t up are you, Grant?" asked Fred in surprise.
"Why this is the best encouragement we've had yet."

"Give it up! Of course I'm not going to give it up. I don't see much
encouragement here though. I think it's only more maddening. What we've
found to-day only goes to prove that this code does tell where treasure
is buried, but it doesn't tell us how to read the code, does it? It only
tantalizes us, but you can make up your mind that I'm not going to give
up, even for a second."

"What Pop said was probably true," remarked John.

"What was that?" asked Grant.

"Why, that all of a sudden somebody would get an idea and the whole
thing will be solved. I think that's what will happen myself."

"I hope so," exclaimed Grant. "I wish it would be soon, too."

"Maybe Pop already has an idea," laughed Fred.

"I doubt it," said John. "Where is he anyway?"

"He went for a walk."

"Where?"

"I don't know. He just said he was going for a walk."

"Well, let's go down and take a swim," exclaimed Fred. "It's awfully hot
and a little water certainly wouldn't hurt me."

"I should say not," laughed John. "I never saw so much dirt on any man's
face in all my life. You're a sight."

"I know it," Fred agreed. "Still," he added, "I found a couple of gold
pieces, didn't I? And I'm always willing to get dirty under those
conditions."

"I guess you are," agreed John. "How much do you suppose they're worth?"

"Well," said Grant, "they look to me about the size of a twenty-dollar
gold piece. They ought to be worth thirty-five or forty dollars easily
enough."

"Just imagine finding a whole chest full of them," exclaimed Fred, his
eyes shining. "Why, we'd never have to do any work as long as we lived."

"We'd soon get tired of doing nothing, I'm afraid," said Grant. "Anyway
we haven't found them yet."

"Don't talk about it," exclaimed John. "That code is the most maddening
thing I ever saw."

The three boys now were walking down towards the shore. Their favorite
spot in which to swim was the little ledge from which they had watched
the many colored fish and the various forms of sea-life the first day
they had landed on the island. Here the water was deep and the ledge
made an excellent place from which to dive.

A few moments later the three friends were puffing and blowing about in
the water enjoying themselves immensely. Their bodies from long exposure
to the rays of the tropical sun were tanned until they might have been
eas