Synopsis by Rob Johnson
The Swordsman breaks in to Avengers Mansion to apply for membership (so he can use his Avengers ID for nefarious purposes). Captain America rejects him for his criminal background.
Swordsman was a circus performer who trained young Clint Barton in archery. Clint idolised him until he found Swordsman robbing the circus safe. Swordsman doesn't know Hawkeye was young Clint, whom he left for dead.
Cap's letter to Nick Fury requesting a job has gone unanswered because Fury has moved from the CIA to SHIELD. And because HYDRA has intercepted it. HYDRA discard the letter as useless, and a small-time crook picks it up. Swordsman offers a reward for information that will help him trap and Avenger, and gets hold of the letter. He sends a reply to lead Cap into a trap.
Hawkeye foils a robbery by the same crook. Thinking Hawkeye is after him personally, the crook confesses about selling Cap's letter to Swordsman. Hawkeye and the other Avengers rush to Cap's aid, following a tracer Tony Stark had given them all.
Swordsman fights Cap, and knocks him out by luck. When the Avengers arrive, Swordsman threatens to push the bound Cap off the top of a building unless the Avengers make him their new leader. Cap solves their dilemma by jumping off the building.
Synopsis by Kevin Hollander
The international terrorist known as the Swordsman attempts to infiltrate Avengers' Mansion. His presence is quickly detected by the security system and is captured. When they are able to pull his rap sheet, he escapes. Captain America dispatches Quicksilver and Scarlet Witch to find him.
When Hawkeye returns, Cap informs him of the intruder. Hawkeye is left speechless and admits to Cap that the Swordsman was his mentor during his time in the carnival. Hawkeye discovered that the Swordsman was stealing money from the circus. He rationalized that the money was his since he was the premiere performer and it was owed to him. The Swordsman then tries to coerce Hawkeye into joining him. When he refuses, Hawkeye is attacked and left him for dead.
In Washington D.C., agents of Hydra intercepts the letter Captain America sent to Nick Fury to join up with S.H.I.E.L.D. (sent in issue #15). They have been trying to locate him for some time now (STRANGE TALES #135). When they find that it does not contain any information about him, they discard it only to be found by a small-time crook. This same man later learns that the Swordsman has offered $1,000 for suggestions on how to capture one of the Avengers. He locates the Swordsman and turns over the letter with the promise of payment upon a successful capture. The Swordsman then replies to Cap's letter pretending to be Fury. He arranges a meeting with him in an abandoned warehouse.
While out on patrol, Hawkeye learns of the trap and races back to warn Cap, but he has already left. They activate the tracking device Cap keeps in his belt and follows the signal to find him. When they locate him in a construction site, Cap has been captured by the Swordsman. His hands are tied behind him and is sitting on a plank extending from the incomplete skyscraper. The Swordsman is behind him with his sword pointed at Cap's neck.
The Swordsman then demands that the Avengers make him their new leader or else Captain America will die. Cap orders his team to not surrender; his life isn't important. After several tense seconds, Cap jumps from the plank to prevent the Avengers from giving in to the Swordsman's demands.