Wheeling Sunday register. [volume] (Wheeling, W. Va.) 1882-1934, 1900-02-18
|IBE R[FUND|N6 ORDINANCE.


Editor Register.
I have been reading your illusions
anent the refunding loan with the
deep interest which comes of being a
tax payer and manufacturer. / have
read also the reasons offered by your
contemporaries in favor OF the loan.
1t is unfortunate that the seeker after
light cannot have information i'm
parted to him on the subject untinged
with personalities and reflections upon
the integrity of purpose of each side.
With these conditions staring him in
the face the voter is apt TO go it blind
and vote in the direction his party
paper advocates, unless he will read
the ordinance for himself and try TO
decide from the mass of language
what course to pursue. This is a very
hard thing to do, and especially SO
with voters whose time is limited and
who are not accustomed to analize the
good from the bad in long financial
statements.
Now have my own ideas about this
momentous matter, and reason them
out in this way: / am in the manu-
featuring line: my credit has been
good enough to enable me to erect
plant which has cost me several hun
dred thousand dollars. Out of my an
nual profits / am enabled to pay the
interest on my debts and something
on the principal besides, so that In a
few years ! shall have it all wiped
out and be free of debt entirely. But
just here am disturbed by one of my
creditors (whom / shall designate as
Mr.. Compromise Loan who wants his
money at once. Now have two ways
of satisfying him. One is to make
new loan covering all my debts,
amounting to some $500, 900, at say one
per cent less interest than what ! am
now paying, but which must run for
say thirty years before it is wiped out;
or making loan of say ISL, 900 to meet
MIR. Compromise Loans demand, and
go on the even tenor of my way, pay
ing of my Indebtedness as rapidly as
l can so that in few years / will be
entirely free from debt and my credit
will be better than ever and | In po-
sition to enlarge, make improvements,
and compete successfully against all
competitors. Now / am free to admit
by refunding all my debts 1t will be
easy during the ten years | am paying
interest and placing a sinking fund of
some $751; a year in somebody's
hands to bank upon; but where will
be ten years hence? Just where
am to-day, with my debt as large as
ever. Meanwhile suppose something
happens? Bad times, business gets
dull and banks suspend, through bad
management or otherwise. 1t is not
many years ago that bank busted"
in this city which had in its possess
sion large sinking fund belonging
to the city which was intended to pay
off a debt just as is proposed by the
present plan. The city lost every cent
of It, There was no one to make good
the loss. With such possible dangers
ahead of me had not better keep the
sinking fund in my own pocket and
pay my debts as | go? Now in this
refunding scheme there is provision
for increasing the city's debt 100000
or more to buy an electric light plant.
Let me put 1t this way: In my manu-
featuring plant I find / want to add
to It's capacity some 100000. Which
shall do, borrow the sum necessary
for that purpose with the privilege of
paying it off as rapidly as l can, or
incorporate 1t with five or six hundred
thousand dollars more at slightly
smaller rate Of interest, which shall
hold over my head for thirty years or
more to harass and annoy me during
good times and bad times? Would not
every man In business prefer to get
out of debt as soon as possible and be
free rather than contract long time
loan which he may never get rid of,
and which has all the elements of dan
ger in it? The business of city Is
exactly like the business of an indi-
vidual, or at least it should be man
aged the same. But the trouble is one
rarely finds public servants willing to
exercise the care and economy of the
individual. II they can stave off pay
ing debts falling due for thirty years
or more by refunding ordinance they
have just that much more money to
spend lavishly. They can increase
salaries, they can have more policemen
Il believe ten more are to be added to