The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1876-03-23
GhaGntelIi9enter.

MuNICIPAL Observation-Disclosures
is fortunate in being one Of the few cI'ie'
Of the country that are not oppressed
these times by the weight OF their M''n'c,
ipal indebtedness. Her total bonded
debt does not now exceed $SSS'OOo' and
of this sum s53.OOO Cfor the gas works. Is
self.sustaining, The remnant oil Inc
Water Works debt NOV merged in other
bord., i, al.o nearly or quite self-sus'
toininr, inAsmuch as the receipts from
the works last year exceeded the cx'
pcnscs (includins new water pipe put
DOWN by nearly $4,000.
We will pay off about $4,000 OF debt
thisyc viz: $4,000 Of the loan Of
ISL, $4,000 OF the Capitol loan, and
10000 Of the compromised bonds, known
4. the Brady & Wilkinson trustee bonds
All told, in the way Of both principal and
interct, we will be called to pay this
wear only about $4,000, which is so cents
on the 500 on city valuation of Sli,-
100000.
Our attention is called TO this subject
by seeing in the Cleveland papers OF yes
tcrlay an exhibit OF the finances OF tha
city. 1t seems that the debt Of CLEVELAND
has increased from S9,lOl ,255 in 1870, ur
to $5,lGO,OOO at this time, or l45 pei
cent. This is fearful rate Of increase
The population OF Cleveland is only five
times that OF Wheeling, viz: Sl5O,0OO
but her debt is ten times as much. Wei
may the City Auditor say in his repOr
that the exhibit is startling"
But then the city Of Cleveland is no
peculiar in her situation in this respect
In thirty.two leading American cities, in
Guiding Cleveland, the aggregate of NIL
nicipal debt, as reported in the census o
1870, was Sl9S,SO5,7lS. In 1875, or Gv'
years later, this amount has swollen Il
the enormous volume Of Sj25,GS2, ,72S, al
increase of nearly one hundred and SiI'y
6re per cent. The same rate Of increase
continued for say another decade, viii
probably involve these cities in hopeles
bankruptcy. Late statistics show thn
the increase in Official valuations in III
leading cities, and likewise the increas
in taxation, are far ahead Of the increas
in population. For instance. the cit
taxes in II OF our principal cities hay
increased in l5 years 363 per cent, on n
increased valuation OF l57 per cent
whereas the population has only in
creased, in the same time, 7O4 per cent.
The problem Of prosperity for Ameri
can cities is vet unsolved, 1t is u ques
ton whether, after all, the slow cities
like Wheeling, which have not increased
their Indebtedness, will not come mor'
distinctly to the front in the next decade
owing to their low rate OF taxation u
compared with some OF the faster cities
For instance, there is Toledo, Ohio, will
apopulation OF 10000 and debt Of ncarl.
four millions, and rate OF taxation
Of nearly A! per cent. How lon
can prosperity be counted on in that city
lIer debt amounts to nearly SS0per cap
ita. while that OF Wheeling is not owe
SIS per capita. The debt OF GAINESVILLE
Ohio, is almost the same us that OF Wheel
ing, while her population is not half a
great. The per capita Of thirty Amer
can cities is 800 As, averaging an interes
charge per capita Of nearly seven dollar
per annum. II remains to be seen hO'
long cities can continue to grow and car
ry such burdens. Foreign capitalists
are now shaking their heads very omin
ously over American municipal bond
and no wonder.