. Too many players.

   . Inflated quantities of treasure.

   . Many discrepancies exist in all documents.

   . The Declaration of Independence is too hokey a key.

   . Part 3 (list of 30 names) considered too little text.

   . W.F. Friedman couldn't crack it.

   . Why even encrypt parts 1 & 3?

   . Why use multi-part text, and why different keys for each part?

   . Difficult to keep treasure in ground if 30 men know where it was buried.

   . Who'd leave it with other than your own family?

   . The Inn Keeper waited an extra 10 years before opening box with
      ciphers in it?  Who would do this, curiousity runs too deep in
      humans?

   . Why did anybody waste time deciphering paper 2, which had no title?
      1 & 3 had titles! These should have been deciphered first?

   . Why not just one single letter?

   . Statistical analysis show 1&3 similar in very obscure ways, that
      2 differs.  Did somebody else encipher it?  And why?
      Check length of key texts, and forward/backward next word
      displacement selections.

   . Who could cross the entire country with that much gold and only
      10 men and survive back then?

   . Practically everybody who visited New Mexico before 1821, left
      by way of the Pearly Gates, as the Spanish got almost every
      tourist:-)

   . A stylometric analysis by William Poundstone indicates that
     the author of "The Beale Papers" and the author of the Thomas
     Beale letters are one and the same, which is pretty conclusive
     evidence that the whole thing is a hoax.