Finders Keepers

Many people have accused governments of piracy, but few have as good cause as Melvin Fisher. In 1971 Fisher, 56, located a Spanish galleon that sank off the coast of Florida in 1622 carrying 47 tons of gold and silver. Since then, he and his company have been diving for the treasure, which could be worth as much as $600 million. The mission's cost so far: $5 million and four lives, including that of Fisher's son.

Otherwise, the salvaging was going smoothly, 40 miles off the coast of Florida, until the state government ran up the Jolly Roger and demanded the loot. It seized $1.5 million worth of treasure, including a rare astrolabic instrument worth $500,000 and some 1,800 silver coins. In 1975, however, the U.S. Supreme Court ruled that Florida's territorial waters extended only three miles out to sea. Still, Florida sued to keep what it had taken.

Last week U.S. District Judge William Mehrtens ordered Florida to give the treasure back. Said he: "Merely because agents of the state covet the treasure does not give the agents the right to take it." Fisher was jubilant. Said he: "When a little guy like me can beat the government in court, it is a good signal for free enterprise." Don't celebrate too much, Melvin. There's still the income tax.

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