K.T. Tomb

“Peter Minuit Plaza near the Staten Island Ferry terminal. Still, most have no idea that he was the Dutchman who purchased the famous island from the Canarsee band of Indians of the Algonkuin-Delaware Federation in 1626 for $24, beads and chatskas. It would be a story of how a white man got the island for a bargain from the unsuspecting Indian tribe. Details may prove otherwise. A hasty note in a logbook was the only evidence of the sale and the British who came after the Dutch never received official documentation of the transaction; but according to Canarsee legend, there was never a sale. The Indians leased the land to Minuit for $2.40 per year and received an advance payment of twenty-four dollars for the first ten years. Compounded annually at 7.5%, the city of New York owed the Canarsee Indians about seven trillion dollars in back rent.”
― K.T. Tomb, Drums Along the Hudson