Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1897-11-26
THE OLD STORY.
Borrow More Money and Put Cff the Day
OF Payment.

SofroW More Money and Put III the Day
Of Payment.
To the Editor of the REGISTER.
Sir:-Beginning with the compro-
mise loan Of 1860, at the end Of every
few years of overspending her reve-
nues, the city of Wheeling finds her
self unable to meet the amount due
upon her maturing bonded debt, and
at the same time burdened with more
or less floating debt in the shape Of
accepted orders, occasioned by over
spending her yearly income. The plan
pursued to meet this condition has
been to refund the old bonds as far
as possible into new ones, adding into
the new loan the outstanding orders,
to put off redemption as long as pos
sible, and enter upon another period
of reckless overspending, at the end
Of which the process is repeated.
Stripped of politics and expert fig
uring, this is the present situation of
city affairs, and the proposed refund
ing scheme Of 1897 is simply the old
story of borrow more and pay off,
make no provision for redemption,
which is put Of as long as possible,
and continue spending and overSpend-
ing. Is there no better plan to meet
and overcome or prevent this recur
ring trouble?
AS a Republican, I do not care to
find fault merely for faults sake with
the gentlemen / helped TO eject, VINO,
ii wrong, are only repeating the err
rorS of their Democratic predecessors
OF ten, twenty CT thirty years ago.
Nor 90 l care to fling charges Of
money to be made" by those having
in charge the negotiation of the new
loan. Those who are on the inside of
such transactions naturally get the
''pickings," and | am not hypocrite
enough to say that, if positions were
reversed, | would refuse anything that
fairly came my way.
But my contention is that there is
a better way to meet and overcome
this embarrassment from overspend-
ing. The individual who incurs debt
and persistently continues to spend all
his income, making no provision for
payment of his loan, may be able once
or twice to meet the maturing debt
with a new and larger borrowing, but
the sure end, sooner or later, is ruin
to the debtor or loss to the creditor.
have timed the beginning of operations
on this line with the compromise loan
of 1860, but that loan was really the
elimination of series of such opera
tons as we have detailed, with the
result that the city was forced to
actual population. Who can say that
The refunding scheme Of 1897, if carried
out and followed by ten years of reck-
fess overspending the yearly revenues,
will not produce the same disgraceful
result by 1908, when the first bonds be-
come due.
Some day somebody with more au-
thority than | will compel the city to
adopt the old and only safe plan laid
down for the individual OF business
concern that is in debt, of setting
aside a part of each years income TO
meet his debt at maturity, and to be-
gin to do so on the day the loan is
made and keep it-up faithfully until
the debt is paid. For the individual
to do otherwise is dishonorable and
dishonest, for he is spending money
that belongs to his creditor For the
city not to SO provide is worse. for it
must and can only result in bringing
upon the people burden of increased
taxation, or the disgrace OF repudia-
tion-or both.
In brief, Mr.. Editor, for I have writ
ten more than l intended, being
wrought thereto by strong conviction,
l shall vote against the refunding or
dinance of 1897 and every other loan
ordinance presented, which, like it.
does not provide for an adequate sink
ing fund coincident with the loan, be-
ing satisfied that the failure so to do.
added to reckless overspending of the
revenues of the city, is the root and
substance CT the present and past diff
ficultIeS. y. X. X.