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Rh loan not to exceed one hundred thousand dollars for the purpose of carrying out the provisions of this act ; and that said commissioners be and are authorized to pledge the faith of the territory for the payment of such sum as may be negotiated for by said commissioners, on the most practicable terms, payable within three years from date of said loan, unless sooner discharged by the government of the United States.

Section 6. Said loan may be negotiated for gold and silver, or such goods as may be necessary for the use of the army ; provided, however, that the holder of such goods be required to deduct from the loan the value of the goods negotiated for, but remaining in his hands at the cessation of hostilities.

No sooner was this bill passed than the loan commissioners set out for Vancouver, accompanied by the govern or. The gentlemen at that place no doubt anticipated the visit, and had a knotty question to settle. To do, or not to do, what was required of them? To do it, might involve them with the company might indeed ruin the Oregon trade with the Indians, who could only hunt and trap when they were at peace. Should they furnish the means of destroying their own business, and take the risk of being cashiered? Not to do it, was to bring upon them selves the suspicion and hatred of the Americans then in the country, and to tempt them to make war upon the company, in which case the opinion of the world would be against them, for weighing beaver skins in the balance with the safety of a colony of their own race. But was the safety of the colony really involved? Might not Mr. Ogden in some way so adjust matters that war could be avoided, at least until the long expected troops of the United States should be in the field? An informal con versation was held on this subject immediately after the arrival of the commissioners at Vancouver, and on the next day they addressed the following letter to Mr. Douglas :

FORT VANCOUVER, O. Ty., December 11, 1847. To James Douglas, Esq., Chief Factor of the Hudson's Bay Co.:

SIR: By the enclosed documents you will Percéive that the undersigned have been charged by the legislature of