ips to two, we should even now be
able to fight our way through with a reasonable hope of succeeding.
Yet you think it is for you to come hectoring here, upbraiding us for a
situation that is just the result of your own ineptitude."

He spoke with a restraint which I trust you will agree was admirable
when I tell you that the Spanish fleet guarding the bottle-neck exit
of the great Lake of Maracaybo, and awaiting there the coming forth
of Captain Blood with a calm confidence based upon its overwhelming
strength, was commanded by his implacable enemy, Don Miguel de Espinosa
y Valdez, the Admiral of Spain. In addition to his duty to his country,
the Admiral had, as you know, a further personal incentive arising out
of that business aboard the Encarnacion a year ago, and the death of
his brother Don Diego; and with him sailed his nephew Esteban, whose
vindictive zeal exceeded the Admiral's own.

Yet, knowing all this, Captain Blood could preserve his calm in
reproving the cowardly frenzy of one for whom the situation had not half
the peril with which it was fraught for himself. He turned from Cahusac
to address the mob of buccaneers, who had surged nearer to hear him, for
he had not troubled to raise his voice. "I hope that will correct some
of the misapprehension that appears to have been disturbing you," said
he.

"There's no good can come of talking of what's past and done," cried
Cahusac, more sullen now than truculent. Whereupon Wolverstone laughed,
a laugh that was like the neighing of a horse. "The question is: what
are we to do now?"

"Sure, now, there's no question at all," said Captain Blood.

"Indeed, but there is," Cahusac insisted. "Don Miguel, the Spanish
Admiral, have offer us safe passage to sea if we will depart at once, do
no damage to the town, release our prisoners, and surrender all that we
took at Gibraltar."

Captain Blood smiled quietly, knowing precisely how much Don Miguel's
word was worth. It was Yberville who replied, in manifest scorn of his
compatriot:

"Which argues that, even at this disadvantage as he has us, the Spanish
Admiral is still afraid of us."

"That can be only because he not know our real weakness," was the fierce
retort. "And, anyway, we must accept these terms. We have no choice.
That is my opinion."

"Well, it's not mine, now," said Captain Blood. "So, I've refused them."

"Refuse'!" Cahusac's broad face grew purple. A muttering from the men
behind enheartened him