Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1900-02-07
THE LOAN ORDINANCE.


The loan ordinance has passed
Council and will be submitted to the
vote of the people on the oath inst.
Notwithstanding the unanimous vote
of Council in favor of it the Register
opposes this measure for the same rea-
sons it opposed the last loan ordinance,
namely, on the ground of public poll
cy and because it does not believe the
plan to be in the interests of the city
or it's people, And the Register be-
lieves the voters of Wheeling looking
to their own and to the city's best in
terests now and in the future will de-
feat this plan as they defeated its pre-
decessor, which had the same general
object in view, namely, the releasing
OF more of the peoples money for this
delectable Council to spend.
1t is pleaded in defense Of the ordi-
nance that the city has debts falling
due which it cannot pay promptly and
which therefore must be refunded.
But there is only one such debt-the
Compromise loan-and the Register
has repeatedly advised that this loan
be refunded. But the Register
has strenuously objected to making this
an excuse for refunding practically the
entire debt of the city and the stoppage
of all payment on it-excepting 900
annual interest-for a decade. We do
not include the proposed sink
ing fund payments of $4,000 a year
because this fund will not be available
for ten years and will do nothing to-
ward reducing the interest in that time.
1t has been pleaded that the city is
in need of certain improvements which
it cannot make without borrowing the
money. But there is only one such i'm
provement of Importance named and
that is the purchase Of the electrical
company's plant, and this also the Reg
lister has heartily agreed should be put
into the refunding ordinance together
with the Compromise loan. 1t shows
how insincere are the pleas advanced
in support of this ordinance that this
proposition-to refund the Compro-
mise loan and include a loan for the
electric light plant AND NOTHING
ELSE-was rejected by Council, which
has insisted On refunding practically the
whole city debt-stoppfng payment on
now in control of city affairs might
have some $4,000 more of the peoples
money to squander annually, which I'M
der the present plan goes to reducing
the principal of the debt and the an
nrral interest charge.
By adhering to the present common
sense arrangement it would be but a
short time when the city's debt and in
terest charge were SO reduced that
much more than this $4,000 a year
the ring is after would be available for
improvements and but a few years
off the city's slate, thus releasing amp
lie funds and eventually permit
ting reduction in the rate of taxa
ton.
But mark the different situation il
this loan ordinance carrying over half a
millions dollars Of the city's indebted
ness shall be adopted: The annual in
terest charge of about $4,000 would
run on without cent of reduction for
ten years, when we would be permit
ted to make our first payment on the
refunded debt, which would be as large
at the end Of those ten years as it is
now, though we would have paid $780,.
600 in interest, and coming upon the
city then as practically new charge
would probably have to be refunded
again, while in any event it would re
quire a generation in which to pay i,
off.
Under the present common sense ar.
rangement we will have paid practical
" the entire debt in ten years, the
city's finances would be in excellent
shape.
Which plan do the intelligent rot