From the mouth of the bag fell pearl necklaces; diamond rings; ruby rings; emerald rings; all kinds of rings; gold bracelets and chains; silver forks and spoons; gold toothpicks; gold cups; silver vases; and a great variety of other things of the same sort. It was a moment or two before anyone spoke. Then the Churchwarden said, "It's my opinion that this is pirates' treasure." "Mercy on us!" said Aunt Amanda. "And they may be in here on us any minute!" Mr. Hanlon opened others of the bags. Each was filled with rare and costly articles of gold, silver, and precious stones. "Do you think it's really pirates?" said Freddie, in an awed whisper. "Not a doubt of it!" said Toby, in a voice much lower than before. "Look at this!" He pointed to a placard on the wall above the sacks. The light was almost too dim for reading, but the writing on the placard was very large, and Toby, by standing on one of the bags, was able to make it out. He read it aloud. "Beware! Hands Off! Whoever Shall Touch it He Shall Die by the Hand of Lingo! With a Knife in the Throat! Long Live King James and the Jolly Roger!" "There a skull and cross-bones under it," said Toby. "Pirates, as sure as you're born." "We'd better be getting away from here," said Aunt Amanda. "Better not speak so loud," said Toby. "How are we to----?" "S-sh!" said the Old Codger with the Wooden Leg, in a frightened whisper. "Excuse me--look--I saw something under the water-fall. What's that?" "Stand close back against the wall," whispered Toby, "and don't speak a word." They crowded back against the wall, alongside of the treasure, and looked towards the water-fall. A dark object was rising from the shallow water at the foot of the fall. As they watched, another dark object appeared to come through from under the fall and apparently from behind it; and this object rose also from the shallow water near the foot of the fall, and took its place beside the other. One after another, five more of these dark objects came from under the fall and apparently from behind it, and stood upright in the shallow water. There were now seven in all. They moved in a group towards the shore. Each of them had two legs, and each was muffled from top to toe in a single loose garment with baggy legs; they walked somewhat like a company of bears. They stood on the dry ground, and one of them proceeded to take off the loose garment with which he was muffled, while the others assisted him with evident deference. First came off a close hood which covered his head, cheeks, and neck. As the watchers by the wall saw his head, they held their breath in terror, and Aunt Amanda clutched Freddie's arm. Around the head was a tight-fitting kerchief, knotted behind; in his ears were great round ear-rings; and gripped between his teeth was a long pointed knife. Aunt Amanda gave a sign as if she was about to scream, but Toby quickly put his hand over her mouth.