Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1881-09-05
THE LOAN

One hulCEtu dlu rlily-C u hOuoaLl
Five Hundred Dollars Wanted by the
City Again.
Correspondence OF the Register.
WHEELING, September 3, 1881.
Without stopping to criticize and dis.
cuss the literary jumbles and so!ecisms
OF the ordinance as we have it from the
hands Of the Solicitor or the committee,
| know not which, except on clause in
Section 4, which reads as follows, with
out anything explanatory Of it either
preceding it or following it:
The Collector of the city shall pay
to the City Receiver OF the said city
on each second Friday, the total OF such
OF the taxes heretofore collected by
him as shall have been levied or as
sessed in pursuance OF the requirements
OF this ordinance
Nowhere does it appear in the ordi.
nance what the words second Friday"
mean Passing by the literary merits
OF the ordinance, | will endeavor to dis.
cuss the business merits or necessities
oil the ordinance, at the same time point
ing out, in my judgment, some modif-
cations that should have been made be-
fore it's submission TO the voters.
In order to make the ordinance ac-
ceptable to the tax paying voters, the
time should not exceed ten or fifteen
years, which is ample time at the rate
OF a trihe over fifteen thou'and dollars
per year TO pay the loan. But instead
of this, We don't begin to pay
the debt tor ten years, or IN
November, 1891. For these first
ten Years We are paying the interest
on this one hundred and t%if,y-four thou.
sand five hundred dollars, without dis.
turbiug or reducing the debt in the least.
Then, at the expiration OF the first ten
years We have twenty years TO pay the
interest still and the whole debt, making
the debt run thirty years instead OF ten,
or fifteen, or twenty at the very outside
limit
Had the time for the redemption OF
the bonds been fixed as above indicated
We would have much less difficulty in
getting our bonds on and out OF the
market than We will have under the
present shape OF the ordinance. Thirty
years is a lons time to either borrow or
lend money on, and especially at four
and a half per cent interest. 1t is a
noticeable fact that the money market
has been stifening up for several
months past, and | imagine, that
the commissioners will experience no
little trouble in negotiating a four and a
half per cent. loan. | am satisfied they
cannot do 1t outside OF the city.
To my mind the most formidable OBJ
lection 10 the adoption OF the ordinance
is the great length OF time the loan has
to run before is redemption. As to
whether we should vote for the ordi-
nance with this most Objectionable tea
ture in it or not, l say emphatically and
conscientiously that il We do not adopt
the ordinance and furnish Council
with means 10 run the city government.
We will bring want and suffering and
discredit on our own heads. How can
Council provide for the wants OF the
CITY. without money means? 1t does not
matter what this Council has done, or
what any OF its predecessors have done,
the CITY credit will have to suffer and be
dishonored. il we cannot raise money 10
paw her obligations. This is the true
light TO look at the matter in. This is
the common sense business view OF the
question. No other view, or presenta-
ton of the case will avail anything,
because there is no escape from our
financial embarrassment as a city. ex-
cept through the adoption OF the ordi-
nance on the 18th proximo.
A great many will vote against the or
dinance simply because they don't want
TO increase the city debt, others will vote
against il because they are unwilling to
give Council the control aud disposition
of such a large sum OF money. These
objections are not well founded and those
who entertain them should think and
consider what will be.the city's condition
should the ordinance be voted down.
II YOU had anything to offer Council as
A remedy, in lien OF this ordinance and
the loan asked for under it, let Council
have it at once; but, il yen haven't
ANYTHING to offer the city to relieve her
of her financial ~perplexities. don't vote
down her only means of escape from
disgrace, reputation and bankruptcy,
by voting TO defeat the loan ordinance.
A TAX PAYER