It is descended from Old English wé, which was pronounced something like way in modern English. It is related to German wir, Dutch wij, Frisian wy, and Danish vi.
See also:
... Clinton (162) Charles C. Pinckney[?] 14 Federalist Rufus King (14) Other elections: 1792, 1796, 1800, 1804, 1808, 1812, 1816 ...