Phips went to the place in a small vessel, hoping that he should be able to recover some of the treasure from the wreck. He did not succeed, however, in fishing up gold and silver enough to pay the expenses of his voyage.

But, before he returned, he was told of another Spanish ship or galleon, which had been cast away near Porto de la Plata. She had now lain as much as fifty years beneath the waves. This old ship had been laden with immense wealth; and, hitherto, nobody had thought of the possibility of recovering any part of it from the deep sea, which was rolling and tossing it about. But though it was now an old story, and the most aged people had almost forgotten that such a vessel had been wrecked. William Phips resolved that the sunken treasure should again be brought to light.

He went to London, and obtained admittance to King James, who had not yet been driven from his throne. He told the king of the vast wealth that was lying at the bottom of the sea. King James listened with attention, and thought this a fine opportunity to fill his treasury with Spanish gold. He appointed William Phips to be captain of a vessel, called the Rose Algier, carrying eighteen guns and ninety-five men. So now he was Captain Phips of the English navy.

Captain Phips sailed from England in the Rose Algier, and cruised for nearly two years in the West Indies, endeavoring to find the wreck of the Spanish ship. But the sea is so wide and deep, that it is no easy matter to discover the exact spot where a sunken vessel lies. The prospect of success seemed very small; and most people would have thought that Captain Phips was as far from having money enough to build a "fair brick house," as he was while he tended sheep.

The seamen of the Rose Algier became discouraged, and gave up all hope of making their fortunes by discovering the Spanish wreck. They wanted to compel Captain Phips to turn pirate. There was a much better prospect, they thought, of growing rich by plundering vessels, which still sailed the sea, than by seeking for a ship that had lain beneath the waves full half a century. They broke out in open mutiny, but were finally mastered by Phips, and compelled to obey his orders. It would have been dangerous, however, to continue much longer at sea with such a crew of mutinous sailors; and, besides, the Rose Algier was leaky and unseaworthy. So Captain Phips judged it best to return to England.

Before leaving the West Indies, he met with a Spaniard, an old man, who remembered the wreck of the Spanish ship, and gave him directions how to find the very spot. It was on a reef of rocks a few leagues from Porto de la Plata.

On his arrival in England, therefore, Captain Phips solicited the king to let him have another vessel, and send him back again to the West Indies. But King James, who had probably expected that the Rose Algier would return laden with gold, refused to have any thing more to do with the affair. Phips might never have been able to renew the search, if the Duke of Albemarle, and some other noblemen had not lent their assistance. They fitted out a ship and gave the command to Captain Phips. He sailed from England, and arrived safely at Porto de la Plata, where he took an adze and assisted his men to build a large boat.

The boat was intended for the purpose of going closer to the reef of rocks than a large vessel could safely venture. When it was finished, the Captain sent several men in it, to examine the spot where the Spanish ship was said to have been wrecked. They were accompanied by some Indians, who were skilful divers, and could go down a great way into the depths of the sea.

The boat's crew proceeded to the reef of rocks, and rowed round and round it, a great many times. They gazed down into the water, which was so transparent that it seemed as if they could have seen the gold and silver at the bottom, had there been any of those precious metals there. Nothing, however, could they see; nothing more valuable than a curious sea shrub, which was growing beneath the water, in a crevice of the reef of rocks. It flaunted to and fro with the swell and reflux of the waves, and looked as bright and beautiful as if its leaves were gold.

"We won't go back empty-handed," cried an English sailor; and then he spoke to one of the Indian divers. "Dive down and bring me that pretty sea shrub there. That's the only treasure we shall find!"

Down plunged the diver, and soon rose dripping from the water, holding the sea shrub in his hand. But he had learnt some news at the bottom of the sea.

"There are some ship's guns," said he, the moment he had drawn breath, "some great cannon among the rocks, near where the shrub was growing."

No sooner had he spoken, than the English sailors knew that they had found the very spot where the Spanish galleon had been wrecked so many years before. The other Indian divers immediately plunged over the boat's side, and swam headlong down, groping among the rocks and sunken cannon.