The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1900-02-24
THE INTELLIGENcER.
WHEELING. FEBRUARY q, 1000
rhs Rsfunding ordinanee.

The voters OF the city OF wheeling are
called upon to-day to vote on one Of
the most important propositions that
has been presented in years-thc ordl-
nance providing for the refunding Of
Its debt. The measure is entirely nom
partisan and is endorsed by the most
prominent business men and financlers.
The Register. for some mysterious rea-
son, has conducted campaign in oppo-
sition to its passage that for distortion
OF figures, wanton deception, and an
appeal to the lower passions of the
voter, has not been equalIed at any
time in Its most erratIc career.
Its grossest perversIon is in regard to
cection 4 of the ordinance. The proyIs-
ioEs Of this section are such as are re-
qulred by all act of the legislature Of
the state OF West Virginia. An ordi-
nance passed and bonds issued without
power to levy tax for the payment Of
the bonds and interest would not be
worth any price in the money markets
Of tho world. The provisions are sim
ply to safeguard the purchasers of the
bonds. Nothing moro.
When capital is seeking investment
the security offered is scrutInized very
closely. What kind of an investment
would municipal bonds be II provision
was not made for their redemption in
the ordinance under which the bonds
were Issued?
The Register knows, II 1t knows any
thing about the issue Of bonds OF the
city of wheeling. that 1t is necessary
10 have these very provisions enacted
which are embodied in section 4.
1t is not the intention to Increase the
annual levy of fifty cents. which has
obtained for many years, but IL 1t re-
qulres levy of twenty cents to pay tn.
new bonds and interest on the sama, 4
levy of that amount and further levy Of
thirty cents will be made, which will b.
but the old levy of nifty cents.
The statement made by the Register
that the retundIng ordinance about
doubles the city debt. is untrue and the
inscriptions writer of such nonsense
knows 1t.
1t is necessary for the city to go into
the manufacture and sale Of electric
light to private consumers in order to
save the gas plant to the citizens, and
,itis proposed to increase the debt suf-
fcient sum to construct plant, which
is less than $4,000. II the ordinance is
defeated, the question Of the city enter
ing into the manufacture Of electricity
is at an end. The city has been paying
Its bonded indebtedness faster than the
income warrants and the situation can
not be relieved in a'more Just and
equitable manner than by adopting the
ordinance. -
A loan to pay $4,000 of the comprO-
mise bonds, due this year, and sum-
Client sum TO erect an electric plant Will
not relieve the situation. as the city
has not paid single bond of the com
promise issue in ten years; and should
II have had to have made payment or
this loan In the past ten years. a new
loan would have had to havJ
been created or the city would
have defaulted, as the entire revenues
from the city cent levy are exhausted
In paying bonds and their interest with.
out reference to the $4,000. and there IL
not one penny left of our general funds
for needed improvements and repairs
to our streets, and has not been fol
nearly ten years.
The only revenues under the present
situation which the city has for the i'm.
provement Of streets and contingencies
Is the ten cent levy fund Of about $22,OOt
Der annum, and the board of public
works contingency fund Of about thu
same sum. This is certainly very
small sum for city like Wheeling Il
spend annually for the betterment Of
streets and public grounds.
VIII the Register kindly explain how
the city could borrow $4,000 and a sut
fIclent sum to build an electric light
plant, II the people are to vote the pres.
emit ordinance down, simply because
there is provision for the levy of a ta'
for the payment of these bonds and In,
terest, when It knows that II another
ordinance were passed md submitted
70 the people, It would be necessary Il
embody the very same section in an
other ordinance?
A vote for rejection means vote fol
Increase Of taxes, or defnuit by TIT
city in payments of It's bonds due july
1, 1900. That is the true situation thai
confronts the voter to-day.