The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1897-11-22
To the Editor OF the Intelligencer.

. TO the Editor OF the lntelligencer.
sIR:-so far the Market street or
gan has not advanced any argument
against the refunding loan It is true It
has published several articles on the
subject. but all consist only of assertions
that the faithful are expected to accept
as true. because It Is the organs asser-
ton. As to facts It presents none.
II has asserted that, refund or no re-
fund, there viii be no improvements
made during the next four years without
raising the taxes. The statement Is
made.as from one having authority, and
whose reason or motive, should not be
questioned. 1t is SO, BECAUSE we say 1t 10
So It further states that by the end OF
the next ten years we should have ac-
cumulated q very comfortable surplus.
with which we can make the needed i'm
provements. That also must be so, but
there are many well informed citizens
who will be under obligations to the
Register, II It VIII come out with facts
and fgures and show just where that
surplus Is TO come from, We have a
floating debt of about $4,000 that is
bearing a bond issue at the rate of 6 per
cent. We have a bond issue of So, 900,
that will fall due July l. 1900, making a
total OF $780, 900 that will have to be taken
care of and arranged for in the next two
years and a half.
Now, every well posted mar In council
to-day. or that has been a member dur
ing the past SIX years, knows that It will
be impossible u pay the above amount
out Of the general tax levy IN that time,
and keep up the necessary fixed expenses
of the city. Having made a careful ex-
animation Of the city statements during
the past six years, the abuve fact shows
itself very prominently.
Such being the case, THERE WILL
BE BUT ONE THING TO DO In 1900.
and 1t will be done. whether the council
be Democratic or Republican, and
THAT WILL BE TO GO BEFORE
THE PEOPLE AND ASK FOR A NEW
LOAN oFAT LEAST ONE HUNDRED
AND TWENTY-SI% THOUSAND
DOLLARS TO SAVE THE CITY'S
CREDIT AND HONOR, That figure
has been taken at the lowest possible
limit, but l doubt very much II the
amount required and asked for will be
that small. With that point In view, 1
have compiled a few figures on the city
debt II the present time and what II VIII
be four and ten years later, under the
old and new proposed way. Taking no
account of the water works debt. which
VIII adjust Itself, without touching on the
general levy. l find the debt OF the city.
including all bonds, outstanding orders,
gas overdraft and unpaid balance on
Main street bridge. December 81, 1897. to
be $626, 500. In the next four years. count
, ing the new loan Of 1900, / find that we
will have to pay out of the general tax
levy. on the old plan. on account OF bonds
and interest, $40, 492. or an average per
year OF S6O,123.
Under the new proposition the amount
in that time win be, Sl39,l65 so. or an
average per year Of S34,79 81. making a
difference In that time OF a yearly aver
age OF S25,33 10, or In the four years
time $10l, 1924 90 that can be saved out OF
the general levy and applied to work on
streets, sewers and other necessary
work.
How viii this effec: the debt at the
end Of that time?
Under the old arrangement the debt
wllte as follows;
Six per cents. ...................S $4,000
Five per cents. NORTHUMBERLAND. 1875, 400
Four and one-half per cents...... 97,7OO
-Four per cents. 10000
Total .................. .... ..s4S3,1O
Under the new loan It viii be at the end
of the four years:
Six per cent............".......S6 1900
Four per cents ..........,...... 525, 900
Total ........ ,."......... ....S5Sg,OOO
This shows that at this time our debt
is larger under the new, but the rate OF
interest is less In proportion and we have
been able to give 10 the taxpayer over
$4,000 In Improvements that, in many
cases. win be also improvements to ad-
jacsnt property.
In regard to the Registers statement
that we will be u Of debt in ten years. II
knows that Is not so. At the end OF ten
years the city debt will be under the Old
way. 1854. 500; under the new It will be
1851, 300. The interest paid In the ten
years under the old way and no i'm
p%rovements. win be S229,5O7 so. under the
new 1t will he S252.197 80. q difference
only OF s22, $50. and an actual saving to
the city towards repairs and improve
ments Of about $685. 900, IN that time.
These figures are all made up from de-
tailed statement, on each loan of the
city. and can very easily be verified.
Any one who will carefully anaylze them
Will soon see that as n business proposl-
ton. the refunding ordinance should by
all means receive the support OF oil good
citizens, irrespective OF party.
w. C. W.
Wheeling. November 2l.