“Then we’re almost on the ground,” cried Jule. “Where do we go to reach this peninsula? We might be lucky enough to find this channel.”

“It doesn’t exist,” smiled Captain Morgan. “Every inch of that country has been gone over with a microscope, almost, and there is no lost channel there. At least, it can’t be found.”

“There is one on the map, anyway,” Alex observed.

“Well,” Clay laughed, “we have been mixed up with some one else’s affairs on every one of our river trips, and we may as well keep up the record, so I propose that we spend a few days looking for this lost charter and these family jewels.”

The boys all agreed to the proposition, and even Captain Morgan seemed to gain enthusiasm as they talked over their plans.

“I wouldn’t mind being with you,” the captain said, “but of course, I can’t go. However, if you keep on across the river, straight to the north, you’ll come to the egg-shaped peninsula. Keep to the right of it, and you’ll enter a broad river. This map shows you where the lost channel is claimed to have existed. Go to it, kids, and good luck go with you!”

“Now then that point is settled,” Clay smiled, taking the second letter from his pocket, “tell us what this means.”

Captain Morgan looked over the paper carefully before making any reply. His face clouded and an expression of anger came to his eyes.

“The fact of the matter is,” he said, “that for two hundred years the Fontenelles have met with opposition in their search for the lost channel. Some of the land claimed under the charter is now held by innocent purchasers who believe their title to be perfect.

“There is no doubt that such might come to a fair understanding with the Fontenelles if the charter should ever be found, but it is alleged that an association has been formed by the wealthier persons who are interested to defeat any attempt made to discover the charter. They claim, of course, that with the charter in their possession the Fontenelles would be able to make their own exorbitant terms.”