nverting the natives to Christianity.

Having a monopoly of trade and being the law giver to the natives, the
Company had things in pretty much its own way. The governor at Sitka
was the autocrat of all the American Russians. There was no appeal
from his decision except to the Directory at St. Petersburg, which was
about as accessible as the moon. The natives were reduced to a
condition of slavery; they were compelled to devote the best part of
their time to the company's labor, and the accounts were so managed as
to keep them always in debt.

Alexander Baranoff was the first governor, and continued more than
twenty years in power. He managed affairs to his own taste, paying
little regard to the wishes of the Directory, or even of the Emperor,
when they conflicted with his own. The Russians in the company's
employ were _Promushleniks_, or adventurers, enlisted in Siberia for a
term of years. They were soldiers, sailors, hunters, fishermen, or
mechanics, according to the needs of the service. Their condition was
little better than that of the natives they held in subjection. The
territory was divided into districts, each under an officer who
reported to the Chief at Sitka.

The Directory was not troubled so long as profits were large, but the
government had suspicions that the Company's reign was oppressive. An
exploring expedition under Admiral Krusenstern visited the North
Pacific in 1805; the reports of the Admiral exposed many abuses and
led to changes. A more rigid supervision followed, and produced much
good. The government insisted upon appointing officers of integrity
and humanity to the chief place at Sitka.

For many years the Company prospered. In 1812 it founded the colony of
Ross, on the coast of California, and a few years later prepared to
dispute the right of the Spanish Governor to occupy that region. The
natives were everywhere peaceable, and the dividends satisfied the
stockholders. The slaughter of the fur-bearing animals was
injudiciously conducted, and led to a great decrease of revenue. The
last dividend of importance (12 per cent.) was in 1853. After that
year misfortune seemed to follow the Company. Its trade was greatly
reduced, partly by the diminished fur production and partly by the
illicit traffic of independent vessels along the coast. Several ships
were lost, one in 1865, with a valuable cargo of furs. In 1866 the
Company's stock, from a nominal value of 150, had fallen to about 80,
a