This question refers to the story "The Devil and Tom Walker" by Washington Irving. In these lines, we see that the devil is chopping trees with the names of early settlers carved on them. The implication is that the devil helped these people in some way. As we learn that the devil is behind the actions of these early settlers, the conclusion is that the settlers were likely to be evil and mean-spirited. Moreover, this shows that the author's attitude toward the activities of the early settlers is a negative one.
