'll show him our flag."

"Shall we give him an answer from one of the howitzers, sir?" inquired
Tierney.

"Not for your life!" replied Beardsley, quickly. And then he added in a lower tone, addressing himself to Marcy, who stood near, "That would be a bright idea, wouldn't it? This breeze may die away any minute, and we don't want to do anything to make them Yankees madder at us than they be now. Another thing, we mustn't give 'em anything to remember this schooner by. We may be caught when we try to run the blockade with our cargo of cotton, and we don't want anybody to recall the fact that we once had guns aboard. See?"

It was a long time before Marcy Gray could make up his mind how the chase was going to end, although he noticed when it first began that there were two things in the schooner's favor. One was that she was so far out of range that her pursuer could not cripple her, and the other was, that the wind that was favorable to her was unfavorable to the steamer, so that the latter could not use her sails. He also took note of the fact that Beardsley hugged the shore pretty closely, and this made it evident that he intended to beach the schooner rather than permit her to fall into the hands of the Yankees. But he was not driven to such extremity. The breeze held out, and although the steamer continued to fire her bow-chaser at intervals, the privateer rounded the point unharmed; while the pursuer, not caring to trust herself within range of the rifled guns on shore, veered around and stood out to sea. A look through his glass showed Beardsley that the half-finished batteries had been manned in readiness to give the war ship a warm reception if she had ventured to follow the privateer through the Inlet.

"Marcy, run up the flag so that our friends in the forts can see who we are!" commanded Beardsley. "The last time we sailed through here we had a prize following in our wake, and we would have had a more valuable one to-day if that brig hadn't been warned by them Yankees outside."

The Confederate emblem proved to be as good as a countersign, and Captain Beardsley was permitted to sail on through the Inlet without going ashore to give an account of himself. As soon as he was safe inside the bar he directed his course toward Newbern, which he reached without any more adventures; but there were no cheers to greet him as his schooner was pulled into the wharf. Beardsley's agent, who was the first to spring over the rail, looked very much disgusted.

"Why, Captain, how is this?" were the first words he uttered. "I didn't expect to see you come back empty handed."

"No more did I expect to come back that way," was the captain's reply. "But we can't always have luck on our side. There is too many cruisers out there."