"He charges me with having opened the valise, and taken them."

"What does he say to that?" demanded Palmer in excitement.

"It is true," said Ferguson, calmly.

"You hear?" said Palmer. "Give me back those bonds, you scoundrel, and I may let you go free. Otherwise I will have you arrested, and you can guess what will follow. Don't let the fellow escape!" he added quickly, as the detective edged towards the door.

Lawrence upon this went to the door and locked it.

"What have you to say for yourself?" he demanded, turning to Ferguson.

"Only that I am a detective, and that I am specially deputed to search for and recover the bonds stolen from Philo Carver of Elmira, yesterday afternoon. I have reason to think I have found them."

"Duped!" exclaimed Palmer, sinking into a chair in dismay.

"Yes, Mr. Palmer, it looks like it. There is one article missing, a gold watch and chain."

"I don't know anything about them."