“The only reason that the water did not come in through that hole forward is that it was probably made by the rocks when she struck and this after part is much lower.  She was caught fast and could not fall back.  Well, what about the chest, can you open it?” for Jack was kneeling before it, and trying the fastenings.

“I don’t know.  The lock is closed, but it is only an ordinary iron one, and perhaps you might break it with the axe.  There is no other lock that I can see.  Try breaking it open, Dick.”

Percival struck the padlock a terrific blow with the axe, and broke it in half, it being just a cast-iron affair and easily broken.

“It seems funny to put a lock like that upon a chest supposed to contain something worth while,” remarked Jack, as he removed the pieces of the lock, pulled aside the hasp and opened the chest.  “That is the way some persons do, however.”

Throwing back the lid of the chest he found a tray containing some papers, a pair of pistols and a knife, a few odd trinkets of very little value, some loose cigarettes, two or three dozen in number, a cheap photograph, and a purse made of silver mesh containing a few gold coins.

“Whose picture is that, Dick?” he asked, handing the photograph to Percival, who took it and examined it carefully.

“Why, that’s Villa or some of those rebel Mexicans,” Dick answered.  “I have seen it in the papers often.  What’s in the body of the chest?”

Jack removed the tray and set it on the floor, opening his eyes with astonishment, and giving vent to a startled exclamation at the same time.

“Well, it is not Captain Kidd, Dick,” he cried, “but it is money, just the same, bags of it, and gold,” untying the cord around one of the bags, and showing it to be full of gold pieces.

“Not pieces of eight, Jack?” asked Percival with a broad grin.

“No, American twenties and tens, and a few English sovereigns,” said Jack, taking out a handful of the coins.  “Why, there’s more than a hundred dollars right in my fist.”

“And a lot of bags, too, Jack,” and Percival bent over and looked into the chest.  “There must be thousands of dollars there, Jack.”

“Yes, if they all contain gold.  Take care of this one, Dick, while——­”

At that moment there was a sudden heavy sound outside, and both boys started up in surprise.

“What’s that, Dick?”

“I don’t know, but I don’t like it.”

“There is no water coming in?”

“Not that I can see.”

The sound was repeated, louder than before, and Percival said nervously, while his cheek was noticed to have perceptibly paled: 

“Let us get out of here, Jack.  I am frightened, I admit.  If anything should happen to you I would never forgive myself.”

He closed the lid of the chest with his foot, caught Jack by the arm, and said as he hurried away: 

“I don’t know what it is, but I am not taking any risks.”