The treaty has been in Phelps's sick room all the time, while the thief, Joseph, who usually slept in that room, could not get to it. He rang the bell in Phelps's office after dropping by to visit and finding him not there, but then he saw the treaty and at once realized its potential value. His inability to reach the treaty explains why there have been no dire political consequences. Holmes explains that Joseph had lost a great deal of money on the stock market, which explains his need for money. Being a very desperate and selfish man, he cared nothing for the consequences Phelps might suffer from the document's loss.