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“You must have read in the papers a few weeks back,” he began, “about that bunch of college men that chartered the old racer Mayflower, filled her up with diving gear and dynamite, and went down after the treasure in the Santa Margherita.”

I nodded assent. “Yes, and a hurricane hit them and they barely escaped.”

“They’re keeping mum,” he said, “and mean to try again; but it’s no use. That treasure is seven hundred miles to the nor-nor’east now, and I was about the last man to look at it. It’s resting in the hold of a small schooner, sunk in four hundred fathoms. I never heard of that treasure ship until about three years ago, when I quit a brigantine at Cedar Keys and mixed in with the boarding-house crowd. There was a fellow out of a job named Gleason, and he had a chart in his pocket that he talked about, but never showed. He told us all about that old Spanish ship that went down with all hands in the sixteenth century, carrying with her about seven millions’ worth of gold, silver, and jewels; and he knew the location. He had got it from a drunken diver who had seen her on the sea bottom, spelled her dingy old name on the stern, and saved the news to himself while he wormed out of the skipper the latitude and longitude of the place. And now he wanted to enlist capital, or make up a crew of men that would do the work. Dead easy, he said. Just to get there, drag the bottom with two boats and a length of chain until the wreck was located, then to go down in a diving suit, hook on to the chests and hoist them up.

“Well, in the crowd that he talked to there wasn’t a dollar. We were all dead broke, but we were all ambitious. There was Pango Pete, a nigger six foot tall, who couldn’t write his name, but he was a seaman from his feet up; and a Dago named Pedro Pasqualai. These two were the kind that will choke you before they ask the time of night. Then there was Sullivan, old man Sullivan, a decrepit old codger who had sailed second mate all his life, and never got a first mate’s berth because he couldn’t master navigation. And there was Peters, a young fellow filled up with the romance and the glory of the life at sea–rot, as you and I know, but he was enthusiastic, and that was enough. A trio of Dutchmen were taken in–Wagner, Weiss, and Myers, three good fellows down on their luck. A Portuguese named Christo, and two Sou’wegian brothers named Swanson completed the bunch. We talked it over down at the end of the fruit dock, where the oyster boats come in and make fast, and where the downs-and-outs congregate to smoke and boast of the prosperous past.

“But this crowd talked of the prosperous future. Seven millions, said Gleason, lay down there off Turks Island in less than sixty fathoms, and all we needed was some kind of a craft to get us there, a diving suit, and a storage battery to light up a bulb to search for the treasure. These things seemed beyond our reach, until a schooner came in for supplies. We sized her up, and Gleason went wild as her different fittings and appliances showed up. There were the diving dresses we needed; there was the storage battery; there were the extra anchors for mooring a craft over a certain spot, and the air pumps and paraphernalia for diving operations, scattered about the deck. She was a small craft, and was manned by men who did not act and talk like sailors. There seemed to be no skipper, and they smoked on deck while working, and talked back and forth as though all were equal.