Proceedings cf the City OrcneU. The Board met on Monday evening in special session, according to an adjournment. Alderman Hashes in the chair. Tse object of the meeting was to entertain the fpHewiBg prepesHten : To tht Board of Afayor tmi Atdemen cf tht dig of ilempkui GEKTLExeic: The csdersigned, commissioners appoint ed by the act chartering the Memphis Water-Works Company, respectfully petition your honorable board to grant to them the exctasive privilege for the term of, and pursuant to said charter, passed 23d February, 1SS6, of supplying the city and citizens of Memphis with god pare water, by means of Artesian wells or othei wise; also to grant to them the privilege of laying mains and pipes to carry our the object cf the charter. In consideration of the right and privilege here asked for by your petitioners, for aatd company, they will agree and bind themselves, in case they succeed in obtaining a sufficient eapply oftwatcrto establish the works, to supply Qie city of Memphis with all the water necet nary to use in cases of fire, free of charge ; the city in all caees to furnish her own fireplugs, pipes, tc, extending from the sidewalks to the mains, and to lay the same down at her own expense. If the city shall think it proper to build at her own cost, three or a less number of rese-Toirs of the cipacUy not to exceed three millions of gallons eacfc, and as many as six fountain, all for the public use, and for the benefit of the c.ftv, the said company will keep them supplied with" water free, ihe city to furnish and lay, and keep in repair, all of said reservoirs, fountains, and the pipes, Ax-, connected with them. W. A- BLYTHE, E. WICKERSHAM, and others. Ana also the followinr npon the same subject proposed by Alderman Lofland of the Se- ITtJ... l-iWalersWorks in Memphis shall be erect ed by a Joint Stock Company ci saares 2. Tw"c5lbirds of the stock shall be subscrib ed forjpy the city, payable in toe nonas ci me corporation. 3To secure the payment of interest ana principal of the bonds, there shall be a lien re tained on the Water-Works and fixtures. 1 J4. -Th Income ariairr from the Work shall 1 1H annlieii crcfnsivrlv to the parment of the interest, ana to esiaoiisu aiua-wE i the payment of the bonds. o. Une-tenla or uie oonaa auau mamic sm twelve years, and oae-tenta every year thereafter until ail become due: 6. AH perssns who subscribe and pay for stock shall be entitled to a deduction ol from fifteen to forty per cent, on their water bills. 7. The Company shall be managed by a board of nine directors six to be elected by the City Council and thre by the individual stockholders. The stockholders shall elect one of the directors -President, and fix his salary. 8. The Board of Mayor and Alderman shall take immediate action to learn as near as practicable the amount of means necessary to erect such works as tne present and future wants of the city may require, and immediately there-after-order an election held to ascertain if the voters of Memphis are in favor of applying to the ensuing Legislature fr power to issue the bonds, and tor a charter, &. Alderman Cepeland offered a resolution that the proposition be adopted by the board. Alderman Lo&and objected to the resolution on the croundthatit was granting a monopoly whieh would be injudicious to the interests of the city. Alderman Cspeiand n plied, still adhering to bis .position and advancing in its support, the advantage to the elty, In being entirely free from the expense attending the erection and 'maintenance of the Works. He woald askef th.J Alderman cf the Second Ward, whether the party, who proposed to give the bones of $20,000 for the privilege, wonld giw the city- " !
