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 with true Castilian delicacy, waited for his host to open the question that they had met to discuss. He had not long to wait. As soon as the cigars were lighted, the American cleared the way by inquiring whether the secretary’s investigations in the town had furnished him with any clue to the lost funds.

“I have found no one yet,” admitted Colonel Falcon, “who even had sight of the valise or the money. Yet I have persisted. It has been proven in the capital that President Miraflores set out from San Mateo with one hundred thousand dollars belonging to the government, accompanied by Señorita Isabel Guilbert, the opera singer. The Government, officially and personally, is loathe to believe,” concluded Colonel Falcon, with a smile, “that our late President’s tastes would have permitted him to abandon on the route, as excess baggage, either of the desirable articles with which his flight was burdened.”

“I suppose you would like to hear what I have to say about the affair,’ said Goodwin, coming directly to the point. “It will not require many words.

“On that night, with others of our friends here, I was keeping a lookout for the president, having been