In this story we take up once more the history of the exploits and adventures of our Union hero Marcy Gray, the North Carolina boy, who tried so hard and so unsuccessfully to be "True to his Colors." Marcy, as we know, was loyal to the old flag but he had had few opportunities to prove it, until he took his brother, Sailor Jack, out to the Federal blockading fleet in his little schooner Fairy Belle, to give him a chance to enlist in the navy. That was by far the most dangerous undertaking in which Marcy had ever engaged, and at the time of which we write, he had not seen the beginning of the trouble it was destined to bring him. Not only was he liable to be overhauled by the Confederates when he attempted to pass their forts at Plymouth and Roanoke Island, but he was in danger of being shot to pieces by the watchful steam launches of the Union fleet that had of late taken to patrolling the coast. But he came through without any very serious mishaps, and returned to his home to find the plantation in an uproar, and his mother in a most anxious frame of mind.