Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1901-05-22
THE SAME OLD FIGHT.

THE SAME OLD tlGt1I.
The same old advocates are pushing
the same old ~refunding scheme in the
same old way by the same old meth
DDS. 1t is quite familiar to heal them
once more firing their mud batteries at
the Register, which. backed by the peo-
pie, has beaten them twice and will
beat them again.
1t sounds quite like old times to hear
them Safeguarding the Register as
'.the bon61nolders' organ" because it
objects to %postponing for a generation
to come the liquidation of a debt that
not only can be paid in ten years, but
a vast sum thereby saved in interest.
Is it'not a business proposition to get
out of debt in the cheapest and quick
est way? That is all there is to this
question honestly considered, but the
Echemers who are Safeguarding the
Register do not consider the question
honestly. Their only object is to raid
the city treasury, and to that end they
first want to fill it full by making a new
$500, 900 loan. What a picnic that
would be for the leeches who are al
ready working with Councilmen ION the
quiet"
If the absurd old yarn of these
schemers was true, and the Register in
this matter was dishonesty represent
ing bondholders who did not want the
debt refunded because it might be at a
slightly lower rate of interest, then
surely the Register would also object to
the refunding under these conditions of
the compromise loan, which is now be-
Ding carried for 5 per cent. Now, the
Register does not object, but on the ON
trary, advocates the r%efunding of that
loan, now overdue, although the bond
holders would be very willing to CON
tinue itsfor 5 per cent. indefinitely. The
city has not the money to meet that
loan, or the Register would advocate
paying it off and getting rid of it at
ohSS, OuI II tity tdn 81 oH PdylHR
something every year, as at present, on
the principal of the remainder of the
debt, and gradually tightening it until
in a few years it will cease to be a
burden, while the municipal slate will
be wiped clean in another decade. And
this is what the Register advocates do
ing. 1t is what every intelligent and
disinterested business man advocates.
because it is exactly what every sane
business man would do in his own pri-
waite business. Why, then, should the
city do different?
The refunding schemers in endeavor-
ding to 'misrepresent the Register simp-
ay convict themselves and show how
false and inconsistent are their charges
and their arguments.
We warn those members of Council
who may be cajoled or deceived by
these schemers that they will simply
waste the peoples money by going
to the expense of another election on
this old question. The people have
twice voted down a general ~refunding
ordinance and they will do it again by
a still greater majority. And this
would carry with it the indefinite post
ponement OF, and possibly defeat, sew
eral much needed improvements, such
as the purchase of a municipal electric
plant to supply consumers, a new mar
ket house, a new work house and other
improvements which may be required.
On the other hand, a loan ordinance
providing for all these improvements
can be ratified and the compromise
loan, now overdue, refunded if the in
lquitous scheme for refunding the gem
eral city debt, requiring a loan of $780,
poo or $1,o8oye0o, be kept out of the or
finance. For the people will not, and
6heuld not, consent to the refunding of
the general city debt spreading it over
p generation when they can pay it off
In one-third the time by the present
plan for much less money and be abso-
iutely free from debt by the time a re-
funded debt would begin to fall due.
1t is an old, old question and the peo-
pie understand it better than the re-
funding schenlers think they do.