Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1897-11-09
THE REFUNDING SCHEME.

To the Editor Of the Register.
Sir:-Now that City Receiver Forgey has
resumed his literary efforts in behalf OF
| the refunding dodge, 1 wish, with all pos
sible respect, to again call his attention
| to his original and repeated assertion that
the city debt has only been reduced 3d.
600 per year during the last fourteen
years, and to again ask that he verify
this statement by printing a table show
ing the actual cash payments upon princi-
pal of tine public debt for those fourteen
years. When Mr.. Forgey does this in
support and veriication of his statements
to the people over his own signature-and
he can turn to the figures in the adjoin-
ing office of the City Clerk without great
deal of trouble-we will be in position
to do few things which cannot be well
done at present. If this task =, too much
for Mr.. Forgey however, let him give the
actual payments on account of principal
for the last five years only. If Mr.. Forgey
refuses this entirely reasonable request
much longer, he may create the suspicion
that he has made at least one statement
which he cannot verify.
Mr.. Forgey says, this morning:
IF the Register has offered one argu-
ment against the ordinance, based upon
a sound business principle, | have failed
TO see it. | do not wonder 1t says the
people are in ignorance for it is presump-
tuous enough to think it is the only paper
in the city that is read by the people
What information has Mr.. Forgey fur
nished? He has made assertions, it is
true; but he has failed and refused to
back them up with details; he has Jug
gled with figures; he has discussed unim-
portant matters at great length but he
has not demonstrated the refunding or
dinance to be good thing for the people.
And defy him to do it, or even seriously
undertake the task. Mr.. Forgey wanders
over the frontier of truth when he says
that no argument has been made against
the ordinance save that it is a political
scheme. That fact alone would be suf-
ficent reason for defeating the ordinance;
but there are other and more important
reasons-reasons that touch the pockets
of the taxpayers, and which / will cheer
fully discuss with Mr., Forgey or anybody
else as soon as Mr.. Forgey will condes-
cend to give me the data I have repeated
ly asked for, and which his assertion
makes necessary.
reflection in one Tat" who, taking his
cue from his principal, makes the same
argument and falls headlong into the same
mis-statement regarding payments upon
city debt during the past fourteen years.
Among other things pat says
Under the present arrangement the city
has paid out in the last fourteen years
500 200 Only $4,000 Of s.- this lis has has been
interest Think Of it, About 10 per cent.
of all the money we have paid out has be
for interest. The principal has been, paid
off at the rate of only $4,000 year
We will presume, for the sake or argu-
ment, that these figures are true-which
they are not Assuming this, what does
Pat think of the provision of the new
ordinance which requires the payment Of
S210.0O0 of interest in the next ten years,
without reducing the principal sum one
dollar? Will he recommend that sort of
thing to the public with a straight face?
In those ten years the present city debt, (
at the rate of payment obtaining this year
and last would be reduced $500 0C0, and the
annual interest charge cut down by $16,-
000 or $17.C00 Which is the better method
for the people? The best way for all con-
cerned is undoubtedly to pay off the debt
as we are doing, for then the cost to the
basis will have been reached, the city
credit will have been kept at the top notch,
and there will be an ever-increasng
amount of money, legitimately obtained,
for those mysterious public improvements
about which Republican Councilmen and
city officials talk glbly.
pat concludes with this stirring cry:
"Vote for the new bonds and trust to
your representatives in office to use the
money saved judiciously.'
Trust to what. To our Representatives
in Office! Whew, 1t can scarcely be pos
put additional confidence in an admins
tration, which, starting in January, 1895,
with the most earnest promises CT reform
in municipal affairs, violated every pledge
made. increased taxation under false pre-
lenses. violated city ordinances with an
audacity heretofore unknown in our local
history permitted the City Hall to be used
as a Republican club house. at the eX-
pense of the gas consumers, pigeon-holed
bills and accounts with pertinacity and
industry which put all former administra-
lions to shame, and which in this year Of
grace has run behind $4,000 in its ac
counts. Trust these gentlemen with more
public money I should think not. Their
method thrives by what it feeds upon, |
and more money would inevitably mean
greater extravaganza. What is needed at
the City Hall is not so much more money |
as more economy. Let Pats" friends |
give US the latter and continue to reduce |
the public debt at the present rate, and |
all will be well. ANTI-LOAN,
n