A History of Oregon, 1792-1849: Drawn From Personal Observation and Authentic InformationGray, W. H. (William Henry)
History
A History of Oregon, 1792-1849: Drawn From Personal Observation and Authentic Information
Gray, W. H. (William Henry)
Frontier and pioneer life -- Oregon; Oregon Territory -- History
There are many interesting developments brought out in this case
relative to the early history of this country, which renders the
depositions in the case, though voluminous and tedious in the main, yet
interesting to the close and careful student of our history.
If time and opportunity is given, I will review this whole testimony as
a part of the history of this country, and, in so doing, will endeavor
to correct an erroneous impression that will result from the testimony
as now before us.
The amount claimed in this case is four million nine hundred and ninety
thousand thirty-six dollars and sixty-seven cents, or, nine hundred and
eighty-five thousand three hundred and fifty pounds sterling, in gold
coin.
I now have before me, including the Hudson's Bay Company's memorial,
eleven hundred and twenty-six pages of printed documents and depositions
relating to this case. I also have what may properly be termed British
testimony, bearing directly upon this case, which is entitled to its
full weight in a proper and just decision as to the amount of
compensation this Hudson's Bay Company is entitled to receive from our
government.
I do not propose to review all the one thousand four hundred and
nineteen pages of statements and depositions in detail; that would be
too tedious, though I might be able to make it interesting to the
general reader, as it develops the whole history of that portion of our
continent that has for one hundred and ninety-seven years been under the
exclusive jurisdiction of a monopoly that effectually closed it to all
outside influences up to the year A.D. 1834.
According to our British testimony, it was originally £10,500. In 1690,
in consequence of the enormous profits upon this small capital, it was
increased threefold, making it £31,500. In 1720 it was declared to be
£94,500. In this year the stock was (as is termed) _watered_. The then
proprietors each subscribed £100, and received £300 of stock, calling
the whole nominal stock £378,000, while the actual subscription was but
£94,500, and only £3,150 was paid. The stock was ordered to reckon at
£103,500, while the actual total amount paid was but £13,650.
In 1821, there was another "watering" of the stock, and a call of £100
per share on the proprietors, which raised their capital to £200,000.
The Northwest Fur Company joined the Hudson's Bay Company in this year,
and the joint stock was declared to be £400,000.
We are ready to admit, in fact, the testimony in the case goes to prove,
that the French Northwest Company brought into the concern an equal
amount of capital with that of the Hudson's Bay Company. This would give
the present Hudson's Bay Company a real capital of £27,300, a nominal
capital of £400,000.
By reference to the memorial of the company, we find they claim, on the
8th of April, 1867, of our government:--
For the right to trade, of which the settlement of the country and
removal of Indians to reservations has deprived them, £200,000.
Public-domain text, read in full here on John Shaqi.
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