The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1874-08-29
Our City Finances.

On Tue uEbI VI StpIemOtE neALI hUOuI
$4,000 Of the city debt, known as the
Sinking Fund Loan ofls54, becomes due.
The funds for its payment are already
provided and in the hands Of the Com
misSioners whose duty it is to redeem
the bonds. The loan is principally held
by German bankers, and comes from
Frankfort on. the.Mai The bonds were
made payable at the Office Of the "Ohio
Life Insurance and Trust Co." at New
York, but that institution having failed
the payment will be made in this city in
New York exchange.
As On Illustration OF the mutations Of
fortune, We may mention that about 90
years ago the credit Of Wheeling was not
Of the highest character, and our bankers
and capitalists were not anxious to hold
city bonds. At that time the Ohio Life
Insurance and Trust Company was con-
sidered one Of the soundest financial
institutions in the country, but in
less than three years the great institution
dissstrously failed, while to-day the credit
OF Wheeling is not excelled by
any city Of its population in
the Union. As illustrative Of our
greatly improved credit, we reIer to
the TACT that the issue Of four hundred
and thirty thousand dollars Of our bonds
during the last three years was promptly
taken ST par by home capitalists, Of which
three hundred and fiNy thousand dollars
were taken by single individual, D. G.
LIFT, EEq
The present bonded Indebtedness of
the city, after the payment Of September
let above referred to, Is embraced in the
following items, which will give in round
numbers a general idea Of the character
and amount Of what VIC owe:
1st Compromise bonds OF 1860. OF
these $4,000 draw only three per cent
interest and $1,000 draw six per cent.
This loan was made to compromise and
retire the debts Of the city growing out
Of the subscription Of $3.50, 1000 to certain
unfortunate investments, viz: Hempfeld,
Marietta s Cincinnati, and Cleveland &
Pittsburgh Railroads, the greater portion
Of which proved tota, loss.
Some holders Of the railroad bonds re.
fused to accept the compromise bonds
and there are outstanding about twelve
thousand dollars at six per cent, with &C.
crued interest, for which the city may be.
come liable (though she denies there is
any legal liability to pay principal or in
teresD TO the amount Of twenty.seven
thousand dollars.
%. Seven and half per cent bonds Of
June, 1871, payable in twenty years.
Three hundred and forty.two thousand
dollars were originally Issued, and thirty.
nine thousand were redeemed since 1871,
leaving three hundred and three thousand
dollars outstanding.
81. Eight per cent bonds Of January,
1871, payable in twenty years, called Gas
bonds. Eighty thousand dollars Of these
were originally issued. Twenty thousand
have been redeemed since 1871, leaving
sixty thousand dollars outstanding. These
were issued to pay for the Wheeling Gas
Company's property. The property is
held by Commissioners, who psy the in
terest and provide for the sinking fund
from proceeds Of gas sold, so that this is
scarcely debt OF the city in the ordinary
acceptation Of the term.
Condensing the foregoing schedule int
q table 1t will stand thus:
Compromise and 9 per cents. $i5s. 900
Railroad bonds and accrued Interest,". 1900
seven and hA!t per cents. ,...,.,....,...S G3 600
oAs OonuA'''''''''... ..........,....'.. bV,UUV
Total bonded debt.................,t5I9ooo
There is in the hands Of the Commits
Eoners nearly forty thousand dollars I'M
expended cash, which leavel the net in.
debteduesS Of the city less than half q
million, bearing an average rate Of inter-
est of less than six per cent.
The City Council has ordered an as
sessment Of thirty cents on the hundred
dollars, on the $l1,76s,129 Of real and
personal property returned by the Asses
sors as subject to taxation, which rate
alter paying the ordinary expense Of The
city, over and above the incidental rev
eaue, will pay the interest, provide TIT
sinking fund, aud leave nice cash bal
a1ce in the Treasury.
We are pleased with the prospect tina
our citizens are TO have respite from tht
heavy load that they have been carrying
for many years past in the shape Of mu
nicipal debt We are favorable to q ju
diciouS and liberal expenditure for mu
nicipAl improvements, but trust our CITY
Fathers will Gee TO THAT the debt which
We have at present under easy control
shall never again assume the mastery