Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1900-02-20
Expressions of Opinion.

MT. Il. II. IduS0- 1 du CtICdIhly
very much opposed to the refunding
ordinance. My views may be regarded
as radical, but l think it is a fair prop
osition for the community to look upon
the city's debt, as an individual citizen
would regard his obligations, and from
that standpoint it is the wisest plan
to pay your debts when they are due,
that is possible. The city
has been getting along very nicely. and
gradually getting out Of a financial
hole, and now it is proposed to SO
deeper, and throw the responsibility
upon a, new generation.
1.-The eighty odd thousands of dol
lars of debt which the city is unable
to meet this year, could be easily re-
funded at a low rate of interest. and
if the taxpayers favor adding on
enough to buy the electric light plant,
the new loan could be foated without
any trouble. l would favor that. l
have not heard a single argument
strong enough to convince me that it
will be the part of wisdom to ratify
the refunding ordinance"
A prominent x-Councilman said:
There is one feature in the re-
funding ordinance which appears to
have been overlooked and which would
influence me in voting against it even
if 1 favored the measure generally.
The fault lies in the fact that no pro-
vision is made for again r%efunding the
debt. 1t is possible, l might say, ex-
tremely probable, that during the
period the ordinance would run, such
changes in the money market may oc-
cur as to render it possible to float the
city's debt at a three per cent. or a
lower rate of interest than four per
cent. If it is a good thing to refund
the debt now, why wouldn't it be a
good thing to refund it again in such
a contingency"
Mr.. julius Pollock said
81 am opposed to the refunding
scheme, as l think every person who
studies its provisions should be. 1t
is not the right way to pay a debt.
The city has been getting along very
nicely, paying off from $4,000 to 1885,
900 a year. Accepting the first figures
as a fair average, the city under the
present system, will have reduced its
indebtedness to a little more than
500, 900 by 1910, at which time under
the refunding ordinance, the city will
make its first payment on a debt of
$50, 900. Is that a good business prop
osition?
"The fact should be borne in mind
that while we are paying $780, 900 a
year on the present debt, under the
present system, we are from year to
year saving the interest charges. Re
fund the $780, 0 debt which is due
this year and cannot be paid, and add
on a sum sufficient to put the city in
the commercial lighting business. That
is. a wise plan for meeting the present
emergency, but by all means continue
to gradually wipe out the old debt.
There are already indications of the
purpose of the refunding scheme. 1t
is proposed to add eight officers to the
present force. That will increase
the city's expenses by a sum approx
mating $4,000 a year: / am opposed
to this scheme. If the purpose be to
provide more political jobs. the pur-
pose should not be hidden. II We want
a metropolitan force, does anybody
dream thai So officers will be sufficient.
The present force is adequate for
present needs.
The present method OF getting the
city out of debt is safe, conservative,
and undoubtedly effective. 1t is q
method which means a low. rate of tax
alton, and which, therefore, comments
itself to manufacturers and others
seeking locations for inyestment.