Wheeling Sunday register. [volume] (Wheeling, W. Va.) 1882-1934, 1899-09-03

Total Observation-Disclosures. $30.3S0
ct will be seen that we are knock
ing this city debt at the rate of more
than $4,000 per year, with a resulting
saving of $4,000 per year in interest,
one year over another. In other words
our interest charge was $4,000 less in
1899 than in 1898, it will be $4,000 less
in 1900 than in 1898, $4,000 less in 1901
than in 1898, and so on, while the city's
revenues are increasing from increases
in taxable property. This is a good
state of affairs, and when contrasted
with the fact that under the State law,
if we refund, we should have to pay in
terest for ten years on the entire debt,
and still have that with us at the end
of that time. fail to see where the
economy comes in. If we continue
paying off the debt at the rate of $780,
900 per year, in ten years we shall
have paid at least $780, 900 of it, and
will owe but little over 100000, with
an annual interest charge of but $12,-
900 per year. If we refund the debt at
31s per cent, our interest charge ten
years hence will be $4,000 or $4,000,
and WE WILL STILL OWE THE
DEBT, and must pay interest on it as
it is gradually reduced, for twenty-four
years more to come. Which is the
better policy?
But it is urged that we must take
care of the compromise loan the COM
ing year, and, ergo, we should refund
the entire debit To be sure the pres
ence of the compromise debt of $4,000
is bad thing; but why has it not
been gradually reduced in the past?
Why was it allowed to remain at the
same amount, practically, for a dozen
years. to plague us in our old age?
Had economy ruled at the City Hall all
these years, this debt would not be
more than one-half what it is at pres
ent. But it is there. and the table of
payments on principal and interest to
be made next year stands as follows:
Compromise loan, principal. So, 900 90
Other loans, principal. ............... 30.3S0 90
Interest account. 22,5S5 81
Grand total for 1900. ........... s1S4. Sos 81
"Manifestly it is impossible for the
city to meet these payments next year,
even with the closest economy. What
is the best thing to do. Obviously, for
the city TO simply refund the eompro-
mise loan at say 81 per cent. and con-
tinue to pay off the other bonds as
they mature at the rate Of interests
they now bear We will be better off
in the long run, and will have gotten
out of hole, into which the city has
been tumbled by neglect to meet an
nual payments on the compromise loan,
with the least expenditure Of money.
AS far as the refunding of the compro-
mise loan is concerned, we must still
fall under the ban of the ten-thirty-
four law, but, apparently that cannot
be helped. But by refunding that loan
simply we will keep out of the clutches
OF that law as to the other loans, and
may continue to pay them off as speed
ily as may be, and once paid that is
the end of them, and by and by the
present statute will be amended in
the interests of the people.
Meanwhile, let us have a more gen
uine article of economy at the City
Hall. There has, of late years, been a
disposition to increase expenditures,
both as to salaries and in other direc-
tions, and the specious argument is Of
ten heard that we are running a city
of the revenues of a village. Village
revenues or no. we have gotten along
fairly well in the past, have made some
progress and are gradualiy-nay, rap
idly-paying our debts. under protest
of some spendthrift politicians, it is
true. who would much rather blow in
the money where it would do the most
good than to aid in extricating the city
from her indebtedness. Let us go on
in the old way. paying as we go. If the
compromise loan must be refunded
and | believe it must-let US do that
and stop right there. The people will
rstify that loan ordinance; / scarcely
believe they will vote for any other,
under all the circumstances"