Mr. Mayor and Gentlemen of the Common Council : In delivering over the Croton water, and the works on this island, I have been requested by your Committee to make such remarks as the occasion may suggest. Prom the earliest period of the history of our city, the attainment of pure and wholesome water has been a subject of the highest interest. The Tea Water Pump, situated near the corner of Pearl and Chatham streets, was, for a long period of time, the grand source of all drinkable water for the lower part of the city. Mr. Stevens then gave a rapid sketch of the various schemes, propositions, and devices, for supplying the city all which having been presented more at large in the memoir, are omitted here. Mr. Stevens then continued We of New York have therefore now got the great desideratum, an abundant supply of pure and wholesome water, to be sure at a great cost nine millions of dollars, exclusive of the main and distributing pipes throughout the city, (now laid to the extent of 130 miles,) exclusive of the interest accumulating on the cost, being in all twelve millions of dollars. Well, what of that ! does it not belong to the system which Eternal Wisdom has inflicted on the world 1 that the greatest blessings can only be procured at the greatest cost and sacrifices ? What is this water to do for us 1 It is to protect our city from the awful conflagrations to which it was subject. We now pay in premiums one million of dollars annually to insure about half the value of our buildings, goods, and chattels, for we are our own underwriters to the extent of one million more of premiums here are two millions in premiums paid, or risks incurred. If the Croton works give but half security, you save more than will pay the whole interest of the cost. Reflect, gentlemen, on the amount of property consumed in the city, and then consider if we cannot aiford to give twelve millions for security. In two days of December, 1835, our citizens had consumed by fire twenty millions of dollars, principally in warehouses and merchandise. If the twenty millions of property destroyed had consisted of dwelling houses, it would have turned 100,000 of our citizens into the streets. I do not state an impossible case. I state an event highly probable to have happened ; for London a city built of less wooden materials had at one fire, in 1666, 13,000 houses burnt, which occupied 436 acres, and embraced 400 streets, 86 churches, and a variety of magnificent buildings. The destruction amounted in value to fifty millions of dollars. The extensive fire at Hamburg during the past year, and the constant occurrence of fires throughout our country, show the danger we were in. Does any individual still say that we cannot afford to pay so much as this great work has cost? I assert that security against such awful calamities cannot be too dearly bought, if it is bought at the lowest possible rate. It must be had if possible in every community, and the man who grudges money to save the city from destruction, can be only one who wants no security but for stocks, and dividends, and bonds, and mortgages ; and into whose thoughts the welfare and happiness of his fellow beings never enter, But does water cost so much? London, in 1834, was supplied with 34,000,000 gallons, and paid for it annually $1,380,000. Paris is supplied with two quarts per day to each individual, at an expense of $750,000 per annum. The Croton will furnish three hogsheads a day to each of our population, at but $600,000 per annum. After all, we have followed but at a respectable distance ancient Rome, with her nine aqueducts, some of which were longer than the Croton Aqueduct, and together were capable of supplying 250,000,000 of gallons per day. But history does not enable us to say, if all of them were in operation at one time ; nor do we know all the purposes to which it was applied. The irrigation of the land was no doubt among its most extensive uses. Nor do we learn whether these aqueducts supplied one million or four millions of inhabitants, so widely do the accounts of the population of ancient Rome diifer. The works of Rome were built by soldiers and by slaves. Ours was voted for by freemen, was constructed by freemen and we make the aspiration that in all ages to come it may bless freemen, and freemen only ! Mr. Stevens then went on to speak of the value and healthfulness of the water for domestic purposes, of which the quantity used daily, he computed to weigh 250,000 tons ; paid a merited compliment to the Firemen of New York, and adverted to the fact that in all expenditures on this great work it is not known that a single dollar of the people's money has been lost or dishonestly applied, and he hoped that while the Corporation would adopt measures in reference to the water to meet the interest on the debt, they would be just to the rich, and liberal to the poor. In conclusion, Mr. Stevens said, it was a source of great pride and satisfaction to him, as a native of this great city, to say, that he had watched with care and some anxiety, every person who had formed a part of this great and noble celebration, and that he could not discover neither a drunkard nor a fool from the first to the last.