Our next stop after diving the Madeira was Silver Bay, just up Highway 61 from Beaver Bay. My dad's friend, Don Franklin, worked for Reserve Mining Company which is pretty much all there is in Silver Bay. Don refilled our scuba tanks at the local fire station and chatted with us for a bit about exactly where to go, though he declined to go with us. The year before he had taken my father and my brother to Isle Royale and had shown them the wreck of the passenger steamer, the S.S. America.
The harbor at Silver Bay has a wreck named Hesper which went down in 1905, the same year as the Madeira:
The Hesper lies in three big pieces in about 35 to 40 feet of water. Part of her is partially buried under the western breakwater wall. The jetty makes for an easy way to get up close to the wreck site, although you have to pick your way across the rocks [added: the jetty is visible in a photo at the website that I linked to below. The wreck is about 3/4 of the way out on the left (harbor) side]. You can visualize the wreck with the help of this sketch (click to enlarge):
According to my dad, Don and his friends discovered the wreck and were the first to dive on her. Some recovered artifacts can now be seen in a museum in Duluth. Because the wreck lies inside the breakwater and the harbor is busy, the water is pretty turbid. Consequently, the underwater visibility is not as good as found at the Madeira. Nonetheless, the wreck is impressive.
Here is a photo of the wreck my dad took, looking pretty much as I remember it:
The Minnesota State Historical Society maintains a website with additional photographs of the Hesper here.