St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1896-02-18
HE WILL REMAIN HERE.
Crawford Livingston Doesn't Intend
to Leave ST. Paul.

to Leave ST. Paul.
Crawford Livingston said yesterday
that there was no truth in the report
that, as soon as he had severed his
connection with the gas company, he
would leave ST. Paul for the East.
NO" said Mr.. Livingston to a
G 10 e reporter, I'm not going to
leave. I'm going to loaf. I've been
very busy for many years, and I think
it's time L took a little rest. L haven't
the slightest idea of quitting ST. Paul.
I'll be out of the gas company within
a few. days, and Mr.. McMillin will, of
course, be elected in my place. Then
I'll have a chance to rest a while"
Your predictions in the G o b e
that the bond issue would be sub
scribed for several times over seemed
to be well founded, weren't they?"
Mr.. Livingston smiled. ''Now, come
to think of it," he answered, 81 be-
lieve what I told the G o b when
the secretary of the treasury first is
sued his circular turned out about
right. You recall that I was almost
the only man the G. o b reported
who hadn't any doubt as to the sue
cess of the new loan. Yes, 1 discussed
the matter about that time with one of
the leading capitalists Of ST. Paul. He
told me, privately, that he didn't be-
lieve the scheme would be a success.
He thought it was a dangerous ex-
pertinent. But 1 explained to him,
just as I did to the G l o b e a little
later, that up to that time even in
the midst of panics there had always
been a steady home market for vari-
Gus municipal bonds issued by reliable
cities. and the rate of interest had
usually been about 31a per cent But
just before the new loan was an
nounced the brokers who deal in these
municipal bonds suddenly found them
selves without market, and, in their
anxiety to get rid of Their stock, they
began sending to every one who might
invest circulars offering to sell such
bonds at prices that would net 4 per
cent or more. 1 got dozens of these
circulars, and 1 concluded that the
usual purchasers of municipal bonds
were simply boarding their money in
order to invest in the national loan.
I told my friend this, but he wasn't
convinced. He had been dealing all
his life in railroad bonds, and, as 1
said to him, he wasn't familiar with
other issues, especially municipal Sc
curities.
But, after all, although I consider
a popular loan an excellent thing I'M
der any other circumstances, it seems
to me that, inasmuch as the sole OBJ
ject of the last loan was to replenish
the gold reserve and to maintain it as
long as possible, it would have been
better if the government had dealt
directly with syndicate even at low
er figures. If, for instance, syndicate
had been allowed to take the bonds
at 107 and had agreed to secure all or
even one-half the gold from abroad,
and had also agreed to maintain the
full reserve Of 500, 000, 600 for a GER
tain length Of time after securing the
bonds, why. then I think the govern
ment would have been better off. 1t
would have effectually accomplished
its main object Of restoring and main
tanning the reserve, and would have
secured a large amount of the gold
that has been sent abroad. AS it is,
man could have subscribed for
these bonds. paid or them
in gold, sold them for green
backs and Immediately taken the
greenbacks to the treasury and got
back the gold that he had first paid
over. Thus it might easily have hap
pened that disposing Of the bonds un-
der the present arrangement would