The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1897-10-06

done toward repairing them. We need
a sewerage system, and something in
that channel ought to be DONE
what was the purpose OF making the
first series of bonds ali Of one denomi-
nation, Colonel?" The reason the colo
mel gave will meet with general APP
proyal. He said.
"Our purpose in making the first
series Of $1,000 all 500 bonds was that
He felt that they ought to be put within
the reach Of the poorer class OF people
pie Not every one can afford to buy a
$1,000 bond, or even a $500 bond, and
yet here is four per cent Investment
exempt from city taxes, which viii give
man with 500, or even 5000, an OPP
portunity OF buying it, should judge at
par, because no one will give n pre-
MUM for a small bond, and they only
run ten years,
Ten years Is as long as the average
poor man will want to invest, because
he can always get his money back as
long as he wants to invest II.
I'VE made q little alteration In the
getting up of the bond In the way of
making each and every one OF the
commissioners cOuntersign all OF the
bonds for the safety OF the purchaser in
getting the original bond, and likewise
the safety OF the city. No bond shall
be considered genuine unless II Is
countersigned by each and every one of
the commissioners"
DO you expect any serious objection
on the part of the public?'
I'VE have not the least fear that the
ordinance will fail to get the neces-
sary three-fifths majority, because II is
in the clty's interests and the people
Will so regard it."
And there is, Of course, no doubt
the confidence of Investors in the
bonds" interjected the reporter.
Not Bit" said Colonel Horkheimer.
THE ordinance is carefully drawn"
"a great deal OF credit belongs to Mr..
Nesbltt, city solicitor, who worked very
hard in the formulation of this ordl-
nance. The committee thought best be-
fore presenting 1t to council, 10 Have 1t
passed upon. The city solicitor would
naturally be supposed to be working
only in the interest of the city, and we
therefore submitted 1t to Mr.. Henry NJ.
Russell, who passed upon the legality of
1t, and the purchaser has the sure
knowledge that he is safe when he buys
one Of these bonds. We have guarded
against any flaw being picked after the
ordinance is voted on. The manner
provided for the payment of the bonds
is fixed by act Of legislature, and we
have arranged II as the statute pro-
vldes.O OF course the city does not now
live up to the letter OF the law, because
we usually pay everything out of one
fund, and simply appropriate out Of this
general fund for the payment of these
bonds, which are provided for first.
zone of our main reasons why we
made them payable December l is be-
cause the city's moneys and taxes are
collected in October and November. The
city Is a borrower mostly during the
other period Of the year, and by this
means we have no money to deposit,
and will simply apply 1t to the pay
ment Of the bonds on December /, and
thus save any loss Of interest that We
would otherwise have.
IF you newspaper men Will take
the ordinance as 1t will appear and look
It over we feel that we will have your
corporation. and good results must
come from II. The election Is to be held
IN the very near future. While there
Is no fixed date In the ordinance we
think council will perhaps have spe-
cial meeting as soon as possible and eX-
pedite the matter by fixing date for
the election"