“Sanders,” said Charlie’s father, “got one thing wrong. I wasn’t transporting that gold to Europe in the _Merrymaid_. It was bound for two banks in New Orleans—ten million dollars of it. The reason I didn’t call in the police was not because I feared Federal censure, but because I was afraid if Sanders was frightened, he would drop depth bombs on the place and scatter the gold so that no one could find it. I knew it had been sunk by von Hiemskirk and his pirates somewhere off Twin Heads, but had no idea it was in the harbor. Now we’ll get it easily enough. And that reminds me, Deborah telephoned half an hour ago. Osceola found Sanders’ headquarters this afternoon. He had an armed camp in the woods across the harbor from Turner’s. The chief got the State’s police on the job and tonight they captured the place and every man-jack of them except Sanders, who you say is aboard his yacht down here—”