The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1868-04-11
WE are informed that the Finance

WE are lDIOEueu lnhL the FINANCE
Committee of the city will make briel
report 10 Council at the meeting next
Tuesday night. May we not express
the hope that while the report Is brief,
it Will be comprehensive and explicit.
It has been long enough coming to be
a model in its preparation. We have
very little means of knowing what this
report will exhibit. We remarked In
this column some days ago in refer
euce to the Baltimore dS Ohio Railroad
debt of the city, that tho whole debt
was $500 600. That was tho original
So Inscription, but the city's Baltimore d
Ohio Railroad stock could only be sold
by first caRcelling an equal amount of
the debt. SO that in the process of
converting this stock, $4,000 OF the
deb, has been cancelled, leaving the
debt now $3.50, 600. The original stock
received by the city was also 100000
and the city afterwards received $780,
600 more stock in payment of dividends.
In all she has sold $50, 600 of this stock
$40, coo OF il being dividend stock. She
Is therefore still possessed of 100000,
upon which the company at its regular
monthly meeting of directors held
at Baltimore Wednesday last, declared
n half yearly dividend of four per cent
clear OF United States tax.
II seems proper to say, too, in regard
to the npn-payment of the interest on
the bonds held by the Treasury Depart
rnent, that we are informed no demand
for the interest was ever made. The
Cherokee Indians for whom these
bonds were held in trust engaged
In tho rebellion, and their annuilies
were withheld. The Department, for
some reason, either through oversight
or neglect, failed to call for the
Interest, and our agents seem to
have given themselves no trouble
about Offering to pay it. Yet there
was no good reason why the mon
ey pledged for its payment should not
have been held in reserve to meet the
demand when it should be made, as OF
course it would be, sooner or later. The
simple fact appears TO be that the mon
sy was taken to reimburse the banks
for advances made by them to the city
TO cover expenditures unnecessarily
heavy, which but for the readiness with
whic! the banks advanced the money
would no doubt have been kept down
to reasonable limits. To help reim-
burse for those advances, one hun
dred and eighty thousand dollars
OF Baltimore and Ohio Railroad
stock has already been sold, and now TO
supply this deficit OF $4,000 brought
about in the same way, it will be ne
cessary TO sell s250OOO more; for the
principal being applied to cancel the
debt, only the premium is available
for other purposes. Then If we arc
correctly In formed the city account is
oVerdrnwn 100000, and the sale of
all The remainder OF the Baltimore
and Ohio Railroad stock will only yield
premium enough to pay some SIS, 600 of
US, after cleaning out all
this valuable stock, still behind some
$4,000, 10Y money advanced by the
banks.
From the best information We can
get this is about the state OF the case;
but IL We are mistaken, the report of
the Committee viii correct us; and we
shall be sratiied indeed, If the Com
mitteo hhall exhibita moro favorable
state of facts than we anticipate.
WI: have been favored by member
OF the Committee on Ordinances of the
City Council, with copy of mn Ordi-
nance which viii be reported to Coun-
oil al It's meeting next Tuesday night,
requiring that all Coal sold aud deliv-
cred in the city shall bc first weighed
and certified by the City Welghmaster.
The draft OF the Ordinance as il Will be
reported to Council, will be found in
another column. We print it as n mat
ter of interest 10 every householder in
the city, and TO enable the Council to
act upon 81 in,elligently, aud PROMPTLY
II 1t be their wish.
The Ordinance, ii will be seen. pro.
vides for three weigh scales, in nddi-
ton TO those now at the Second Ward
and Fifth Ward Market Houses. one at
the corner OF Washington and Mar
ket streets, North Wheeling, one
on the old Market STAGE.
East Wheeling, and the other at
the corner OF Zane and Wol-
nut streets, on tho Island. 1t requires
every load ofcoal to DO weighed and Ger.
tilted at the rate of eighty pounds to the
hushel, the certificate to be delivered
with the coal; and prescribes penalties
for either selling or buying coal not go
weighed and certified, or contrary to
tho certificate OF the weighmaster. An
exception is made of manufacturers mr.
others who purchase by continuous
contract, where the seller and buver
agree to dispense with weighing. The
fees, which are moderate, ara In ho
paid by the owner of the coal. Tbov
Will, OF course, be added to the price
and paid by the consumer. But tho
consumer will know what he ia
paying for and will ON the
average derive much more benefit
from the new regulation than
the cost of weighing. For example.
for weighing thirty bushel load he is
to pay i've cents, while he will get from
fifty to seventy-five cents worth more
coal than he often gets now for this
same money.
Tho object of the ordinance is one
that must commend itself to all-sav,
perhaps the coal dealers. This drar
appears to be carefully drawn and w,
trust twill receive prompt contirmn
ton by the Council.
THE Clarksbnrg TcEcoronh learn