The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1891-08-04
THOSE BRIDGE BONDS.
Rsforiner Insists That tile Promoters of
the scheme swallow Their Dose.

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the scheme swallow Their Dose.
TO he Editor Of he JntslEfgAeer:
sn:-Thc promoter of "WheelIng's
folly" on Saturday and also in Sundays
edition pleads for help, but fails to ad-
wise It's supporters to take bridge bonds.
We are therefore led to conclude these
gilt edge" securities are not good
enough at four and half per cent. and
no city tax on them, for the promo
ters." Tho Saturday edition says il IL .
Dilemma" they are in, and We call i u
hole. Reflection is also cast on the In
TRLLtdEyGER because It's correspondent
inserted clipping showing that foreign
capitalists bought Dayton, Ohio, bonds
to the extent Of $4,000 in one day,
paying a premium for them Of one to
two per cent, and the bonds bearing
but four per cent. interest, The pro-
motor says Ibis Ohio city is differently
situated, and wo say it is better hand
led financially.
Now let the promoter show the 'peo-
pie OF our city why Wheeling is not also
Differently situated" and in condi-
ton to sell "gilt edge" securities as
favorably as Dayton.
The Sunday circular Of advice to the
finance committee and the bankers is a
strong paper. It is to borrow money at
rate not named, and deposit the
bridge bonds and the electric light
bonds as collateral, the banks falling
into this scheme 10 be favored with the
city's deposits. AS the city gets 8 per
cent on her average balances, the banks
probably believe they pay fairy for the
deposit, and this suggestion would
doubtless 60 Tor what 1t is worth with
them-nothing
While this is modification Of the
previous suggestion, which required
the bank or capitAlist to take 500 bridge
bonds to each 5000 electric light, and Is
slightly sugar coated, yet the working
people and the banks will very likely
pass 1t by and continue to loan their
money to individuals and corporations
at per cent as usual. Poor debt
laden Wheeling must pay 81 per cent
Tor money while individuals are sup
piled at 8 per cent.
II we understand the situation, the
bridge, II built at all, is to be built with
money provided by sale OF bonds bear
ing four and a. half per cent interest,
said bonds to be sold at par or more.
Nowall these aubterfuges 10 get money
to prosecute this work are unlawful.
The right way flor the promoters and
auppofters TO buy the bonds and help
the bridge out. They should "hustle,"
too, Tor the $1,000 left at the last re-
port Of the commission will not last
long, the way that south end hole eats
UP. money.
Asquib in another column intimates
that the Hworking people" who have
money in our city banks on deposit at 8
per cent would buy the Al per cent
bridge bonds il well advertised. We
think the working people, as well as all
classes OF our people, are well informed
as to this bridge scheme and its prog
ress by this time. AS our city is at
present governed, all classes prefer a
certificate Of deposit in any OF our ex-
cellent and substantial banks at 3per
cent to a bond Of our debt-laden city ut
5 per cent. Will the promoters" now
walk up and shoulder the "dilemma"
With the knowledge the people now
have, how gladly they would consent to
have steel bridge-such a fine, sub
stantial ono as the Terminal Company
has just completed atthe Crescent mill,
begun almost year after the Main
street work, subject TO the same floods
and requiring abutments the same as
the Main street structure. Railroad
trains can now cross the creek on this
fine bridge, and no reputable engineer
would risk his reputation by computing
its life. An interesting feature to us all
would be the cost OF this splendid steel
bridge. We venture the prediction its
entire cost was close tothe amount now
expended for twenty feet of stone abut-
ment and a hole-no counting a
wrecked house--at Main street. Walk
up, promoters, and take your "dose."
REroRMER.
W1selino. A,Loust 8.