Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1884-09-11
THE CITY DEBT.

Vote Down the Funding Ordinance and
Make an Example.
To the EiiOr Of fhs Regisisr.
SIR:-I have noticed that both the In
telligencer and the REGISTER advocate the
adoption BY our citizens of an ordinance to
fund the floating debt of this city by the is
sue of 500, 900 of bonds, and that both
papers present the matter as question Of
more or less interest merely, on debt al
ready Misunderstanding it substantially
thus Is il not better to fund at per
cent. interest a debt on which We now pay
s per cent interest? Viewed in that light
alone, the answer admits of no argument
But that is only a superficial view of the
matter, for the real question to De decided
is Of far greater significance, and IS this
shall we now by our votes confirm sys
tenn of extravagant aud reckless
expenditure which inevitably leads to finan-
cial ruin? Whether practiced by indiid
mails corporations or municipalities, the re
suit of expenditure beyond income is bank
ruptcy in the end. But the Intelligence
has said that We may enlarge the city reve
nues by obtaining legislative authority to i'll
crease the rate of taxation. The sugges
tion is unfortunate though MOI surprising
for il is the legitimate fruit Ofsuch tinancia
management rs is now being considered
and would not have been made, l think
after a careful consideration Of the disas
trous results which would most certainly
follow its adoption. 1t is asserted, and J
believe with truth, that no prosperous city
in this country is taxed more heavily thar
our own already is, and that very few
cities bear even so great burdens of taxa
ton and it NAV be stated as fact that
the taxes now levied on in Wheeling art
quite as great as our property will bear
and TO increase them would inevitably re
suit in the depreciation of all classes of pro
perty in the city, and drive capital beyond
its border This is no idle declaration but
a statement Of tact justified by our own ex
rerience, and that of other cities, as witness
Elizabeth, n. j., Memphis, Tenn, and 9th
ers that may be named-and the time was
within my own recollection and that of our
older citizens, when their property in Wheel
ing was almost yalueless because of the bur
dens of public debt and taxation, and
house and lot could hardly be given away.
In fact the place WAS parslyzed, and all this
the unhappy result of previous recklessnes,
in creating debt and voting bonds. But 1t Is
not pleasant t. recall the depression anG
gloom which then prevailed in Wheeling
and which was finally overcome only BY
the notifying expedient of compromise
with the citys creditors-a mild kind o!
Reputation, ill-natured people NAV have
called it. Ii is but few years 1.-TWO or thref
or four since this same system of finance
INDUCED in BY more recent City COuncilS
piled up floating debt which we were
asked to fund but rejected by very de
cided vote, administering a Just rebuSe to
those responsible for its creation. Attsr
wards it was a second time presented for 8
vote of the citizens, and only adopted b.
them then with the distinct understanding
reiterated again and again, that thereafter
The city would keep within Its income. How
hat has been doue we now see when in 81
hort a time we are again called upon to
provide for floating debt Of $500, 900. If
with such experience, we sanction a second
lime this reckless and illegal inanciering
nv voting for the ordinance now in question,
We may as we'll Weld to the City Council
and Board Of Public Works all authority
o do as they please with our property, Un
restrained by laws and city charter The
| Board of Public Works should be abol
ished, or reorgsnized upon different prin,
ciples for with the loosely limited AUTHORITY
! which 1T now seems to possess, and the
free exercise Of it. the Board is con
stantant menance 10 the city finances; anC
with present experience would be voted 3
nuisance generally, but the debt we are nov
asked to fund does exist and whether ere
ated legally or otherwise il is the act of our
agents and should in honor be paid; but
not By voting for the funding ordinance
and thus sanctioning the manner of the
debts creation, and establishing still further
precedent for future irregularities and
recklessness. No, never Let the vote
against the ordinance be SO overwhelming
as to settle for all time this business
of overdrafs and illegal credits, and
TO administer a merited rebuke to the
authorities who have praetced it. Then
let the 6narees Of the city be managed in
he future with that prudence and economy
which commands success in public as vel
as in individual affairs, and let the floating
debt be paid from the city's annual reve-
nues BY such appropriations from year to
year as judicious management of its finances
win allow until the whole is paid off, Then
in the future when more money is needed
for any legitimate purpose than the city s
income will afford, the authority to borroS
viii be asked for BY vote Of our citizens
as it should be, before. aud not after e
debt has been contracted without author
ity. CrrIzES.
Wheeling, September 10, 1884