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


been popular one from the start with
those who understand 1t, and in all
probability It will receive more than the
three dfths majority Of the popular
vote needed for It's adoption, There are
many citizens, however. who have
given the matter little thought, and are
unfamiliar with the details Of the plan
of refunding the city debt, while there
are a few who have the Impression
that the proposed action is in the ma
tuTe OF making a new loan, or an IN
crease of the puiic debt, Such IS not the
case The debt will not be increased
dollar, but on the contrary is IN the ma
ture Of lessenlng the burden ana OF saw
ing a large sum annually in interest.
With view OF obtaining a simple eN-
PLANTATION of the plan, and the adVan>
fare the refundIng scheme viii be TO
the community for the benefit of this
class of citizens, as well as those who
will not take the trouble to study care
fully the text of theordlnance, copies OF
which will be distributed In the city,
an inteiiigencer reporter sought an IN
teryiew with Chairman Horkheimer or
the finance committee. who has been
very active in the advocacy OF the
proposition On being congratulated on
the successful career of the ordinance
so far, Col. Horkheimer replied;
Yes, am rather glad 1t has passed
the committee, and dare say the entire
committee on refunding Will be con-
tented with their dOings, in,view oil the
fact that the ordinance committee, az
ter having the ordinance or bill READ 10
them seemed to think well enough OF 1t
to adopt II and recommend II to coun-
Gil without any further changes. sun
after ALL II does not require bralny
man to see this-that borrowing money
at a lesser rate of interest can only be
10 the advantage Of the borrower, and
that is about what we are trying to do.
You see 1t does not require very much
brain to know that II you have bonds
TO meet and you have not the money to
meet them with you simply have to re-
new the bonds, and II you can borrow
cheaper than you have in the past,
why not do It? The city Is Just the
same as an individual. She has TO do
the best she can.
'Personally. | do not think the Re-
publIcansare entitled toanymore credit
on this measure than the Democrats,
because Of the fact that there is no pol
tiles In II, and had the time been ripe
when they were in office they would
certainly have seen just as well as
we do now. the necessity OF this
refunding; but you see they could not
do II then because Of the majority OF
the bonds not having expired TO the
ten years limit As you will notice,
We are laying some away for 1900 ana
this we do so as not to nave two cleo
nj no. nj n "a
expense OF another vote. This is nothing
more norless than q fair business propo-
sition, and politics can certainly cut no
swath
'As to the commissioners, they were
simply picked out as suggested by
members OF the committee with the
view of getting young men Who are
known in the community as men OF
sterling Integrity and business ability,
regardless OF politics. 1t cannot matter
who Is commissioner, rs you will no
tice the earnings are Yeryllmited, and no
bank can have very much earning out
of Il, from the fact that we do not, as
in the past, issue bonds and compel the
city to pay them TO the commissioner
month ahead. and have the money ly-
ing around. This ordinance provides
payment five days previous to the ma
turity Of the bond"
Does this do away with all other
commissioners? asked the reporter.
yes, It viii do away with all the
other commissioners because there will
be but this loan" said the colonel, land
the second series, bridge bonds), which
we cannot take UP owing to the mistake
council seems to have made AZ the time
giving us no privilege of retiring them,
as there were only a few OF them, /
think but SG5. 500 in all. You will
notice that we do not increase the dty's
Indebtedness one shilling. but simply
refund II to the precise debt OF the city
as II stands. Some OF these outstanding
certificates stayed back quite awhile
and the city is paying six and one-halr
per cent on them all, and unless you in
crease taxation you could not possibly
take them up. II simply leaves the eN-
act amount Of the present indebted
ness. not adding thereto one cent"
"Of course this all means greater
economy"
Eyes. that Is another feature OF the
ordinance We will not be obliged IN
der any conditions to increase taxation.
We are simply safe on the basis that VIC
retire them because We are now paying
nearly $4,000 annually and the clty's
debt Is simply maturing faster than We
can take care Of IT, We will certainly be
better able 10 pay ten years from now
$4,000 annually, particularly since We
are paying less interest, and with the
increase Of valuation on the city prop
erty and improvements that We VIII he
able TO make, and the Increase Of popu-
latlnu, Il will be good deal easier, In
stead of forcing the payment Of the
clty's debt on the community II Is here
we make our postcHty take care OF II
little Of II. You must bear In mind that
we gave them stone bridge, good
paved streets. gas works and watcr
workB. and ! should Judge thcywtil have
value received In consideration Of what
the people In tho last ton years have
done for them"
what arr some Of the advantages
outside Of those you have montloncdw
wna asked
~ have no hcHtnncy In SAYING that
the per cont bonds win bring n pro-
MUM" replied the colonel "From
what have learned from the Clty'R niIl-
GERS they have n great many Inquiries
for them. This should NJ least do one
thing, " nothing moro, nnmpiy. Ptup
HOmo OF the lighting that hhs been con-
tlnuhlly going on among the wards.
Laying little piece NJ street ono
place ana then another, Instead N Nm.
lshlng the street complete uud then
take W. some other spot and finishing
H. In stopping The payment Uf tho
bonds those few years tbcouuso In ton
years YOU VIII commence paying again
" ought 10 Rive ~ enough money Ia re-
rnlr some NJ our old streets They VIII
viii 20 to destruction nH fast nH We nfe
building now ones unless sumclhng lB