“Well, these operations got known everywhere, and the whole story came up again. A lot of men formed themselves into a company, the grandson was one of them. They bought the island, and resolved to go to work on a grand scale. They rigged a pump which was worked by a horse in a very peculiar fashion, and had a hoisting apparatus worked by another horse to lift up the dirt. They got a lot of wood on the place for stayings to the hole, and went to work. Before they began, they bored down for a hundred and twenty feet. On taking out the auger, they saw on the lowest part scraps of wood, then bright scrapings that looked like gold, then wood again. And this showed that the auger had gone clean through the chest, and had brought back signs of the chest itself, and of the treasure inside. This created the greatest excitement, and the company went to work as eagerly and as industriously as the original diggers. Well, they kept at it, and dug, and hoisted, and pumped for a whole summer; but it was no go. As fast as they pumped, the water poured in, and faster too; and in fact, they couldn’t make the slightest impression on the water in the money-hole, do what they would. So they gave up.
“Well, after this, another company started. The new company bought out from the old all its rights, and started on a new plan. Many of the old company belonged to the new one, and these had learned by experience the impossibility of doing anything by digging in the money-hole itself. The new plan consisted in digging a new hole altogether. In the operations of the old company they had discovered that though the money-hole was all sand and gravel, yet all around it the soil was a hard blue clay, quite impervious to water, and very easy to work in. They thought by digging alongside the money-hole, as near as the clay would allow, they might go down to the same depth, and then tunnel along at the bottom till they reached the treasure chest. So they went to work about thirty feet away from the money-hole, digging in the clay. They had no trouble in digging. The soil was free from stones, firm clay, impervious to water, and they made first-rate progress to a certain extent. They got down about a hundred feet, and then ventured to tunnel towards the money-hole. They worked very carefully, for it was rather dangerous, as they were under the level of the sea, and were therefore exposed to a rush of water at any false movement that they might make. But in spite of all their care, they failed at last; for one day they went up to dinner, and on going back again, they found the new hole filled with water to within thirty feet or so of the top. It was a sore disappointment, and they could only console themselves by the thought that they had been so fortunate as to have left the hole at that particular time. They tried to pump out the water, and made some faint efforts to continue their work, but it was no use. The failure had been too great, and this attempt broke down.
“Well, they now concluded that there was a drain,—the same one I spoke of a while ago,—reaching from the shore of the island at low-water mark, or beneath it, down to the bottom of the money-hole, and that they had somehow broken into this drain, the waters of which had poured into the new hole, and flooded it. This discovery created fresh excitement; and as this company gave up, a new one was formed, which bought out all previous rights, and on the following summer proceeded to make a fresh attempt. Each one of these companies which had been bought out still retained, however, a claim on the profits that might be made; sometimes twenty percent and sometimes ten percent of the treasure. The new company, even if it had succeeded, could only have received about one fifth, or perhaps one fourth, of the treasure, the rest being all forfeited, or mortgaged, so to speak, to the old companies. Still the new company had many members who belonged to the old companies, and who still stuck to the enterprise through thick and thin, so that their undertaking, under such circumstances, is not so surprising, after all.
“This new company, using the experience and discoveries of the preceding ones, went on a new principle. The idea now was, that, first of all, the drain should be discovered, and the supply of water intercepted. If this were done, they would be able to get to the bottom of the original money-hole itself without any trouble. So they set to work, and explored the whole shore of the island. They found one place where at low tide there was a great bubbling in the water, and this they took for the place where the drain began. Here they built a coffer dam, and then tried to find the drain itself. On the shore they met with no success; so they dug pits at intervals along a line stretching from the coffer dam to the money-hole. The soil in all these places consisted of that same tenacious blue clay which I have already mentioned. I don’t know how many of these were dug, but there were several, at any rate. Now, whenever they attempted to strike the drain, the water was invariably too much for them, and rushed in, giving them nothing to do but to fly as fast as they could. In other places they were afraid to venture too near the drain. The end of it was, that this last company was as unsuccessful as the others, though it had spent ten times as much as any of them.”
CHAPTER VIII.
“So you see,” said the landlord, “how all these efforts to get at the treasure have failed; and it is not difficult to see the reason, either. For, you see, as I have already said, the money-hole has been all filled in with sand and gravel, and there is a drain, or channel, connecting with the sea, which lets in the sea water; so, the moment any one undertakes to touch the money-hole, he has to contend with the sea itself, and there hasn’t, thus far, been force enough put forth there to do that. The money-hole is something peculiar. All around it the soil is this blue clay. No doubt the soil where this was first dug was blue clay also; but, after burying the treasure, Kidd, for his own crafty purposes, filled it up with this gravel. No doubt his idea was, that the sea water should affect it the more thoroughly, and make it like a great quicksand. The pumps they set up there did no more good than if they were so many toys.
“Well, the failure of the last company has been followed by a pause, partly on account of discouragement, but still more from the determination, on the part of a few, to begin again on a grand scale; on a scale, indeed, so grand, that it will take some time to make all the preparations. Some of the leaders in the previous undertakings are at the head of this new movement, and have already done very much towards putting it into life and action. This new plan is to get up a regular joint stock company, with a thousand shares, each worth a hundred dollars, or thereabouts. It will be a regular company; the shares will be sold in the market, and the stockholders will stand in the same relation to this business as they would to a coal mine, or any other ordinary undertaking. They’ll have a president, a board of directors, and a superintendent of the mining works. It is proposed to employ a regular engineer to survey the ground, and design the best mode of going to work; to put up a steam engine of sufficient power to pump out the money-hole, and keep a large force of men at work, night and day, in separate detachments. The idea is, to do it up as fast as possible, and get at it once for all, or fail utterly.
“Now, this company is already started, and about a quarter of the stock has been taken up. I shouldn’t be surprised to see them set to work next year, or the year after, at the farthest. The thing is bound to go on. Besides those who believe that the treasure is here, there are ever so many who wish to see the mystery cleared up, irrespective of any treasure. These men are going into the new company almost as extensively as those who believe in the money. Then, again, there are ever so many people about the country who have heard about it for the first time, and are taking shares just as they would buy tickets in a lottery; not because they expect to make anything, exactly, but because they are willing to run the risk, and take their chance.
“This sort of thing, of course, has a far different prospect from what the old companies had. It puts the whole plan on a different footing. It makes it, in fact, a thoroughly legitimate business, and sets on as sound a basis as if it was an iron or coal mining company. A real, practical engineer—a man who is a practical geologist also—could tell more about Oak Island in one walk round it, than the other workers found out in years. He could find out the real place where the sea water enters; whether there is one only, or more than one. When once that is found out, and stopped, the rest is easy. But, if they can’t stop it, why, then, let the steam pump go to work, and I don’t think the money-hole would be flooded much longer. Then, again, the plan of having two gangs to work night and day, so as to have no stoppage in the operations, will be a most important thing. And so, what with modern science, and