Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1900-02-22
BurTING A STONE WALL.

BUTTING A STONE WALL.
If the refunding organs think the
w%orkingmen of Wheeling are easy to
bambooZle on the subject Of this re-
funding scheme they never were SO
utterly mistaken. In fact, the most
lucid and terse comparison of the pro-
posed scheme with the present method
of settling the city debt yet advanced
was the work of one of Wheelings
w-age-earners. 1t was published in
yesterdays Register, and shows a clear
and comprehensive grasp of the whole
subject that has not yet been equalled
in the published utterances of many
pompous alleged financiers who have
been airing their views on the matter,
and it presents the solid facts with a
terseness that is admirable. This
comparison of the present and the
proposed plan of paying the deLt is
worthy of reproduction:
The Present.
present debt S415,OOO
Interest Mt 5 Ia per cent. for
ten years . I41,Ooo
Payment ON principal $780,
900 per year o 900
Debt in ten years $4,000
The Proposed.
Proposed new debt $4,000
Interest at 4 per cent. for
ten years . 100000
PAYMENT principal 1910 10000
Debt in ten years O,OOO
The Difference.
Difference in debt 1910 $c45,OOO
saving in interest, old plan $1,000
Net aying old plan 1902 o
1t was amusing to note the effort
of one of the refunding organs yes
ted to counterfeit the tremendous force
of this plain statement of the case. 1t
interviews a man of straw, labelling
him prominent banker" and puts
Into his mouth these words:
in the first place" said the banker re-
ferred to, 1.-The calculation pretends to
show that the city can pay that s30O,OW IN
ten years at the rate of $4,000 a year. At
the end of those ten years where in the
world would this town be for improve
ments?"
We wonder what this banker i'm
AGNES the city has been doing all this
time she has been paying this sum on
the debt? While we can't say much
for the showing made in the line of
Improvement by the present extrava-
CANT and unbusinesslike Council, still
the city has been able to keep up i'm
provements pretty we'll, and the beauty
of it is that under the present sane
method of annually reducing the prin-
cipal of the debt and thus annually
and in progressive ratio reducing the.
interest charge, more and more money
is becoming available every year and
more and more will become available
for improvements, and said improve
ments will come without mortgaging
this ordinance proposes to do. If this
scheme is adopted, however, the COM
paratively .paltry sum-say z 5000
which Council will get hold of instead
of paying it on the principal of the
debt, would never be applied to i'm
provements. What sort of improve
ments could be made for that amount?
The speediest way to secure substan-
tial Improvements and to pave the
way for a. reduction of taxation is to
continue the present plan. The fig
- ---
save the city in ten years. leaving
ct the end OF that period practical
out OF debt.
The same alleged banker is ma
toscontinue his criticism as follows:
'Th second inaccrracy is found in G
$3.50, OOo.' The, a who madesti lslO-
iation forgot to place s.at calcy-
the interest that .yufd be A scc rd1S GraGis
thst paymerand for ten years prior to
~arLarq1y four per cent, so will other
WIZ this banker" who will guar
aH' the city four per cent? His
me is not given. Who is he who
Mould give the city a higher rate than
is paid to even savings bank depos-
itors? The organ should not hide this
luminous, philanthropic flnancier I'M
der a bushel. Seriously, the city's en-
tire experience is proof that it would
be most lucky to get three per cent. out