Numerous theories were now advanced to account for this mysterious disappearance.  One was that some outside party had found the valise, and finding the gold, had left the silver in order to make it appear that the satchel had not been disturbed.  This was discarded at once, as the position and condition of the valise when found was such that it could not have been tampered with, or even opened.  This was a surprising thing to contemplate, for the ground for miles around had been thoroughly searched by hundreds of people, and it was evident that no one had discovered the hiding-place of this valise.

Another theory was that it was improbable that the two robbers would overlook a sack containing that large amount of money.  Its very weight would have betrayed its presence, and added nearly nineteen pounds to the burden which they carried, and therefore there were still some grounds for entertaining a belief that Pearson had taken more than his share of the booty.  To this belief I was not inclined to give much weight, as I felt convinced that Pearson had made a full confession of what had taken place, and had made honest restitution of the money he had taken.  Under all the circumstances, therefore, I was inclined to think that Edwards and his companion had taken the gold, and that the capture of the remaining robber would unravel the seeming mystery.

I was further convinced of this by another incident which transpired in this connection.  After the valise had been found and returned to the bank, Edwards was taken into the building.  The silver coin which had been recovered was placed within the satchel, and handed to him.  After taking it in his hand, he immediately exclaimed: 

“Why, that isn’t nearly as heavy as it was when we left the bank!”

Mr. Silby then brought out a sack containing five thousand dollars in gold, and placed it in the satchel.  Again Edwards lifted it, and this time he at once said: 

“That is more like it!”

This experience strengthened me in the belief of Eugene Pearson’s innocence, and that Edwards and his companion had either lost the gold in some manner, or had disposed of it in some other way.

Acting upon this theory, the ground in the vicinity of the spot where the valise was found was thoroughly searched by both the bank officials and my operatives.  All in vain, however; no trace was obtained of the missing sack of gold, and the matter of its loss was as much a mystery as ever.

After the preliminary hearing had been held, the prisoners were removed to the county town, some miles distant, where they were placed in confinement, awaiting the day of trial, which would not take place for some time to come.