Wheeling Sunday register. [volume] (Wheeling, W. Va.) 1882-1934, 1885-05-24
THE LOAN ORDINANCE.
nn. Edilor Of fhs Reqtaer.

10 ne EdttOT OF t0c fbcytSbds
Knowing your desire TO promote the best
interest of the workingmsn and to furnish
him with such information as will enable
him to Judge for himself whether he should
vote to ratify or reject the loan ordinance,
which is to be submitted to the people on
next Thursday, ask for small space IN
your paper to submit some views pertinent
10 the subject. In the first place every
voter should divest himself of all prejudice
or grievances he may have against the City
Council, Board Of Public Works, the Water
or Gas Board or any officer in the employ OF
the city, and whether he or his friend has
been treated badly by the Council or BY the
Clerk or member of any City Board or off.
cisl, has nothing to do with the considera-
ton of this subject. If he wants to redress
his grievances there are various ways by
which he can accomplish his object, and if
he takes the method Of voting against the
ordinance to vent his spleen, if he is a work
ingman, mechanic, property owner or l
don't care what, he is "biting of his nose to
spite his face" In the second place, fine
spun theories, legal bubbles or abstract
questions should have no weight in deciding
this matter-it is purely question of dollars
and cents. The first thing to be decided is,
ought the city to pay its honest debts2 Ii
decided in the affirmative, the next CON
sideration is: How are you going to do til
Now this ordinance proposes to borrow the
money from the people by giving the city
notes or bonds bearing 5 per cent. interest
I'VE are now paying 6, which difference on
100000 is S., 900 year,, to an amount OF
100000 with which sum we will pay of all
outstanding debts, besides taking up SI6,-
900 of old debt bearing I! per cent. These
bonds are payable in 81 years, and redeem
able in 10 years if we desire to pay them Oh
at q lower rate OF interest at the expiration
Of that time. Now how are you going to
pay these bonds2 Two plans present them
selves. lst. By levyipg direct tax. End.
Setting aside from the revenue of the
Gas and Water Works such sums as will.
pay the interest and retire the bonds accord
ing to contract.
The Ordinance and Finance Committees
after hearing the most exhaustive argu'
ments and celebrating over the subject for
months, decided by q large majority to pro-
vide for the payment of the bonds and In
terest by taking an equal sum from the
revenues of the gas and water works, and both
branches Of the City Council, by a large
majority, adopted that plan. If you levy
\ direct tax the burden is felt by every
,orking man as well as property owner,
or the landlord will raise the rent Of the
ENTER, and it decreases the income of the
mechanic who owns the house in which he
ives. Now If these bonds, with the annual
interest is paid from the revenues Of the
as and water no one feels it, nor dses it
IMPAIR the ability of either Board in reduc
ug the price of gas or wS.3t to the con-
,umer, for the Trustees say they are ample in
either case. 1t will only take 81, 800 each
rom the Gas and Water Board for the next
10 years, and if the people desire to change
he contract in 1896, they can do So besides
The Water Board has been paying for years
$1,000 per snnum in the city treasury to
AXE up old bonds, so that it will be relieved
Of $500 annual payments. Heretofore
The objection has been urged that if we pay
n the debts now in year or two we will
have another accumulation, (the same thing
over sgain), but certainly the very restric-
i've ordinance passed by the Council is
sure and effectual remedy against such a
occurrence and ought to satisfy any one
who will examine its stringent penalties
While there may be other objections to the
present loan ordinance it seems to me they
must be trivial in comparison to the great
benefit to be derived from lis passage, for
the city, once free of its present embarrass
ment, can give steady employment to the
workingmen, throw in circulation great
zeal of money and make glad the hearts Of
many who are bowed down and crushed BY
ooverty and distress. COMMISSIONERS.