The second term of the Russian American Company’s charter expired in 1841, and the directors and shareholders labored most industriously for another renewal; the Crown took much time in consideration, but in 1844 the new grant was confirmed, and rather increased the rights and privileges of the company, if anything; still matters did not mend financially, the affairs of the large corporation were continued in the same reckless management by one governor after the other—with the same extravagant vice-regal display and costly living—with useless and abortive experiments in agriculture, in mining and in ship-building, so that by the approach of the lapsing of the third term of twenty years’ control, in 1864, the company was deeply in debt, and though desirous of continuing the business, it now endeavored to transfer the cost of maintaining its authority in Alaska to the home Government; to this the Imperial Cabinet was both unwilling and unable to accede, for Russia had just emerged from a disastrous and expensive war, and was in no state of mind to incur a single extra ruble of indebtedness which she could avoid. In the meantime, pending these domestic difficulties between the Crown and the company, the charter expired; the Government refused to renew it, and sought, by sending out commissioners to Sitka, for a solution of the vexed problem. Now, if the reader will mark it, right at this time and at this juncture, arose the opportunity which was quickly used by Seward, as Secretary of State, to the ultimate and speedy acquisition of Russian America by the American Union. Those difficulties which the situation revealed in respect to the affairs of the Russian Company conflicting with the desire of the Imperial Government, made much stir in all interested financial circles. A small number of San Francisco capitalists had been for many years passive stockholders in what was termed by courtesy the American Russian Ice Company—it being nothing more than a name really, inasmuch as very little ever was or has been done in the way of shipping ice to California from Alaska. Nevertheless these gentlemen quickly conceived the idea of taking the charter of the Russian Company themselves, and offered a sum far in excess of what had accrued to the Imperial treasury at any time during the last forty years’ tenure of the old contract. The negotiations were briskly proceeding, and were in a fair way to a successful ending, when it informally became known to Secretary Seward, who at once had his interest excited in the subject, and speedily arrived at the conclusion that if it was worth paying $5,000,000 by a handful of American merchants for a twenty years’ lease of Alaska, it was well worthy the cost of buying it out and out in behalf of the United States; inasmuch as leasing it, as the Russians intended to, was a virtual surrender of it absolutely for the period named. In this spirit the politic Seward approached the