In the year 1684, he happened to hear of a Spanish ship, which had been cast away near the Bahama Islands, and which was supposed to contain a great deal of gold and silver.

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.