was placed in the hands of a company formed of the chief inhabitants of Canada. Some of them hesitated to take the risk; but the government was not to be trifled with, and the minister, Ponchartrain, wrote in terms so peremptory, and so menacing to the recusants, that, in the words of a writer of the time, he “shut everybody’s mouth.” About a hundred and fifty merchants accordingly subscribed to the stock of the new company, and immediately petitioned the king for a ship and a loan of seven hundred thousand francs. They were required to take off the hands of the farmers of the revenue an accumulation of more than six hundred thousand pounds of beaver, for which, however, they were to pay but half its usual price. The market of France absolutely refused it, and the directors of the new company saw no better course than to burn three-fourths of the troublesome and perishable commodity; nor was this the first resort to this strange expedient. One cannot repress a feeling of indignation at the fate of the interesting and unfortunate animals uselessly sacrificed to a false economic system. In order to rid themselves of what remained, the directors begged the king to issue a decree, requiring all hatters to put at least three ounces of genuine beaver-fur into each hat. All was in vain. The affairs of the company fell into a confusion which was aggravated by the bad faith of some of its chief members. In 1707, it was succeeded by another company, to whose magazines every _habitant_ or merchant was ordered to bring every beaver-skin in his possession within forty-eight hours; and the company, like its predecessors, was required to receive it, and pay for it in written promises. Again the market was overwhelmed with a surfeit of beaver. Again the bills of exchange were unpaid, and all was confusion and distress. Among the memorials and petitions to which this state of things gave birth, there is one conspicuous by the presence of good sense and the absence of self-interest. The writer proposes that there should be no more monopoly, but that everybody should be free to buy beaver-skins and send them to France, subject only to a moderate duty of entry. The proposal was not accepted. In 1721, the monopoly of exporting beaver-skins was given to the new West India Company; but this time it was provided that the government should direct from time to time, according to the capacities of the market, the quantity of furs which the company should be forced to receive. * Out of the beaver trade rose a huge evil, baneful to the growth and the morals of Canada. All that was most active and vigorous in the colony took to the woods, and escaped from the control of intendants, councils, and priests, to the savage freedom