In these words the Crown assigned the treasure of the Florencia to the house of Argyll as part of its admiralty rights along that coast where marched the family estates. In 1665, the ninth Earl of Argyll, son of him who had obtained ownership of the galleon, employed an expert diver and wrecker by the name of James Mauld to search for the treasure of ducats and plate. It was an attractive speculation for that notable "douker" who was promised four-fifths of all the "gold, silver, metal, goods, etc." recovered and incidentally the Earl bound himself "that the same James Mauld shall not be molested in his work, and that his workmen shall have peaceable living in these parts during their stay, and traveling through the Highlands and Isles, and shall be free from all robberies, thefts, etc. so far as the said Earl can prevent the same. The said contract provides further lodging houses for the workmen at the usual rates, and is fixed to endure for three years after March 1, 1666."

These divers easily found the hull of the galleon, and they made a chart showing its exact bearings by landmarks on two sides of the bay. This ancient chart of the "Spanish wrack" as it is labeled, is owned by the present Duke of Argyll, and has been used by the modern treasure seekers who are unable even with its aid to find the remains of the Florencia, so deeply have her timbers sunk in the tide-swept silt of the bay. The interest of the ninth Earl of Argyll in exploring the galleon was diverted by Monmouth's Rebellion in which luckless adventure he became an active leader. He was made prisoner and suffered the loss of his head which abruptly snuffled out his romantic activities as a seeker after lost treasure.

He left among his papers a memorandum concerning the galleon, under date of 1677, which states that "the Spanish wrackship was reputed to have been the Admiral of Florence, one of the Armada of 1588, a ship of fifty-six guns, with 30,000,000 of money on board. It was burned and so blown up that two men standing upon the cabin were cast safe on shore. It lay in a very good road, landlocked betwixt a little island and a bay in the Isle of Mull, a place where vessels ordinarily anchored free of any violent tide, with hardly any stream, a clean, hard channel, with a little sand on the top, and little or no mud in most places about, upon ten fathoms at high water and about eight at ground ebb.

"The fore part of the ship above water was quite burned, so that from the mizzen mast to the foreship, no deck was left. The hull was full of sand and the Earl caused it to be searched a little without finding anything but a great deal of cannon ball about the main mast, and some kettles, and tankers of copper, and such like in other places. Over the hindship, where the cabin was, there was a heap of great timber which it would be difficult to remove, but under this is the main expectation.

"The deck under the cabin was thought to be entire. The cannon lay generally at some yards distance from the ship, from two to twenty. The Earl's father had the gift of the ship, and attempted the recovery of it, but from want of skilled workmen he did not succeed. In 1666, the Laird of Melgum (James Mauld), who had learned the art of the (diving) bell in Sweden and had made a considerable fortune by it, entered into a contract with the Earl for three years by which Melgum was to be at all the charge, and to give the Earl the fifth part of what was brought up. He wrought only three months, and most of the time was spent in mending his bells and sending for material he needed, so that he raised only two brass cannon of a large calibre, but very badly fortified, and a great iron gun.

"After this, being invited to England, he wrought no more, thinking his trade a secret, and that the Spanish ship would wait for him. On the expiring of the contract, the Earl undertook the work alone and without the aid of any one who had ever seen diving, recovered six cannon, one of which weighed near six hundred weight. The Earl afterwards entered into a contract with a German who undertook great things, and talked of bringing a vessel of forty guns, but instead brought only a yacht and recovered only one anchor, going away soon after, taking his gold with him and leaving some debt behind.

"The contract with the German has expired, and the Earl is provided with a vessel, bells, ropes, and tongs, and with men to work by direction, yet, although he is confident in his own understanding of the art of diving with the bell, he is willing to enter into a contract. He will dispone (grant) the vessel for three years, provided the contractor should keep four skilled men to work in seasonable weather from May 1 to October 1. The Earl will furnish a ship of 60 or 70 tons with twelve seamen, and give his partner a fifth part of the proceeds. If a Crown were found it was to be exempted from the division and presented to his Majesty....

"It is concluded that if the money expected be fallen upon, the fifth part will quickly pay all expenses, and reward the ingenious artist, and if that fail, the cannon will certainly repay the charges."

There are also preserved articles of agreement, dated December 18th, 1676, by which the Earl makes over a three-year concession to John Saint Clare, minister at Ormistoun in Scotland, "for himself and as taking burden for his father," to search the wreck on shares, the Earl reserving "one-third part of what should be recovered during the first year, and one-half of what should be recovered during the last two years." It is also provided that "if the Saint Clares were disturbed during the first year, so as not to be able to work or raise the wreck without damage to their persons (by reason of the unsettled state of the country), the contract should be regarded as not taking effect for a year. The Earl binds himself to produce before November 1, 1676, his right to the ship, under the Great Seal of Scotland, at Edinburgh, and to deliver a copy of it to the Saint Clares. John Saint Clare, younger, binds himself to repair with all skill for its recovery, and for the recovery of the valuables, during the space of three years, and to make true account and payment of the shares above reserved to the Earl and his heirs, etc. Lastly, both parties oblige themselves faithfully to observe all the articles of agreement under the liquidated penalty of 2,000 marks, Scots."

The Saint Clares, or Sinclairs, as the name is spelled in other documents of the same tenor, assigned their rights and contract to one Hans Albricht von Treibelen, who was probably that German referred to by the Earl as taking his gold with him and leaving his debts behind. This document contains a fascinating mention of "all that might be found in the water and about the ship, as gold, silver, bullion, jewels, etc." and sets forth a new scheme of division of the spoils. Now there appears Captain Adolpho E. Smith as a partner of Hans Albricht von Treibelen, and one finds another parchment executed by the Earl who appears to have thought that these "doukers" would bear watching, for they are enjoined "immediately on the recovery of the wreck to deliver on the spot to the Earl's factors or servants who are daily to attend the work and to be witnesses of what is recovered.... Should the work be impeded by the violence of the country people, it is provided that the term of the contract might be lengthened."