Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1901-05-15
As TO A REFUNDING ORDINANCE.

SLa00, National f1Otci
AS TO A REFUNDING ORDINANCE.
In another column a correspondent
calls upon the Register TO stand be-
tween the people and another refunding
scheme now being talked up in certain
quarters, as this>paper has consistent
Nv done in the past, thereby saving the
city the extension, of its debt and extern
sion and increase Of interest charge
Such a refunding scheme the city does
not want and has emphatically said so
at the polls We are now paying on
the principal of the debt at satisfac-
tory rate and will be practically, If not
altogether out of debt in ten years,
whereas il the debt were refunded as
proposed, we would not begin to pay it
off until ten years hence-though pay
ing interest all the while and thereafter.
The people have pronounced against
this scheme and Its accompanying pro-
vision for a sinking fund to be con-
slant temptation to loose officials and
to extravaganza, and they will surely
pronounce against the same thing II it
shall come up again in the shape of
$500, 900 refunding and loan ordinance,
as is now talked of in some quarters.
The only debt that presses the city
sis the So, 900 compromise loan due last
wear and new being carried for 5 per
cent. 1t win be necessary to refund this
small debt and it can be refunded at a
lower of interest. IN the same Ordd-
nance two other itemG-but only two
may be added, namely, $4,000 for a
new maTket house, such as Is so badly
needel~in the SecoEd ward, and sufflc-
dent sum for the purchase OF the plant
OF the Wheeling Electrical Company in
order that the city may resume its con-
troll of the lighting monopoly as before
theadvent of the electric light and fool
dsh grant Of a charter to the present
private corporation to enter the field in
competition with the city gas works.
These items-ss2, 900 fer the refund
dng of the Compromise loan, $50, 600 for
a new market house and a sufficient
sum--to he settled by arbitration or
otherwise-to purchase the electric
piant (only such portions of the two
Natter sums to be used as shall be nee
essary for the purposes)-will be the
extreme limit to which Council should
go in drawing up new loan ordinance.
Anything beyond this will be voted
down by tbe people and the whole or
dinance defeated.
We are paying off the rest OF our
debt in the most satisfactory manner
and will have it practically or entire
ay paid off by the time the first pay
ment would fall-due on refunded debt
This matter has been discussed so
thoroughly before the public that they
understand it perfectly and are not to
he hoodwinked They will gladly vote
a loan to refund the now overdue Com
promise loan and for the necessary i'm
provements mentioned, but they pro-
pose to continue the present business
like, common-sense and economical
plan of paying off the principal of the
remainder of the city debt and thus
Tightening the municipal burden more
and more every year until it will soon
have disappeared or become no longer
a burden. This plan any sane business
man would pursue in his private bust
mess and it is the policy for the city
to stick to.
The Register takes this occasion to
warn the new Council that no schem-
ing by interested parties to blk the
city in connection with this loan mat
ter will be tolerated by the people.
There must be no suspicion of jobbery.
The people have had enough of that.
Their stomachs have turned against it.
1t caused the old city ring to be turned
out of Office. If the new Council doesn't
want to go the same way it must steer
clear of the same evils and temptation
Ut has begun we'll Let it continue so,
with an eye single to the interests of
whe city and all of its people.
Refund the $4,000 of Compromise
loan and add what may be necessary
for a municipal electric light plant and