By the third article of the convention between the United States and Great Britain, signed October 20, 1818, "it is agreed that any country that may be claimed by either party on the northwest coast of America, westward of the Stony Mountains, shall, together with its harbors, bays, and creeks, and the navigation of all rivers within the same, be free and open for the term of ten years from the date of the signature of the present convention, to the vessels, citizens, and subjects of the two powers; it being well understood that this agreement is not to be construed to the prejudice of any claim which either of the two high contracting parties may have to any part of said country, nor shall it be taken to affect the claims of any other power or state to any part of the said country; the only object of the high contracting parties, in that respect, being to prevent disputes and differences among themselves." This convention secured at that time the Northwest Fur Company's existence in the country, by the act uniting the two British fur companies three years later. In 1821, the privileges here secured were transferred and confirmed to the Hudson's Bay Company, who at once took the most active and efficient measures to guard against any future competition, by assessing and setting apart ten per cent. on their capital stock, which was counted at £200,000, as a sinking fund for the special purpose of opposing all competition in the fur trade by land or water. The convention above referred to shows that Great Britain held a watchful eye over her fur traders in this distant country; and the act of her Parliament in 1821, that she was disposed, in a direct manner, to secure to her own people, as traders, the absolute sovereignty of the country. While Great Britain was protecting and strengthening her fur traders in North America, the American government was simply asserting its prior rights to the Oregon country, founded upon its discovery and subsequent purchase in what is termed the Louisiana purchase, from France; the treaties and conventions only serving to encourage and strengthen the British claim, while they used their influence, capital, and power against all American competition and settlement in the country.