them the praise of having faithfully, intelligently, and assiduously fulfilled the trust which they had held for so many years. The Chairman of the Board in particular, Stephen Allen, has left upon the work, from its commencement to the advanced stage in which he relinquished it to his successor, the stamp of his energetic character and strong and inquiring mind. The new Commissioners, Messrs. Samuel Stevens, Benj. Birdsall, John D. Ward and Samuel B. Childs, immediately entered upon their duty, and with great fitness, Mr. Stevens, who from so early, and through so long a period had labored for the introduction of pure and wholesome water into the city, was named the Chairman. Their first want was money, which, upon application to the Legislature by the Common Council, that body was, by law of 27th April, authorised to raise to the extent of three million dollars, at an interest not exceeding six per cent., and for a period not exceeding thirty years. The following provisions of the law restrict the use of the funds thus to be raised, and looked well to the security of the lender.

4. All the provisions of the laws heretofore passed on the subject of the Croton Water Works, pledging the faith of the city of New York, providing a sinking fund for the redemption of the stock issued by virtue thereof, are hereby made applicable to the stock issued in pursuance of this act. 5. No part of the fund created by this act, or any other fund raised for the purpose of constructing or completing- the Croton Aqueduct, and the works connected therewith, and distributing the water throughout the city, shall be diverted from such object ;