The story begins "In old times, just after the territory of the New Netherlands had been wrested from the hands of their High Mightinesses, the Lords States General of Holland, by King Charles the Second".
This action is said to "spread sudden consternation among the buccaneers in every part of the provinces”, who likewise "secreted their money and jewels in lonely out-of-the-way places".
Irving writes that reports of "buried great treasures of gold and jewels ... set the brains of all the good people along the coast in a ferment."
This inspires one of the party to recount "a story about a fellow who once dug up Kidd's buried money".
This story, along with several of Irving's others, was influential in American folklore tales of Pirates and buried treasure.