“Impossible,” exclaimed the minister quickly. “His firm has too much at stake to cast their fortunes with such scoundrels.” Phil was surprised that the minister could not see the villainy of Mareno; it was plain enough to him. Then he realized the minister did not possess the mass of incriminating evidence that they held against him. How could he show the true character of this man without betraying himself and his companions? “What about the valuable concessions held by the American syndicate?” he asked, seeing a way to enlighten the minister. “Who has the power to give and take away this concession right?” “The president of Verazala only,” replied he perplexedly. “Very well, sir,” continued Phil; “if Ruiz was president to whom would he give the concession?” “To those who offer him the largest price,” the minister answered readily, “and that has always been this American syndicate.” “Yes, but suppose he should be heavily in debt financially to the firm of Señor Mareno, besides being bound down by promises before he became president. What then?” questioned Phil. “I remember now that La Fitte and Company have bid for the concession,” said the minister thoughtfully, “but their price was too small. It’s but a matter of money, you see.” “Is Mr. Mareno of that firm?” asked Phil, though he knew he must be. “Yes,” replied the minister, “he is the head and the largest stockholder.” “Then that proves my case,” cried the lad. “La Fitte and Company desire the Pitch-Lake concession and also the new concession which American capital is endeavoring to obtain, to open up the rich mining country in the interior of the republic, which will include the right to build a railroad over the mountains and thereby open to the sea the large rubber, coffee and sugar industries now shut in by this impassable mountain range.” “Remarkable,” exclaimed the minister, intensely excited. “Why should I not have thought of that? I believed it was but a meaningless revolution to change the party in power. I had no thought that such black intrigue might be bound up in it. What villains these men are to sacrifice hundreds of lives for the sake of their own pockets.” “It was by the merest accident that we unearthed the plot,” said Phil delighted at the success of his argument. “There are many of Ruiz’s sympathizers within the city who would have welcomed him with delight if he had been even partially successful to-day. Many of General Barras’ regiments were ready with but slight encouragement to join the rebels; all of this was done with Señor Mareno’s gold.” “What treachery!” the minister cried angrily. “I shall write immediately to the president and give him the name of my informant.” Then he looked with admiration at the midshipmen. “You boys are a marvel to me; how did you ever find this out?”