Abner is left alone in the store to explain where Lum has disappeared to. Grandpap thinks something suspicious might be going on. Gossipers in town think the let down at opening the trunk, and finding only an envelope with a paper inside is just a cover up to throw people off.
Squire enters to share his own doubts about Lum’s honesty. What were all those random figures and numbers on that page? The belief is that Lum replaced the gibberish document, and hid the real treasure to keep for himself. Will they ever catch up to the fugitive Lum? Should a search party, or posse be formed?
Abner defends his friend, though all the assumptions are against him. Squire gets the work done to put out a warrant for Lum’s arrest, but Lum enters at the last moment. What will he have to say for himself? What’s his side of the story?