From a lease in favor of the Alaska Commercial Company of San Francisco, giving them the exclusive right to take seals on the Prybiloff group of islands, our government has received four and one half per cent. interest, annually, during the last nineteen years, on the entire purchase-money paid to Russia. This same company, whose term is just about to expire, would gladly renew the lease with our government at a considerable advance upon the amount heretofore paid; but it is an open question whether the continuance of this great monopoly is for the best interest of Alaska, when considered in all its bearings. Undoubtedly this contract is a real benefit in one way. The company, through its agents, will take good care to see that no outside interest interferes with their rights so as to permit any indiscriminate slaughter of the seals. Whereas, were the capture of these peltries not guarded, an end of the product would be brought about in a very short time. There is a manifest injustice in all monopolies, as we view them; but of two evils, in this instance we should perhaps feel inclined to choose the least by selling the privilege to a responsible company. It must be admitted that the high-handed course of the present company, their arbitrary assumptions, and their treatment of the natives generally, are represented in a very bad light by many residents of Alaska; but little else, however, could be expected of so great a monopoly. One thing is certain, and that is, the company has realized a great fortune by its contract. There were plenty of people who ridiculed the acquisition of this Territory at the time when it was brought about; but there were also some far-seeing statesmen, influenced by no selfish motives, who felt very different about the matter, among whom was Mr. Seward, then Secretary of State, and to whom the credit is mostly due for consummating the important purchase. That able diplomat considered the transaction to have been the most important act of his official career, and put himself on record to that effect. He remarked, in discussing the matter at a public meeting, “It may take two generations before the purchase is properly appreciated.” Mr. Seward was right. It was a crowning glory for him to have added a new empire to his country’s domain, though in 1867 its great commercial importance was hardly known, even to himself. Its valuable gold deposits were then thought possibly to exist; but subsequent developments have already far outstripped anticipations in that direction, and the large yield of the precious metal is annually increasing.