Nisbet, however, who had long been familiar with the business, insisted there was a profit, in the fact that the gold-dust or bullion shipped was more valuable than its cost to us.

We, of course, had to remit bullion to meet our bills on New York, and bought crude gold-dust, or bars refined by Kellogg & Humbert or E.Justh & Co., for at that time the United States Mint was not in operation.

But, as the reports of our shipments came back from New York, I discovered that I was right, and Nisbet was wrong; and, although we could not help selling our checks on New York and St.Louis at the same price as other bankers, I discovered that, at all events, the exchange business in San Francisco was rather a losing business than profitable.

The same as to loans.

We could loan, at three per cent.