Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1893-09-28
THOSE CITY BONDS.
THE FIEANOE COMMITTEE SENDS TIE OLD
ORDINANCE BACK
For Action BY Council this Evening" Inll
Investigation Of Financial Matters to
Be Undertaken.

| terest OF the electric light oonus' oo,OOU
OF which fall due Saturday, together
with $500 Of interest on the S72, 900 OF
bonds outstanding. Guy r. c. Allen
had been authorized by Col. White, by
telegraph, to represent him, but was
not present at the meeting, no ques-
tions OF a legal nature arising. Sew
eral members of Council were specta-
tors.
Business was opened by Chairman
pro tenn Cruise stating that he had
consultation during the day with the
holder OF the large majority OF the
light bonds, and 1t had been sug-
gested that instead OF deferring
the $4,000 of bonds payable
this year until next, that $4,000 be
paid for the succeeding eight years,
beginning in 1894, instead Of $4,000
annually, thus dividing the burden be-
tween eight years instead OF having it
all fall next ysar. Mr.. Cruise heartily
favored this plan.
1t was opposed by Mr.. Richards in
very earnest manner, who held that 1t
| would be going back on the idea which
actuated Council Tuesday night-that
OF giving the financial affairs OF the
city a thorough overhauling, while pro-
vidng for the bonds and interest at
once. He said an arrangement by
which the city would pay but the
paltry sum Of $1,000 year, would be
virtual confession OF insolV-
ency, and that it would be
a very costly compromise in the mat
ter of interest on the deferred bonds,
that item alone footing up $4,000 for
the IS, 900 thus strung over eight years.
Mr.. Richards pleaded for immediate,
vigorous and thorough action by the
Committee.
Chairman Maxwell made review OF
the whole situation for the benefit OF
the absentees, including the attack
made on the report Of the committee by
Mr.. Cruise, member, In Council
Tuesday night, which resulted in the
upsetting Of the Committee report, and
he thought the Committee had not
received exactly fair treatment.
He also incorporated the remark
that perhaps he, as chairman OF
the Committee, had been little neGli-
gent In lot calling the matter before
the Committee sooner, but the thing
had escaped his mind until bis attention
had been called to it, last Monday, by
the City Clerk. In the course OF his re-
marks Mr.. Maxwell called attention TO
the fact that the bonds had been formally
called and drawn by the loan Commits
sioners, and interest on them would
cease October 1st, and there was nothing
to do put pay them.
Mr.. Cruise rather warmly enquired
why the chairman had not made that
statement In open session OF Council,
Tuesday night, TO which Mr.. Maxwell
retorted that he did not deem it a good
thing to say in public. Mr.. Cruise
thought, however, it would have en-
lightened those who, like himself, did
not know the bonds had been drawn
and called The advertisement OF the
Commissioners has been in the papers
for some time, but members OF the
Finance Committee, by strange fatal
ity. seem not to have seen 1t. 1t was
agreed, under this aspect OF the case,
that it only remained to pay the inter
est at once and take care OF the princi-
pal in some manner, by special arrange
ment or by payment.
There was quite a general discussion,
In the course OF which Mr.. Richards
offered a resolution calling for the re-
port OF the ordinance providing for pay
ment Of interest to Council, as on Tues
day night, and that the Committee
recommend a thorough investigation oil
the financial conduct Of the city, In It's
various departments, and also report
some means of providing for the present
deficiency in the gas works.
Mr.. 64ase offered, as a substitute, TO
simply refer back the ordinance report
ed tuesday night. He gave as reason
that the resolution proposed by Mr.
Richards presented nothing new, and
only contemplated future work, while
he was In favor Of commencing at once
Mr.. Richards said he did not know
what the objection was In fact; tha
assigned by Mr.. Cruise was insufficient
II there was anything in his reso
luton that was untrue, he was will
ing TO strike 1t out. II there was
anything in his resolution which ought
not to be published, he was willing Il
strike 1t out. II the things were true
let them remain. He thought 1t wa
time that Council should be fully in
formed OF the state Of affairs, and it wa
time that the cowardlyp olicy OF the past
regarding city fiscal affairs, should
come 70 an end. Council and the people
should have q knowledge OF the facts
as fully and as completely as possible.
To this, Mr.. Cruise said he was with
Mr.. Richards, but he went farther thar
he did; he wanted to get to work al
once.
Mr.. Richards said individually be
would shrink from any investigation oil
an Official or any criticism. He wanted
the thing to come through the usua
channels, and thorough report made
I'D which would mean something.
A vote on Mr.. Gruse's resolution re
suited In its being lost by a tie, and Mr.
Richards resolution failed in the same
manner.
Debate was then reopened, Mr.. Grus
saving he was willing TO cut Mr.. Rich
ards resolution In two, and send Ia The
old ordinance. e.. =.
Finally Mr.. Richards amended hi
resolution, so as to send in the ordi
nance, and then saying the Committe
had commenced thorough investiga
ton of the financial system OF the cit
in its various departments, report to b
made from time to time Of such recon
mendat!ons as it may deem proper, ant
also means for providing for the pres
ept deficiency and future needs OF tn
Gas Works" This was adopted, an
the Committee was back where 1t Wa
Monday night.
The question Of going behind tn
: scenes and finding out what could b
done to better the general financial SIT
uation. then came up. All the men