“I’ll tell you why. If you recall the conversation between your Uncle Walter and Frazer the day we had the trouble in the trading room, you will remember that Frazer said that he had paid the shortage in gold. That’s the only reason I have for suspecting that it was gold that the Indians took out of the cellar. If Frazer had two thousand dollars worth of gold, sufficient to cover his shortage, it is not unlikely that he had more of it stored away somewhere. Frazer did not explain satisfactorily to your uncle how he had obtained that gold. The inference is that he stole it.”

“Seems reasonable,” said Sandy, “and I wonder from whom.”

CHAPTER XVIII.
TAKE THE OFFENSIVE.

The next morning, Wolf Brennan and Toby McCallum arrived at Half Way House. Sandy, who was walking along the river at the time, witnessed their approach, a grim and dour pair aboard a light raft, which they poled and shoved against the tugging current.

Sandy did not wait for them to put in at the boat landing. Suddenly fearful, he hastened up to the post to spread the alarm. Dick and Toma received the news calmly. The former went immediately to his room, buckled on his revolver and returned to the trading room to announce to his two chums that he proposed to go down to the river forthwith to meet the new arrivals.

“Dick,” exploded Sandy, “you’re crazy! Have you forgotten the letter you received?”

Dick shook his head. “No, I haven’t. That’s the very reason I’m going down there. If they think they can intimidate me, they’re badly mistaken. If I show the white feather they’ll make life miserable for me—not only for me but for all of us. The best thing to do is put on a bold front and go down there and show them that I’m not afraid.”

“Cracky!” admired Sandy. “I wouldn’t have the nerve to do that. They may pull a gun and shoot you.”

“You show ’em pretty good sense, Dick,” declared Toma, indicating by his expression how proud he was of his chum. “When them fellow see you down at the boat landing they won’t know what to think.”

“Come on,” said Dick, “let’s hurry.”