Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1900-02-12
DEFEAT THE REFUNDING ORDI-
NANCE

If the taxpayers of Wheeling-and
all classes of citizens are taxpayers di-
rectly or indirectly-will take the trou-
BILE to examine the refunding PROPOSE
ton of the ring from all sides and for
themselves and not except the word of
the paid heelers and organs as to its
merits the vote against that grossly
unjust and illogical scheme next Sat-
urday week will be overwhelming.
Let the voter view this proposition
as he would a private financial trans
action of his own-and a question of
municipal economy and taxation is a
personal matter to the citiZen-and
let him consider what he would do if 1t
were a question of his own private bus
mess.
The finances of the city to-day are
not In such bad shape and would be in
excellent condition were ii not for the
~looseness and extravaganza Of the pres
ent Council. There is but n debt
that is pressing the city and that is the
compromise loan a comparatively
small matter which may easily be dealt
with by itself. Under the present in
telligent and business-like plan Of pay
ing a goodly lump sum on the princi-
pal of the city debt each year the whole
debt will be practically disposed of in
ten years, while in the meantime each
year will witness a greater and great
er reduction of the annual interest
charge and release more and more
money and in a short time warrant a
reduction in the rate of taxation.
Wheeling will then stand among the
very few American cities that can
boast no municipal debt or a merely
nominal indebtedness. This consum-
nation is now within u grasp and
may be realized in a few years if we
wisely stick to the present intelligent
plan of paying off a portion of the
principal of our debt each year. 1t Is
a pleasant prospect for the taxpayer to
look upon-and as we remarked at the
outset we all are taxpayers directly or
indirectly.
But what will be the outlook if the
proposed refunding ordinance shall be
adopted? 1t may be told in a few
words. Payment on the principal of
the city debt will be stopped for the
period of ten years in order that the
gentlemen at the city hall may get
their fingers on the sum now annually
set aside for that purpose less the sink
ing fund payment. And at the end of
these ten years our debt would be as
great as it is to-day although in the
meantime we would have paid in inter-
est a sum equal to more than one
third of it, or 5000, 900, while it would
be a generation before the debt could
be finally cancelled.
Contrast the two propositions-the
one, the plan we are now pursuing,
which will see the city practically free
from debt in ten years and in a still
shorter time able to reduce taxation
and the other, the refunding scheme,
which will not permit the city to even
reduce its present debt for ten years,
nor to finally cancel it for thirty years,
though paying an enormous sum in in
terest the while, and a total sum
about twice as great as will be neces-
sary If the present common sense plan
Is adhered to.
One does not have to be a ~fnancier
to, make immediate choice between
these two plans. There is no room for
hesitancy. No sane business man
whose finances were in the condition
of Wheeling's would for a moment
consider a policy that would handicap
his future as this refunding scheme
would handicap this city's future. Why
should Wheeling, which is simply a big
cooperative business corporation, do
what no sane man would think of doing
in his private business?