provoked you to laugh just at the time when a man is least disposed to be laughed at. Well, Gingham having thus accomplished his first object, by ascertaining all that he wished to ascertain concerning myself, now went on, in the second place, to develop his own plans. “You are, I believe,” said he, “to a certain extent aware of the scheme which brought me out from England. By the public prints, and still more by my private correspondence, I am now led to conclude that Napoleon’s day is near its close, and that the war will soon be terminated. In that event, my plan falls to the ground. But should we carry on the war here another twelvemonth, I shall have time to try it; and, if we go on permanently, I mean to carry it out.” “I have some general idea of your plan, and that is all. You wish to meet the monetary difficulties connected with the operations of our army, by a method which you have concocted; and which you intend to start, for self and friends, as a private speculation. Don’t see how you can make a beginning: where’s the opening?” “An opening is afforded by the necessity of the case,” replied he; “which necessity my plan will meet.” “Don’t see how. Look here; the difficulty is just this: Here are certain headquarters transactions, which require ready money; and that ready money must be current coin. Credit will not do; bank notes will not answer the purpose; no, nor yet bills, nor any kind of available security. It must be specie, minted gold and silver, hard cash. For example, the troops have hitherto been usually paid in dollars. When we have got dollars in the military chest, the troops can be paid; when our dollars are gone, they must wait till we get more. And though we had power to draw at will on the British treasury, for three months’ pay to the whole army, not a stiver can the army receive till we have more dollars.” “That’s just it,” said Gingham; “and I beg to ask, is such a state of things desirable? The efficiency of our army depends, not on the solvency of our Government, but upon the activity of money-dealers in raking up specie in the four quarters of the globe. That is the state of things which my plan proposes to remedy.” “Do that, and you will effect a great object. The mode, though, is quite beyond me.”