blic auction of the
furs. A pin would be stuck in a lighted candle and bids received till
the light burnt below the pin. Sack and canary and claret were served
freely at the sales. Money accruing from sales was kept in an iron box
at the Goldsmiths' exchange, and later in the warehouse in Fenchurch
Street.

Trading in the early days was conducted with a ceremony such as kings
might have practised in international treaty. Dressed in regimentals,
with coloured velvet capes lined with silk, swords clanking, buglers and
drummers rattling a tattoo, the white trader walked out to meet the
Indian chief. The Indian prostrated himself and presented the kingly
white man with priceless furs. The white man kneeled and whiffed pipes
and thanked the Sun for the privilege of meeting so great warriors, and
through his interpreters begged to present the Great Chief with what
would render him invincible among all foes--firearms. Then with much
parleying the little furs such as rabbit and muskrat were exchanged for
the gewgaws.

Later, the coming of rival traders compelled the Company to change its
methods and to fix a standard of trade. This standard varied with the
supply of furs and the caprice of fashion; but at first in respect to
beaver it stood thus:

1/2 lb. beads 1 beaver.
1 kettle 1 "
1 lb. shot 1 "
5 lbs. sugar 1 "
1 lb. tobacco 1 "
1 gal. brandy 4 "
2 awls 1 "
12 buttons 1 "
20 fish-hooks 1 "
20 flints 1 "
1 gun 12 "
1 pistol 4 "
8 balls 1 "

A wicket would be opened at the side of the main gate of the fort. Up to
this wicket the Indians would file with their furs and exchange them
according to the standard. Tally was kept at first with wampum shells or
little sticks; then with bits of lead melted from teachests and stamped
with the initials of the fort. Finally these devices were supplanted by
modern money. We may suppose that the red man was amply able to take
care of himself in the trade, especially when rivals at other points
were bidding for the furs. If the white man's terms were exorbitant and
no rival trader was within reach, the Indian's remedy was a scalping
foray. Oftener than not the Indian was in debt for provisions advanced
before the hunt. If the Indian forgot his debt or