The discovery of the ring made a profound impression upon all present. The sailors looked at first surprised, and then sorrowful, for they could not escape the conviction that Charlie had been tempted by the richness of the prize and had actually stolen it.

Charlie was overwhelmed with astonishment and indignation, and the thought that he was considered guilty made him feel very uncomfortable.

The captain, the mate, and Antonio could hardly conceal the satisfaction which this discovery afforded them. Each had motives of his own, the captain being, of course, glad to recover an article which he valued, but of the three perhaps there was none that felt a more malicious satisfaction than the one who had devised the plot. He glanced exultantly at Charlie and Bill Sturdy, who he knew would be equally affected by his favorite's misfortune.

Bill Sturdy returned his glance composedly. Antonio was disappointed to find that he neither looked disturbed nor frightened. Bill waited calmly the course of events.

Captain Brace exclaimed in his harsh voice, "It seems we have a thief on board. We'll soon teach him the way all such rascals will be treated on board this ship. Boy, take off your jacket."

"Captain Brace," said Charlie, with glowing cheeks, and in a tone that might have convinced any one not prejudiced against him, "just hear what I am going to say. I didn't steal your ring, indeed I didn't. I would scorn to do such a thing. Ever since I could speak my mother has taught me how mean a thing it is to take what belongs to another. I own that appearances are against me."

Here Randall stepped forward with an evil smile upon his face.

"Captain Brace, as I am the uncle of this boy, perhaps you will allow me to tell you how much dependence can be placed upon his word. He is an artful young rascal. I am sorry to say it, since he is related to me, but the fact is, he was on the point of being arrested for theft just before we sailed, when I, to protect him from imprisonment, and snatch him from the custody of the law, took him to sea with me. I have said this against my will, because, although I know you, Captain Brace, would not be imposed upon by his story, I thought there might be others that would."

The sailors looked at each other, not knowing what to think, while the captain exclaimed, sternly, "So this is not the first of your tricks, my fine fellow. You shall have justice done you on the sea, if not on the land. Strip, I tell you."

Charlie was so thunderstruck by Randall's bold falsehood that he actually had nothing to say. He mechanically began to take off his jacket.

At this moment the clarion voice of Bill Sturdy was heard, as, hitching up his trousers a bit, he left the mast against which he had been leaning, and advanced into the midst of the assembled sailors.

"Captain Brace," he said, in a tone firm but respectful, "if you'll allow me, I'll tell you what I know of this affair."

"So you know something about it, do you?"

"I thought so," said Randall, in a low voice, for he had disliked Bill from the first.

"I do," was the composed reply, "but I have no reason to be ashamed of what I do know."

"I think," said the mate, "we already know all that we require, since we have discovered the thief."

He was apprehensive, from Bill's tone, that what he had to say might put a different face on the matter, and perhaps clear Charlie.

Captain Brace, however, did not choose to be guided by the implied advice of his first officer. He had a curiosity to learn what Sturdy had to communicate.

"Say on; what do you know of this affair?"

"Very well, sir. About an hour ago you came up from the cabin and began to pace the deck."

The captain assented.

"As you passed I observed one of the crew take a hasty glance at your finger. I looked also, and saw that you were not wearing your ring as usual."

"Well?"

"The sailor that I mentioned just now."

"Who was he?"

"I would rather not mention his name just at present, unless you insist upon it."

The captain did not insist, and Sturdy proceeded.

"I thought I would just keep my eyes open, and see what followed. Pretty soon the sailor I spoke of looked about him to see if he was unnoticed, and crept slyly down below. A little later he came up and went to work again."

"Was that all?"

"It was not," answered Sturdy. "He kept at work about ten minutes longer, and then stole towards the forecastle with the same secrecy as before. I should have followed him down, but I thought he would notice me. My mind misgave me that he was in some mischief. I determined I would remember what happened, and if anything turned up, I should know how it came about."

"And what do you make of all this?" said Randall, sneering. "To my mind it is a foolish story, and, even if true, amounts to nothing."

"I'll tell you what I think, and am about sure of, Mr. Randall," said Bill, without betraying a particle of excitement, but continuing to speak with the same calm composure as before, "I believe that man in the first place stole the captain's ring, and then went and put it into the lad's chest, in order that it might be found there, and the guilt fixed on him."

This assertion made a sensation among the crew, and there was a general feeling that Charlie was innocent.

"Who is this man of whom you have been speaking?" said the captain.

"I don't need to name him," said Bill. "I don't need even to look at him. If you will look around you, Captain Brace, you can tell by his looks who the man is that has hatched this wicked plot against an innocent boy."

Instantly the eyes of all, as if by some common impulse, were fixed upon the form of Antonio, who, confused, thunderstruck by the minute detail of his movements, which he had supposed unnoticed by any one, now stood with his face alternately flushing and paling, looking the very picture of confession and detected guilt.

Unable to bear the glances fixed upon him, he exclaimed, in a voice hoarse with passion, "It is false. I never did it."

"No one has accused you that I know of," said Bill Sturdy, coolly. "Leastways, nobody that I know of, excepting yourself, and your face is enough to do that. However, I don't mind saying that you are the man I mean. If Captain Brace will take the trouble to remember, you are the first one that thought of searching for the ring, and told him falsely that you had seen it in the hands of that lad there. Then again, when the chest had been searched, and the ring couldn't be found, you came forward and offered to look for it yourself, and finally you did find it. That's all I've got to say, only, if you are not the real thief I am a liar, and so is that face of yours."

Carried away by his rage, Antonio, forgetting the prudence which his past experience might have taught him, threw himself suddenly upon Bill Sturdy, and nearly succeeded in laying him prostrate upon the deck.