One day John was standing at the back of the cave looking up through the opening which was there. Here it was that the billy goat had given him such a fright a few weeks before. This time, however, he did not see any “white bearded old man” as he gazed up into the aperture, but he did spy something almost equally interesting.

“Hey, Fred!” he called. “Come here a minute.”

Fred hastened to respond to his friend’s summons and soon reached the spot where John was standing.

“What do you want, String?” he inquired.

“Look up through that opening.”

“All right,” said Fred, doing as he had been directed. “I’m looking.”

“Don’t you see anything?”

“Sure I do. I see the sky.”

“Don’t be silly, Fred,” exclaimed John. “In the opening, I mean.”

“I see dirt.”

“Is that all?”

“Absolutely. What are you trying to do, anyway?”

“About three feet this side of the other end; don’t you see something sticking out?”

Fred squinted one eye and peered upward critically.

“Don’t you see a thing?” demanded John eagerly.

“Maybe I do,” replied Fred. “Is something sticking out up there?”

“That’s just what I thought. What is it?”

“It looks like the end of a box.”

“Just what I thought myself,” exclaimed John triumphantly. “Let’s get it.”

“We can’t reach it from this end.”

“I know it. We’ll have to climb up on top of the hill.”

“Come on,” urged Fred, now also keenly excited.

Outside the cave, Grant sat puzzling over the numbers. Most of his time he now spent in this way, and though he was apparently no nearer a solution than when he had started, his determination was stronger than ever.

“Where are you two fellows going?” he demanded as John and Fred rushed past the spot where he was seated.

“Just up on top of the hill,” said John evasively. He and Fred had decided not to tell any of the others of their discovery until they had investigated it thoroughly themselves.

“You seem to be in an awful hurry,” remarked Grant. “What’s up?”

“Tell you later,” answered John, and they quickly passed out of Grant’s sight. A moment more and they had arrived at the top of the opening which led down into the cave.

“I can’t see anything from here,” exclaimed John, after a hasty examination. “The shadow of my head gets right in the way and I can’t see a thing.”

“Let me look,” urged Fred, but he could make out nothing either.

“I tell you what to do,” he exclaimed a moment later. “Hang onto my feet so I won’t fall and get wedged in there, and then lower me into the hole.”

“That’s a good scheme,” said John eagerly. “You’re little and skinny and ought to be able to get in there all right.”

“Never mind the ‘little and skinny’ part,” said Fred shortly. “You hold onto my feet.”

Anyone who might have passed by that way and seen John holding fast to a pair of legs sticking out of a hole in the ground would have been puzzled as to what was taking place. Grant’s curiosity had been aroused by the strange actions of his two friends and he had followed them. Imagine his surprise to see what John and Fred were doing, but he said nothing. He stood quietly near by and neither of his comrades was aware of his presence.

“Can you see anything, Fred?” called John.

“Not a thing,” came back the muffled reply. “I can feel something, though.”

“Is it a box?”

“I can’t tell, I think it is.”

“Can you move it?”

“I should say not. It’s stuck fast.”

“What do you want to do?”

“Pull me out and I’ll tell you.”

A moment later Fred emerged, his face covered with dirt.

“What are you two doing?” demanded Grant, who now approached the two conspirators. “You look as though you were training to be a mole, Fred.”

“There’s a box down in there,” said Fred. “We want to get it out.”

“A box!” exclaimed Grant. “How big is it?”

“I could only feel one end of it. It’s about a foot wide I should say. I don’t know how long it is for all the rest of it is buried in there.”

“Couldn’t you budge it?”

“Not an inch. We’ll have to dig it out.”

“I’ll get that knife Sam made,” exclaimed John. “That’ll be just the thing.”

“Sam’s up by the flag on watch,” Grant called as John started off. “I think he has the knife with him. Who discovered the box?” he inquired, turning to Fred. Grant was now as excited as the other two boys had been.

“John did,” said Fred.

“How did he happen to do it?”

“Oh, he was looking up from the bottom and just happened to see it. He showed it to me and we came up to investigate.”

“Maybe this one has the real stuff in it,” said Grant excitedly.

“Maybe so,” Fred agreed. “All I hope is that we can dig it out.”

“I guess we can,” said Grant confidently. “Here comes String now.”

John came running up, out of breath, and handed the knife to Fred. “I told Sam we had discovered a box,” he panted. “Sam says that if there are any diamond horseshoes in it they belong to him. That’s the only condition on which he would let me have the knife.”

“All right,” laughed Fred. “Sam gets all the horseshoes.”

“Are you going to do the digging, Fred?” asked John.

“I guess I’d better. Let me have the knife.”

Holding the home-made blade in his right hand he was once again lowered into the tunnel. John and Grant each held fast to one leg. It was hard work for Fred for he was in comparative darkness and was compelled to feel around to discover where to dig. It was practically impossible for him to see anything.

“How’s it coming?” called John after a few moments had elapsed.

“All right,” replied Fred, his voice sounding as if it came from the center of the earth. “I’m spilling a lot of dirt down into the cave though.”

“Never mind that, as long as you don’t lose any of the money.”

“Do you really think there’s any gold or anything in that box?” said Grant.

“I’m sure I don’t know,” John replied. “If Pop were here he’d be sure it was empty.”

“I know it. Isn’t he a regular old gloom lately?”

“He’s not usually that way. At least he never used to be.”

“Something has come over him since we started work on that code. He thinks it’s very silly and that we are foolish to bother with it.”

“We’ll surprise him one of these days,” said John confidently.

“I certainly hope so,” exclaimed Grant.

While Fred dug they chatted and talked of the possibilities of their finding some long forgotten pirate’s treasure and making themselves rich and famous. Almost anyone would have been as thrilled as these boys were under the same circumstances. Petersen’s tale on board the Josephine and the strange code he had had; the finding of a similar one in the cave; the chest and the powder-horn and pistol; the queer black rock and Sam’s story in connection with it; all these events had combined to spur the four young adventurers on in their quest. Now they had discovered another odd looking box and with the hope that springs eternal in the human breast they were anxiously and eagerly awaiting a chance to examine its contents.

“All right. Pull me up,” came Fred’s summons at last.

Slowly and carefully John and Grant lifted their companion out of the hole. Soon he emerged, the knife in one hand, the box in the other and with so much dirt and grime that its owner was scarcely recognizable.

“You look like Sam,” remarked John, hardly able to restrain his mirth at Fred’s appearance.

“Open the box and don’t get so personal,” advised Fred, wiping the dirt from his eyes.

Grant was already busily engaged in examining the prize his friend had dug from its place in the earth. “This one is light,” he remarked. “I don’t suppose there is anything in it at all.”

“Can you open it?” demanded John.

“Easily. There’s only a catch on it,” and Grant straightway lifted the cover.

“An envelope,” exclaimed Fred disappointedly. “All that work for nothing.”

Grant, however, was opening the envelope and as he did so two gold pieces rolled out upon the ground. “Empty is it?” he cried. “How about those?”

“Say,” exclaimed John excitedly. “Just look at them. Are there any more?”

“Just this,” said Grant quietly and he spread a sheet of paper before the gaze of his two companions. “Do you recognize it?”

“I should know those figures in China now,” said Fred disgustedly. “It’s that same old code again.”

“I know it,” said Grant, “but do you see what’s written across the top?”

“Sure enough,” exclaimed Fred. “What does it say, anyway?”

“‘This tells where the rest of it is,’” Grant read aloud.