Q. David Bowers
"A. Yes, sir; some.
"Q. But when you do ship bullion, what do you usually ship, trade dollars or fine silver?
"A. Trade dollars, and sometimes Mexican dollars.
"Q. Your business is with Hong-Kong chiefly?
"A. Yes, sir.
"Dr. LINDERMAN:
"Question. Which do you like best to ship, trade dollars or Mexican dollars?
"Answer. At present trade dollars are better, because we get about 2% more premium on them in China. The premium changes every time. Sometimes Mexican dollars are better and sometimes trade dollars are better.
"The CHAIRMAN:
"Question. The trade dollar in China is growing in favor with the Chinese. Do they like them better?
"Answer. About the same in local use-the trade dollar and
Mexican dollar in Hong-Kong and Canton.
"Q. You buy and ship a good deal of bullion to China?
"A. No, sir; a little.
"Q. Don't you ship trade dollars?
"A. Sometimes; not very large quantities.
"Q. The Chinese do ship large quantities of trade dollars altogether?
"A. Yes, sir; some.
"Q. But when you do ship bullion, what do you usually ship, trade dollars or fine silver?
"A. Trade dollars, and sometimes Mexican dollars.
"Q. Your business is with Hong-Kong chiefly?
"A. Yes, sir.
"Dr. LINDERMAN:
"Question. Which do you like best to ship, trade dollars or Mexican dollars?
"Answer. At present trade dollars are better, because we get about 2% more premium on them in China. The premium changes every time. Sometimes Mexican dollars are better and sometimes trade dollars are better.
"The CHAIRMAN:
"Question. The trade dollar in China is growing in favor with the Chinese. Do they like them better?
"Answer. About the same in local use-the trade dollar and Mexican dollar in Hong-Kong and Canton.
"Q. Do you know anything about Foo-Chow?
"A. No, sir.
"Q. The trade dollar, so far as you know in China, do you find it all correct in weight and everything?
"A. Yes, sir.
"Q. Do you hear no complaint from your correspondents?
"A. We never heard anything from our house in Hong-Kong; never had any complaint. When the trade dollar comes to Hong-Kong it should be sold to the money-brokers.
"Q. Has anybody at the mint ever asked you to pay them any fee or 'cum chow' [bribe]?
"A. No, sir.
"Q. Is it all done on the square?
"A. Yes, sir."
Then followed a statement from Louis McLane, president of the Nevada Bank of San Francisco, who had held that office since October 1875. Excerpts:
"The benefit of coining trade dollars is that it gives a better market for silver than fine bars would produce. This bank has had coined and sold in, the last 22 months over six millions of trade dollars, and their sale has netted more than the average of our sales of silver to the government. Returns of trade dollars from the mint have uniformly been made with honesty and fairness. I only remember one case in which the loss by melting 'was unusually large; but that was afterward explained.
"Our sales of silver to the government were made direct, through the director of the Mint, mostly by telegraph, except when he was present in person, and were, as specially agreed, free of all commissions or brokerages. In our dealings with the government no commission or brokerage or reward, or any other consideration, has ever been given, in any way, shape, or form, to any officer of the government, or to any one else.
"It will happen, in seasons of low sterling exchange, that silver will rule lower in New York than the equivalent of the London market; but this is quite exceptional.
"The silver sold the government has been delivered at the mints in San Francisco, Carson, and Philadelphia, in sums as required by the director of the Mint.
"LOVIS McLANE.
"SAN FRANCISCO, CAL., August 31, 1877."