This, however, was not to be.

The merchants, thinking evidently that Captain Semmes was in their power, and must pay their price for taking charge of his treasure, refused to have anything to do with it at a lower rate than five per cent.

To this the officer in charge would not agree, and the money was again carried on board.

Fortunately, as it turned out, for when the true character of the stranger came to be ascertained, he proved to be the United States steamer San Jacinto, of fourteen guns--viz., twelve 68 pounders, and two eleven-inch shell-guns, and therefore much too heavy for the Alabama to venture on an attack.

This point was but just settled when the merchants appeared alongside with an abatement in their charges for taking care of the Confederate treasure; but the chance was gone, and they were compelled to return as empty-handed as they had come.
Meanwhile, the authorities ashore had been bestirring themselves to prevent any violation of the neutrality of their port.