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times, and had come to laugh in the face of the gravest peril.

      "We'll have trouble in escaping those men," came soberly from Bart's lips. "It is still rather wild up around Tahoe, I fancy, and this road must end at the lake."

      "Well, we'll leave the road and ride over the mountain tops, if we do not overtake the man and girl."

      "What if we do overtake them?"

      "It will be a good plan to freeze onto them, and hold them for the officers."

      "No," cried Bart, sharply. "I will not agree to that."

      "You will not?"

      "No."

      "Why not?"

      "It would place the girl in peril. She would be——"

      "That's where you're off, my boy. It might rescue her from peril. If she is in trouble, as we imagine, it would be the very best thing that could happen for her."

      "How is that?"

      "She could tell her story truthfully, and it might get her out of trouble by putting the man with the black mustache in a box. At the same time it would clear me."

      Bart was obliged to confess that Frank had made a point, and still he did not like to think of turning the girl over to the officers of the law.

      "Perhaps she would not 'peach' on the gang, if there is a gang behind her, which I doubt. She might keep her mouth closed, might swear she never let you have the queer money."

      "And I can prove she did by the conductor of the Pacific Express. He saw me give her the small stuff for the two bills."

      "Still, I do not feel like nabbing her and turning her over to the officers. We might not be able to nab her, anyway."

      "That is true enough. I rather fancy her companion would be likely to put up a stiff fight. He looks to me like a dangerous man."

      Frank fancied that he was beginning to understand Bart's feelings. He believed the boy was afraid the girl might prove to be one of a gang of counterfeiters, and he was so badly smitten that he did not wish to be instrumental in her arrest.

      Frank, himself, had been highly interested in Isa Isban; but events had transpired which caused him to doubt that she was all her innocent face would lead a casual observer to believe, and his admiration for her had waned swiftly.

      Having been brought beneath a cloud of suspicion, Frank was determined to vindicate himself in some manner. He sincerely hoped it might turn out that the girl was innocent. If she were innocent, then she must be in trouble, and he hoped to be instrumental in relieving her.

      It was well the lads had obtained two good horses, for they were able to keep well in advance of the pursuers.

      Once or twice they fancied they saw rising dust in the far distance, which led them to believe the man and girl were there.

      If they were right, then the couple in advance were urging their horses to the limit, for they kept beyond view.

      The road grew rougher and rougher. The mountains shut in on either hand, and still they climbed upward. The horses panted and perspired, while horses and lads were covered with dust.

      "Do you know how far it is to the lake by this road?" asked Bart.

      "It can't be over ten miles."

      "Well, it is the longest ten miles of road I ever passed."

      The windings of the road shut the pursuers out from view. They were coming on when last seen, but had not seemed to gain in the least. At last an exclamation of satisfaction broke from Bart's lips.

      "There they are!"

      Far up the road, halted and looking back, were the man and girl, mounted on two dust-covered horses.

      "Sure as you live!" cried Frank. "We have been gaining on them."

      The boys were seen by the ones in advance, and the man made a gesture of rage, while the girl reached out and caught him by the arm, seeming to speak earnestly to him. He listened a moment, and then both touched up their horses, quickly galloping from view.

      Now the chase became hot, although the road became more difficult and perilous. Several times the lads obtained glimpses of the man and girl.

      Finally, with appalling suddenness, they came out upon the shore of Lake Tahoe, resting like a blue gem upon the mountain tops, upheld like a perfect mirror to a cloudless sky.

      Cries of surprise and admiration broke from the lips of both boys, for never before had they beheld such a lovely sheet of water. The surface of the lake was unbroken by a ripple, and the water, into which the heated horses thrust their noses, was clear as crystal.

      Afar, the mountain peaks rose like sentinels, their outlines softened to a purple shade. Along the shores were unmarred forests.

      For a few seconds the boys sat silent, gazing in speechless admiration on the beautiful scene, and then Frank gave a start and drew the nose of his horse from the water, saying:

      "Don't let your animal drink too much, Bart. They are very hot."

      "That's right," nodded the dark-haired lad, following Frank's example. "But where are the man and girl?"

      "They must have hidden up or down the shore of the lake. Look for the tracks of their horses."

      It did not take them long to discover which direction had been taken, and away they went.

      "I don't see how they are going to escape us," said Bart. "We have them cornered."

      "And we must be ready to fight, for that man will raise a rumpus."

      They looked at their revolvers, making sure they were in good working order. There was a look of resolution on Frank's face that contrasted strongly with the expression of doubt and uncertainty which had been growing on the face of his companion.

      They rode round a point and came in view of a beautiful cove. Then they again uttered exclamations of surprise, for out of the cove a light canoe was skimming, and the canoe contained the man and the girl. The man was handling the paddle with strength and skill.

      "Tricked!" exclaimed Frank, somewhat dismayed. "They have slipped us after all."

      As he saw this, the expression of doubt on Bart's face turned to one of intense anger. He was enraged at being baffled. Riding his horse into the edge of the water, he drew a revolver, pointed it at the canoe, and shouted:

      "Hold on, there! If you don't come back, you are liable to find yourself dodging bullets."

      The reply of the man was a scornful laugh, the sudden uplifting of one hand, a puff of smoke, and the singing of a bullet that passed over Bart's head.

      "Don't shoot!" cried Frank. "You might hit the girl."

      Bart was in a white rage; he quivered with anger.

      "Oh, I won't shoot!" he said; "but, if he were alone I'd give him a few lead pills, hang him!"

      After the shot, which seemed flung at the boys in derision, the man resumed paddling, and the canoe glided on.

      But that shot had aroused some on the opposite side of the cove, for a man came bursting out of the trees, rushed down to the shore, and stared after the canoe.

      He was a gigantic fellow, being at least six feet and six inches in height, roughly dressed in woolen clothes, wearing long-legged boots and a wide-brimmed hat. He had a heavy mustache, and a long imperial.

      Suddenly his voice rang in a roar across the cove:

      "Hold on, thar! Whatever are you doin' with my canoe? Ef yer don't bring it back, burn my hide ef I don't turn a cannon on yer an' sink yer at sea!"

      The man in the canoe made no immediate reply, but pulled the harder at the paddle.

      "Derned ef yer don't git grapeshot an' canister!" howled the big man. "I'll riddle yer!"

      Then

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