They all listened most intently to the recital of his advent into Philadelphia’s commercial circles,--because he had much capital at his command. How he became acquainted with the weakness of Arnold, through the oyster vender, Sven Svenson, and how he interested Arnold in privateering enterprises, all was heard with much interest. Then the final surrender of Arnold to the proposition of treason, for twenty thousand pounds sterling and a brigadier’s commission in the British army, was received with profound satisfaction. When Barclugh told of his journey, his being captured three times and his interview with Washington, they listened with wonder; but when he told of the experience with the Connecticut dame at the Red Squirrel Inn and the wooden ham, the whole party laughed long and heartily. At the conclusion of the narrative, Barclugh turned to General Clinton and said brusquely: “General Clinton, Arnold has been paid part of his price, and I shall turn the military end of the business over to you. He will get his assignment to West Point and you must carry out the details of the plans already entered into. He will correspond with you under an assumed name, and his language will have the _entente_ of carrying out some large commercial transactions.” “Mr. Barclugh, the conception and execution of your plans have been magnificent, and I shall entrust the fulfilment of them to my able, young adjutant, Major Andre,” graciously assented General Clinton, as he turned with beaming eyes and countenance to his staff officer. “But, gentlemen,” continued Barclugh, “my task at Philadelphia is but commenced. My desires are to finish my business here as soon as possible and return to start my next enterprise. I have the people and plans engaged to start a bank in this country. It is to be known as the Bank of North America. The model is to be our Bank of England, and we shall have the government of this country so closely allied with this institution that only safe measures of legislation will be allowed. “Our great obstacle in overcoming the rebellion in our Colonies is the lack of any centralizing power to draw all the men of substance into one party and the poor devils into another. The reason is that there are no organizations to control the accumulation of property. “Life and industry create property, and money has been sanctioned by custom to represent property; but an artificial system can be established to control money; therefore, whoever controls the money of a nation controls its life and industry. “Commissary receipts answer as well for money now as gold, but if we have a corporation of leading men of substance who lose their individual interests in the policy of the bank, why, we can issue a dictum that gold only will be received as money; then the vital interests of thousands at once are merged into the centralized body.