The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1872-06-18
THE CITY FINANCES


tration of his ability in ciphering was
afforded yesterday morning IN the
course of an article upon the sale OF
the. city's stock in the Baltimore and
Ohio Railroad Company, aud the con.
sequences that might have resulted
theretrom. 1t reminds us of the girl
who made herself very miserable by the
reflection that if she were married and
had a little child that should crawl into
a bake-oven and be roasted to death she
would certainly feel very badly about it
indeed. By a similar accumulation OF
very violent suggestions, the Intelligent
Ger figures up loss Of at least $l64, Ooo
which may. must, might, can, will, or
shall be inflicted upon this city by rea-
son OF the sale OF the railroad stock IN
1869 at AL per cent premium
instead of %. Some curious calcu-
lators have estimated the sum that the
original investment of one cent would
amount to at the present time, if it had
been placed at interest al the beginning
of the Christian era. We are not dis
posed to consume so much OF our neigh
boris valuable time as to desire him to
make go tedious calculation as this,
but would suggest as a proper subject for
his next mathematical exercise an esti-
mate of how much the city Of Wheel
ing has lost by the failure OF some en-
terprising pioneer to invest Five Dollars
at compound interest for the benefit Of
this city. when the first tree was felled
or log cabin erected in this vicinity.
The matter OF consequential damages
should be brought into the account,
and our citizens will probably find. when
the calculation is completed and viewed
through the TntelEgsncer's magnifying
glass, that they have been most shame.
fully wronged and defrauded by the
pioneer aforesaid, that they have SUI
fered most crushing pecuniary loss,
and that they ought to feel very miser-
able indeed.
There is some ground for suspicion
OF fraud in the sale of the Baltimore
and Ohio railroad stock in 1869, and
the matter is bad enough without exag-
geration. The stock was undoubtedly
sold at too low rate of premium, and
the difference between the sum actually
received and that which should have
been realized from the sale is the true
measure of the loss, speculation, or
fraud, as the case may be. This the
Katclligeaccr estimates at $lS,5l5, q
pretty round sum, and one for which
some person, or persons, should be
held responsible. The city made q
bad bargain by the sale Of the
stock at the time and upon the
terms agreed upon by the Finance
Committee and WAKEFIELD and Com
psny, of Baltimore, but if the con.
tract be enforced, as it certainly can
and ought to be, the only actual loss
the city has suffered from the trausac.
ton is that which is stated above. 1t is
certainly enough to justify and demand
the most rigid and searching investiga.
ton, and we earnestly hope that the
people of the city will insist that the
investigation be made. 1t is by nc
means improbable that in the general
overhauling of the financial affairs of
the city which must accompany an i'm
quiry into this affair, there may be
some other transactions exposed which
will as lily bear the light Of day.
The Council that authorized the sale
of the railroad stock in so loose and
careless a manner was mainly elected
upon what was known as "the Citi-
zen's Ticket in January, 1869. The
REGISTER supported the regular Demo-
cratic nominees for Council and all but
one Of the candidates upon the Demo-
cratic ticket for city officers, while the
MteLLgGncer was instrumental in the
election OF the very men who were most
prominent in the financial transactions
of the year, The majority of these men
were left at home at the succeeding
election, and but few Of them are mem
bers Of the present Council. But it
matters not who they are, by whom
they were elected, or what paper sup
ported them when candidates, the in,
terests of the city demand thorough
examination into and exhibit Of our
municipal finances, and we trust that
the present CouncIl mas nerve enough to
order it done and perseverance enough
to keep at it until it is satisfactorily &C
complished. Ia.
The City Council has been culpably
negligent for a number Of years past as
regards the publication of financial
exhibit. and almost every yesrrthe city
charter is violated in this respect. The
law requires the publication Of ga
statement OF the receipts and expendi.
lures Of said city for the past year, and
Of lie -dsts due 1Y tie same" The
statement Of receipts and expenditures
is usually made clear enough for COM