Whereas, declares the old charter, these have at their own great cost and charge undertaken an expedition to Hudson Bay for the discovery of a new passage to the South Sea and for trade, and have humbly besought the king to grant them and their successors the whole trade and commerce of all those seas, straits, bays, rivers, creeks, and sounds in whatever latitude that lie within the entrance of the straits, together with all the lands, countries, and territories upon the coasts and confines of the seas, straits, bays, lakes, rivers, creeks, and sounds not now actually possessed by any other Christian state, be it known by these presents that the king has given, granted, ratified, and confirmed the said grant. The adventurers are free to build forts, employ a navy, use firearms, pass and enforce laws, hold power of life and death over their subjects. They are granted, not only the whole, entire, and only liberty of trade to and from the territories aforesaid, but also the whole and entire trade to and from nations adjacent to the said territories, and entrance by water or land in and out of the said territories. The monopoly could hardly have been made more sweeping. If the adventurers found other territory westward, such territory was to be theirs. Other traders were forbidden to encroach on the region. People were forbidden to inhabit the countries without the consent of the Company. The Company was empowered to make war for the benefit of trade. The charter meant, in a word, the establishment of pure feudalism over a vast region in America. But in the light of the Company's record it may be questioned whether feudalism was not, after all, the best system for dealing with the Indian races. For two centuries under the Company's rule the Indians were peaceable; while in other parts of America, under a system the opposite of feudalism--the come-who-may-and-take-who-can policy of the United States--every step forward taken by the white race was marked by 'bloody ground.'