From fks EmisA. THE CHAPTER OF THE HUDSON BAY COMPANY.
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We published, with great pAe&sure, tn last evenings Union, the speech of Col Benton ia executive session, upon the ratification oi the Oregon convention. We were .Iesirous especially of presenting his arguments in op- position to the perpetual navigation of the Columbia Iiyer. which, some of the whlg presses eonsend, enasss to the Hudson Bay Company. and 10 fhc British sahieets who trade with them. In connexion with these remarks which fell fsom the lips of the sena- tor Gom Missouri, as well as those which were skeiched by our own pen, we now beg leave to annex the following editorial article iron the las, Westminster Maryland Dcm- ocrat:

 ~THE NAVIGATION or THE CoLUMRIA.-- Much has been said of late respecting the navigation of the Columbm river, whether i, has been granted io the Hudson Bay Con- Pany in perpe,ui.y, or oaly for term of years. The treaty gives the right to the com pany generally, without any words of Eifn- isalion; and II his been ascertaineti tfat tiIcir charter is perpetual. This would seem 10 seiile the question; but the fact is, that the charter granted originally to the Hudson Bay Company by Cb.ctes II, in 1871, was con fined Ie the territory east Of the Rocky mountains; whereas the only privilege con- eedcd to tie company west of the Rocky mountains. was a crown grant for exclusive trade with the Indians tn that territory for . term of twentv-one years, which expires in 1859. The right to navigate the Columbia expires with that grant; and the only ques- iioa is, whether the right could be renewed by an extension of the grant by the British government To he sure. ihe navigation of that river is limited to single company, and few years will render iI barren right, in a great measure; vet we were so~weIl con viaced that the President would not yield the free nayigaiioa of the river to any Brit. ish subjects for an iadefine,e period-unless, indeed, overraied by the advice of the Sen- ate. to which he agreedto suhmii--that we could not believe that question was over looked We are glad to md that the con- strue,ion of the Senate was, that inc right expired ia 1853, and that the Bsilish govern ment was apprised thereof. previous 10 is 6hal ratification of the treaty. To prove this. we offer the following extract oi a lel- ter from Alr. Buchanan, 10 our mlnIster iii London, dated June I3. l846:

 :. I have learned from she best sources that the Senate gave ihis mdvice under iEfe conviction that, by the true construction of the second article of the projet. the right of the Hudson Bay Company to navigate the Columbia woaitl expire with the termination of theig prescott license 70 tslde with the h. dians. &c.. on t5e northwest coast of AmeFi- ca, on tite 30t3i May, 1859. In converse ton wi.h Mr. paAenbam io-slay, eommuni- cA;ed this fact 10 him. and requested hiln to state | ia his despaie, 10 Lord Aberdeen.

 The treaty will be signed and sent to the Senate on Monday next; aHd il is more than probable that they will, 'n some form or other, place upon their record iheir un- derstsndng of is true construction in this particular