The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1897-10-29
BIG SAVING OF INTEREST.

10 the Elitor OF tnelntellEenceF,
SIR;-On January l. 1891. l find that
the bonded debt OF the city OF Wheeling
was sS915O0 During that year. how
ever. 1t was increased Sl7l, 300. as fol-
lows:
Amount OF debt January /. 1891. -. .I5g7.5oO
Bonds redeemed during the year,. 500
Balance Of old debt, 49,. ,58.go
New loans were made in 1891 as
follows:
Electric light loan at per cent. 5000
Main street bridge loan Nc. !. at
"a per cent $500
Main street bridge loan No. ?. at
per cent. ........................... 800
Making total January !. lss2. ..,. .SiSs,SO
You will notice that all three OF these
loans were issued at a higher rate OF In
terest than is proposed by the new loan
tkat you are called on to ratIfy Novem-
her 2, lSs1.
How does the city debt now stand as
10 bonds, orders and interest rates2
There is now outstanding and bearing
interest as follows:
Electric light loan. a; per cent....1 32.o00
1919 loan, at per cent...........,.,., 2,NQ
Compromise loan, at per cent. &.0o1
Loan Of 1881. AZ ~. per cent........ l9.i
Loan Of iSS5. at 5 per cent..-......,., 2H,Ste
~ per cent........-........-.... $3.50
Main street bridge loan No. :, at
S per cent, .......s.....,.s.....-.... $50
Outstanding orders, at per cent?. 22,29l
Gas works oyerdraft, at per cent. $500
Balance due on Main street bridge,
At per t......,........,..'..... l5'VW
or total Observation-Disclosures. .t6a6,5)0
All OF which Is now costing the city
an average rate Of Ave per cent. per
annum. and will continue TO do so II
some way Is not provided. and that way
Is for II to be placed before the people
by the new refunding ordinance, which,
II passed. will bring about about re-
duction Of interest Of about 5000 year
~ and provide an extension OF time that
will make the payment OF the debt much
lighter on the taxpayer; also enable the
city To go ahead with improvements In
each ward without having to levy an
additional tax as WAS the case two
years ago, when outstanding orders and
J uarsdeemed bonds OF a previous admin
!stration were left to the new council
(lSe5) 10 take care OF.
II any taxpayer Is In doubt as to the
advantages to be gained By the new
funding loan. let him read and carefully
consider the following facts taken d.
rect from the annual statements:
The principal OF the bonds that II
IL proposed 10 include In the re-
funding loan that has been paid
during thu past fourteen years
amounts 10 ,ss.ssssssssassssss,s.ssNsb thV "
Interest paid in that time on
zane .s...s. ,,..s"s..,s..,,..,'.,.. 4Ol,fR ~
or a total IA II years of....... I6q, go "
or an average per annum Of. ii.SQ9 81
So much has been done. Now
the new loan viii extend over a
period OF u gears. fbl5.oW %
Interest to be paid IN that time. $500 %
or total in 81 years t9Si.Qoo o.
OF yearly average OF ,',... 9,0a u
Making difference per
year Of Observation-Disclosures h5i8 ~
This will b. n saving 20 the people
during tina: period OF enough TO pave
all the streets In tho city OF Wheeling
and have some left for extras, wilhlut
any increase Of taxes, but giving 0u'
for labor on the streets and alleys ~
our own Itorlc larE, amount that will
otherwise for some time TO coma, have
10 be- put on for want OF funds
our debt must he paid. our streets
must be improved but we cannot do
either 81 we have so push along I'm the
future hs we have been doing for the
last few years We do not want taxes
Increased. but they viii be N we do not
make change IN our financial sl,ua
tion. and there ~ but one way to DO u.
that lavoie Tot the neW loan and there.
BY save m0ey Tor ourselves. W