was stricken dumb by this cool speech.

"Who told you about that?" he demanded in a scared tone. "Say, how'd
it be if you told me what's your side in this little gab-fest? Who you
workin' for? Police? Nickleby? Say, you aint crazy enough to think I
had anything to do with the disappearance of that bunch of coin, are
you?"

"Hardly," smiled Phil. He handed over Benjamin Wade's letter of
introduction, "to whom it may concern." The change which perusal of
these credentials wrought in Jimmy Stiles was at once noticeable. He
relaxed in his chair with a breath of relief and laughed.

"Why didn't you say in the first place you were Wade's private
secretary?" he protested. "Gee whiz! Now I know where I'm at--if it's
true," he added suspiciously, suddenly sitting erect again. "Miss
Lawson said she heard Podmore tell Ferguson you hid that envelope for
him in a stump up in the bush near some watertank or other after he'd
pinched it from Mr. Wade's private car, and that you two fellows were
friends an' had both got fired by Wade because you wouldn't tell where
the envelope was."

"It isn't wise to believe everything one hears, Jimmy,--through
key-holes," advised Kendrick. "That's all a bluff. It was Mr. Wade's
idea that by pretending to be friendly toward Podmore I might get a
line on something. We framed up the whole thing on Podmore."

"But the envelope really was swiped an' hid in the stump, wasn't it?"

"Yes, I left it there at Mr. Wade's suggestion."

"With all that money in it?"

"The bills were bogus--just stage money."

"What!" cried Stiles in excitement. "Gee-whilikins! Is that right,
Mr. Kendrick?" His mouth opened in what seemed to be fear as well as
astonishment. "But of course it's right. That's what he wanted me to
get that duplicate envelope for. Gosh! why didn't we think of that
last night?"

He got up and took a turn across the room and back in his agitation.

"You surely didn't expect--?" began Kendrick in considerable surprise.

"We haven't known what to expect," interrupted Stiles anxiously.
"Anything--everything!--with fifty thousand dollars of election money
kicking around loose. Why, Miss Lawson's been on the trail of this
campaign fund contribution ever since that night when--that is to
say----" For a second time Jimmy Stiles paused uncertainly.

Kendrick had a flash of inspiration. He sprang to his feet, reaching
excitedly into his pocket.

"Has Miss Lawson ever owne