It was Roy who now assumed charge of the expedition, by right of his varied experience in wild places, which had included the tracking of cattle-rustlers and outlaws. He directed that first a landing should be made, and the shore at the point indicated gone over carefully for any slightest trace of footsteps, or other marks, which might show operations in connection with the removal of the treasure. If found, such a trail would doubtless guide them in their further quest of the gold at the bottom of the lake. They spent three hours at the work, and finally abandoned it in despair, for their investigation had been exhaustive, without revealing aught.

Billy Walker delivered himself forcibly, when at last a council was called. Since he had toiled steadfastly with the others, notwithstanding his distaste for physical exertion, there could be no question as to his sincerity when he argued against any further effort in this direction.

“I’ve learned from Jake,” he explained, “that the late Mr. Abernethey understood the management of his boats perfectly, and on occasion used them without taking any one along to help him. It is, therefore, reasonable to suppose that he would have transported the money to its hiding-place in one of the power-boats. He had no horse, and his feebleness was such that he could not have lugged all that weight of gold, even if he divided it into small amounts, for this place is four miles from the cottage—almost as far as we walked the other day. Now, we know that the treasure is at the bottom of the lake. That was the first thing the manuscript taught us. I’m sure he brought it here in the boat. There is no reason why there should be any mark on the shore. I say this: We’ll go back, and have luncheon. Then, we’ll return here, and institute an orderly, exhaustive search of the lake bottom. We must rig up some sort of grappling irons, and anyone so wishing can become a diver, and search the bottom that way. Anyhow, we know the gold is down there. It’s up to us to find it. I will say, I think the old man has done his part.”

This plan was duly carried out. As soon as the young men had left the luncheon-table, they scattered to gather the necessary materials for their equipment in the next stage of the undertaking, following the suggestions of Billy Walker.

Saxe had just descended the steps of the porch when he heard his name called. He turned, and saw Margaret West, standing half-way between him and the shore, a little to the south from the cottage. At the moment, there was no one else visible. Saxe hurried toward her, his face flushed with pleasure at the summons. Recently, she had seemed a bit more distant in her attitude toward him, and he had been tortured by those alarms that are the heritage of all lovers. At this moment, however, her face was radiant, and her limpid blue eyes were sparkling with eagerness. As he came near, she spoke, and there was a thrill of delight in her voice, which set his heart bounding.

“Oh,” she said, clasping her hands on her breast in a quaint gesture of emotion, “I hope, I really believe that I may be able to help you.”

“You!” Saxe exclaimed, in manifest surprise. “Why, what do you mean? Help me—how?”

“It’s about the gold,” Margaret answered. There was timidity in her tones now, as if his evidence of astonishment had distressed her. “I think, I’m almost sure, that I know something you ought to know.”

Saxe’s amazement increased. Somehow, at the back of his mind, there had always lingered the abominable statement made by Roy as to this girl, that she was his natural enemy, that she must be such by the circumstances of the case, since his success would be her direct loss of a large sum of money. He had scorned the idea when it was presented to him; he had never for a moment allowed it entertainment; his love for the girl was sufficient to deny the possibility of her being in any way influenced by sordid things. Yet, always, the thought had lurked in the background for the reason that it had once been voiced by his friend. Now, at her display of interest in his behalf, his first emotion was wholly of surprise from the unexpectedness of the event, and this was followed swiftly by joy that thus she should have proved Roy’s saying false. The new feeling was undoubtedly shown in his face, for, as she regarded him intently, Margaret’s expression grew lighter again. She went on speaking with new animation:

“You know, I was here once before, when I was a little girl, visiting my cousin. He was different then—not lively, or gay, or anything like that, but I don’t think that the miserliness had got such a hold on him. Anyhow, he went about with me a great deal, and we really had ever so good times together. He often took me out in the launch. One time in particular is the thing I must speak to you about, for he took me up in the neighborhood where you were today. I’m sure of that, for I know just where you went from what you said at luncheon. Do you wish me to go on?”