The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1884-06-19
!, z 7 SHORTAGE IN orr FUNDS. !
An Overdrnrt OF $4,000, which Must
atlt4lftr Ra N 81 In Ham a N I. rua. JAl5fIp5a

An Overdrnft Of $4,000, which Must
He Met In Some Manner. , h. A R
What ID the city to do for money with
which. to pay her running expenses, to any
nothing Of her debt,Y Where are tho cold
dollsrs to come from TO keep The municipal.
lily up7 These are questions that have once
more risen for the consideration OF Council,
and they should not only DO considered by
Council, but by every oit'zsn., The same
queations have risen before, and, although
iney have often been dispoaed OF for the time
being, Ike Banqu0's ghoSt, they will not
down. They now stand forth In bold relief,
and how to answer them 10 the satisfaction
Of the public will probably DO hard prob.
lem Tor the flnanciers In Council. Il, y'FIsls
91lt has been freely predicted fol. some time
past that these questions would soon be be-
fore Council once more. Tho Board OF
Directors Of the Exchange Bank have In
slructed tbs Cashier, Mr. j. j. Jones, to
notify the oily that It will no longer cash Its
orders, for the reason that the over draft Ia
now 30 large that 1t leaves but little margin
for the city, before she will reach the legal
limit OF her indebtednee1. 4 This notification
was made In brief letter addressed to MIR.
W. A. Wilson, chairman OF the Finance Com.
mittee. He had the committee called 10
meet at the Oily Building at 5 O'Clock yssler.
day afternoon; but a quorum failed to show
up and nothing wa, done. q ss
~ slzE or TUE ovxRDaArr. 8. +.
For years and year, the city has had an
ovefdratt and for several yeara past the Ex.
change Bank has carried tho larger t,rtion
Of II. OF thu present overdrait OF $l40 600 it
holds about Sll7 900. Three or four times In
the history Of the city, AZ the taxpaylbg pr.
tlon Of the public Is aware, these overdrtt
have been paid by the making OF loan and
issuing Of bonde. The last Instance OF this
nature was In 1881. The overdratt amount
cd to over 500. 900. he.queltion Of paying
1t BY loan was submitted Il the people and
Lost. The water works at that time we're In
need Of extensive and costly Improvements,
and Council t4cking theas and the question
OF buying the Fifth ward market. nouse to
the original question OF paying the oyerdraft,
asked tha public 10 be allowed 10 make
loan Of $l64 500 and the public voted 10 allow
1t BY the requisite three. afLhs ma ority. l
The bonded indebtedness OF this city al
present 10 $4S5 900. 1t has basn reduced
since the frat OF January al, 900 by the fol.
lowing payments: Public Building Loan,
$l2 Goo; Compromise Loan, IS COO; Loan oil
1879 or the List l. Davenport Loan, $27 900
10 made up rs follows: d City 1880 Loan, @
per cent, Sill 600; Compromise L ,an, 5 Der
cent, SIS 900; Public Building Loan, 7I per
cent, $4,000 Hemp6sld R, r., 0 Der cent
81 900; Marietta & Cncinnati,B per cent,
SO 600; List & Davenport Loan, 7H per cent
tlC4 0O0; 1881 Loan, ~ per, cent, 1854 500.
BY the end Of tie month the drafts III transitu
will amount to $l45, 900. This added TO the
bonded indebt. daess would make grand
TOTAL OF $3.50 eco. ra,ftse,--is :, ESfoF j5 l5
The impression haa been that. the city was
within about $50. coo Of the legal limitation,
but reference 10. the 6herifi's books shows
that the difference Is more. The State law
provides that no issue and sale OF bonds shall
be- made that will cause the aggregate OF
city's debt Of e7ery kind whatsoever 10 e1.
coed 6per cent. on the value OF tl1abls prop.
erty thAretn,which value shall DO escertsIned
BY the lest assessment for State. and county
laxes previous 10 the issue Of such bonds
In case loan were to ba inside now the as.
aessment Of 1884. would Of course bs taken
the valuation OF city real ratate to be $40 :
1872 $50; Of personal property to be IS, 1913, ITO,
total, $l6. liz, $50. Five percent Of this
amounts Is sS0S, 793. The bonded indebted
ness Is Sis5 5o9, and the overdrsft at the end
| OF the month will be $l45 600. To this
amount should be added SIT 500 interest on
the bonds a2d 1880 interest on the over.
draft, making grand total OF $685. ESQ, which,
deducted from $S0S, 103, leaves q balance Of
SOB. 143 to be expended before the city e1.
hausts her limit. FEE LILO ,gf'.
| ~ WHAT couScILMEy THINK. 1.,4-
These facts were brought out Yesterday
afternoon. Mr.. Wilton, Mr.. Hall and Col
onel wilkinson were the only members Of
the committee who were present. Mr. Peter.
ton had been called ont Of the city and
Messrs. Rossnburg aud Hoffman were so en-.
crossed with then private business that they
could not attend. There being no quorum
present nothing could be done except 70 talk
Two hours were thus consumed. Clerk
Bowers aud Receiver Dunsway were nreseps
| and they and the reporters participated / in
tie discut1ion that WI carried on. The
members OF the committee were OF the
opinion, frat, that the pre-: snt debt not bond.
ed should be bonded Is soon 81 possible; sec.
ond. that more economy should be observed
BY Council; third, that an ordinance author.
iztng an overdralt and the aemiaunuc! pay.
thing. .sa.s ls4r go ~ !, 4
In support OF the frat p5onc1lilon there is
this to be said in it, favor: The Eating debt
could be bonded Tor ~ percent OF the
farthest, which would BE- d big Swing over
the percent that is now piling up against
the over draft. By bonding this debt the
city would still be within her limitation and
haye margin to 20 on in c,qe OF emergency,
1t would wipe out the present debt aud the
taxes received at tho end OF the year would
allow for running e4pente IS 10 the meantime
There might also e. incorporated In thss
loan sufficient amount 10 pay for paving
with brick, Main, Sixteenth and Eoff streets,
as ordered by Council, and the contracts for
which have been signed In part. More
! economy Is an absolute necessity. Reference
has been made to the brick paving ordered.
Insids OF forty dsys q 81 900 engine will have
TO be paid toy end s,llariiss2 are to be paid in
| WHERE Pant or THE MONEY. GOES.
1t was stated by city officials yesterday as
fact that ths Board of Public Wo.ks was
spending from $40 900 to $l2 600 per month,
and the members agreed that that amount
must be reduced. Under its rules the Board
can make contrsols under $S,Dcb without
consulting Council, and it has made several
Of these, IS witnefs the paying with brick OF
a square on Fouftespthi ene gu Twenty,
second All ma nm Tvyenir sthir n sfraoi o, mi,