The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1920-09-17
BANKERS AGAINST THE
BOND ISSUE

- BY an overwhelming vote. the bankers
of West Virginia, after n very full and
.siAteresting debate. went on record
'"8gainst the proposed nifty million bond
's:ssue for the purpose Of good roads. 1t
aGis significant that bankers. as to this
, s%duestion. take the same position as the
attorneys OF the State. who spoke through
: the State Bar Association meeting In
."-this city few Weeks ago.
- The Intelligencer does not believe.
C, :Efcr a moment. that either the lawyers
= or the bankers are opposed to good
roads On the contrary. being men OF
education and training. with opportuni-
ttes for travel and the enjoyment OF
= sonre leisure. all OF them. undoubtedly.
appreciate the pleasure and the benefit
rs be derived from good roads The OBJ
,;.hction which they make to the bond
-. Issue Is undoubtedly. based upon tho
=. .unwlsdom. 50 10 speak. Of giving a
State legislature a blank check for hfty
...million dollars TO spend upon some un-
known and. at present. undeveloped
=, road program.
The proposed bond issue is entirely
different from the ordinary bond issue
=; for direct and specific purpose For
instance. when the city OF Wheeling last
fall desired 70 take up program Of
street Improvement bond issue was
submitted for one million dollars. That
issue named definitely the streets that
were TO be improved and indicated the
plan Of improvements. Moreover. the
: Issue provided for It's own termination:
that ~ when the bonds issued. in &C
=" cordance with the authority given by
the voters matured and are retired. tn.
arc not to DO reissued the debt Is ea-
sstfnguished.
-. - The authority 20 be given 10 the leg
islature In the amendment to the State
constitution gives that body not only
\ power TO create a debt Of 0fty million
dollars FOR the Improvement Of our
ra,roads, but to continue debt at that
--hEure. In other words. II. In the course
"Ur time. some OF the bonds mature and
are paid Off tho legislature will auto
maticaily have power 10 reissue another
set Of bonds. and to make new expen-
diture. Voters will not have a chance
TO pass directly upon anyone OF tho
- proposed expenditures. AMI Tho legis-
~Tature will be vested with authority,
NOT only 70 Greats one uep( OuI O. NH'o
Is partially paid. 10 create many new
80. debts, maintaining the total debt At
the maximum hsure OF my million
s"TdoHars.
u This Il seems TO tho IntolliSencer. Is
the very serious objection to tho pro-
posed plan. II we had definite propo-
''ikition WAS submitted TO tho voters for
their approval. the voters would know
exactly what they were voting for. and
'exactly tho amount OF the debt they
we're creating. They would know what
was 10 be given them for tho debt. and
they would know. moreover, that the
debt, once paid. would not be renewed.
The Intellisencer Is strongly in favor
OF good roads. 1t hopes to see definite
program Of road Improvement carried on
throughout tho State, and the state
= provide a sufficient fund 10 cooperate
y with tho counties in carrying It
through. This need not be by hfty
., million dollar bond Issue or by any
4 other large permanent debt The State
:. has ample sources Of revenue for the
!. purpose, II those sources are properly
= drawn upon.