He went out on the extreme edge, faced about, and taking a line at right angles to it, stepped two hundred and fifty paces. He ended in sand--and, for another fifty paces, sand--sand unrelieved by aught save some low bushes sparsely scattered here and there. "Somewhere hereabout, according to present conditions, the trees should be," he said. "Not very promising," was Croyden's comment. "Let us assume that the diagonal lines drawn between the trees intersect at this point," Macloud continued, producing a compass. "Then, one hundred and ten paces North-by-North-East is the place we seek." He stepped the distance carefully--Croyden following with the horses--and sunk his heel into the sand beside a clump of wire grass. "Here is the old buccaneer's hoard!" he exclaimed, dramatically. "Shall we dig, immediately?" Croyden laughed. [Illustration: HE WENT OUT ON THE EXTREME EDGE, FACED ABOUT, AND STEPPED TWO HUNDRED AND FIFTY PACES] "You dig--I'll hold the horses; your hands are tougher than mine." "I wonder who owns this land?" said Croyden, suddenly. "We can ascertain very readily. You mean, you would try to purchase it?" "Yes, as a site for a house, ostensibly. I might buy a lot beginning, say one hundred and fifty yards back from the Point, and running, at an even width of two hundred yards, from the Severn to the Bay. That would surely include the treasure." "A fine idea!" Macloud agreed. "If the present owner will sell," appended Croyden--"and if his price isn't out of all reason. I can't go much expense, you know." "Never mind the expense--that can be arranged. If he will sell, the rest is easy. I'll advance it gladly to you." "And we will share equally, then," said Croyden. "Bosh!" Macloud answered. "I've got more money than I want, let me have some fun with the excess, Croyden. And this promises more fun than I've had for a year--hunting a buried treasure, within sight of Maryland's capital. Moreover, it won't likely be out of reach of your own pocketbook, this can't be very valuable land." He remounted his horse. "Let us ride around over the intended site, and prospect--we may discover something." But, though, they searched for an hour, they were utterly unsuccessful. The four beech trees had disappeared as completely as though they never were. "I'm perfectly confident, however," Macloud remarked as they turned away toward town, "that somewhere, within the lines of your proposed lot, lie the Parmenter jewels. Now, for the lot. Once you have title to it, you may plow up the whole thing to any depth you please, and no one may gainsay you." "I'm not so sure," replied Croyden. "My knowing that the treasure was on it when purchased, may make me liable to my grantor for an accounting." "But you don't _know_!" objected Macloud. "Yet, I have every reason to believe--the letter is most specific."