iberty
of trade to and from the territories aforesaid, but also the whole and
entire trade to and from nations adjacent to the said territories, and
entrance by water or land in and out of the said territories.

The monopoly could hardly have been made more sweeping. If the
adventurers found other territory westward, such territory was to be
theirs. Other traders were forbidden to encroach on the region. People
were forbidden to inhabit the countries without the consent of the
Company. The Company was empowered to make war for the benefit of trade.
The charter meant, in a word, the establishment of pure feudalism over a
vast region in America. But in the light of the Company's record it may
be questioned whether feudalism was not, after all, the best system for
dealing with the Indian races. For two centuries under the Company's
rule the Indians were peaceable; while in other parts of America, under
a system the opposite of feudalism--the come-who-may-and-take-who-can
policy of the United States--every step forward taken by the white race
was marked by 'bloody ground.'

Absolutism, pomp, formality, and, let it be added, a sense of personal
responsibility for retainers--all characteristics of feudalism--marked
the rule of the Hudson's Bay Company from the beginning. The adventurers
were not merely merchants and traders; they were courtiers and princes
as well. Rupert, a prince of royal blood, was the first governor; James,
Duke of York, afterwards king, was the second, and Lord Churchill,
afterwards the Duke of Marlborough, the third. The annual meetings of
shareholders in November and the periodic meetings of the Governing
Committee were held at Whitehall, or at the Tower, or wherever the court
chanced to be residing. All shareholders had to take an oath of fidelity
and secrecy: _'I doe sweare to bee True and faithful to ye Comp'y of
Adventurers: ye secrets of ye said Comp'y I will not disclose, nor trade
to ye limitts of ye said Comp'y's charter. So help me God.'_ Oaths of
fidelity and bonds were required from all captains, traders, and
servants. Presents of 'catt skin counterpanes for his bedd,' 'pairs of
beaver stockings for ye King.' 'gold in a faire embroidered purse,'
'silver tankards,' 'a hogshead of claret,' were presented to
courtiers and friends who did the Company a good turn. Servants were
treated with a paternal care. Did a man lose a toe on some frosty
snow-shoe tramp, the Governing Committee solemnly vot