The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1869-07-30
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tH6 Rings tbhG hul" We
A correspondent OF the RegiSter,
whose letter we reproduce, makes u
vigorous raid Into the midst or what hs
denoninates the "rings" that rule the
affairs OF lbs City. A great deal Of
what he says is undoubtedly aud I'M
happily true. Yet his TsmarkA about
the "BAnk RInB' are likely to receive
construction that Is scarcely just 10
the banks. About q year ago we pressed
some unpleasant Inquiries into the
financial concerns Of the City; and live
succeeded Ia nothing else, succeeded
In developing the fact that through
Official delinquency some OF the banks
had been allowed to hold and use for a
long time large sums OF City fundB, the
City losing the interest thereon. But
II did dot appear then, nor do we
think 1t can be made to appear now,
that the banks, OF the bank OH
GERS as such, are 10 blame. II Is the
legitimate business OF the banks to get
all the deposits they can and to make
all they can out Of those deposits In
Legitimate way. II the City funds are
deposited In bank and lie there when
they ought 10 be employed In cancel
ling bonds and stopping interest, whose
fault Is III Not the fault OF the bank,
we take 1t, bot Of the agents or officers
Of the City who are entrusted with the
duty OF handling and applying the rev.
enues. The alluslon OF ENQUIRER" 10
the Swings Institution IL therefore un.
just. II the money OF the City lies
there bringing nothing. or bringing
an insufficient interest, IL Is not
the iAult Oi the Institution for
II Is not entrusted with the duty OF
taking care OF the Ctty's lnteteats; but ii
Is due to the ofll,ial delinquency OF
those gentlemen who Gre. We know
nothing Of the sum Of the Guys de
poslts In the Institution or elsewhere.
II ought not to be large. With 80
much debt drawing Interest aud press.
ing for pay these deposits ought 10
be- for very short periods In any bank.
The surplus revenues ought To be- ap-
piled as closely and promptly AZ poBsi-
BILE. II is only lair to say for the Saw
lngs lasIitution that tue ten per cent.
dividend recently declared eau hardly
BIZ PRESUMED duo 10 the use OF the Oity's
deposits, inasmuch as 1t has made
equally large dividends for number
OF years past.
III regard to The negotiation ofloans, It
appears 10 us the same prIClple applies.
1t Is legitimate for the banks, as for
everybody else,to make the best terms
they can in all business transactions,
II the agents Of the City do their duty
the banks can do her no wrong In this
or any other matter. They are the men
who are responsible and they are the
men who need watching II anybody
does, and we are afraid somebody does.
Respecting the Market Street Bridge,
1t may be true, as "InquIrer" says, that
there 10 q "riug." II Is evident proper.
~ holders on that street near the bridge
will be most benefited by this Im.
provcment. This Is u result that can.
not be avoided. But while 1t Is true, 1t
adds nothing 10 the cost OF the
bridge. On tho other hand, 1t Will
add to the revenues, because 1t
enhances the taxable property. But
this circumstances, as we have here.
tofore said has nothing 10 do with
the merits Of the bridge question. We
suppose the Council has been controlled
In this matter, not by a "rIng," but by
recognition Of the general and I'M
psratIve need Of the Improvement. But
all contracts ought TO be severely scru.
tlnized and II there Is any rascality
connected with the letting OF them or
the mode OF their execution let It be OK.
posed without mercy. We are by no
means satisfied the Council has done
the wisest thing In regard to the plan.
The bridge ought to be very nearly II
not quito the full width OF the street,
and II not made SO 1t will always be
regretted and the bridge may ultima
tely BIO torn down TO give place to a
wider one. Some Of our largest tax.
payers take this view OF the matter.
They say let us have a good and sufll.
Client bridge, and they will very cheer
fally be taxed for the difference. But
ifthere is any firing" that expects to
plunder the City treasury in the build
Ing Of this bridge let 1t be shown up
now before the plundering begins.