The first election held under this Charter was held in April, 1851, which resulted in the election of T. D. Brewster, Mayor; Geo. W. Gilson and Jacob S. Miller, Aldermen for the First Ward, and Erasmus Winslow and John Morris, Aldermen for the Second Ward. Whole number of votes 196.--By the provisions of the Charter, the Aldermen were to be elected for two years--two out of the first four retiring at the end of the first year--to be determined by lot. Gilson and Winslow drew the long term. This Council elected Churchill Coffing, Clerk; P. M. Kilduff, Treasurer; F. S. Day, Assessor; A. Roberts, Marshal; Z. Lewis, Street Commissioner; and James Cahill Collector.
The question of issuing Bonds on account of subscription to the Stock of the Rock Island and La Salle Rail Road, (the Charter having been so amended as to continue the road to Chicago,) was submitted to a vote of the people on the 17th May. The vote in the affirmative was unanimous.
Conflicting claims having arisen out of discrepancies between former surveys of the town, a new survey was ordered and established by ordinance, and other measures taken to legalize the act.
On the 22d February, 1852, the Rail Road Charter having been again amended and the Company denominated the Chicago and Rock Island Rail Road Company, the question of an issue of Bonds on account of subscription to its Stock, to the extent of $40,000, including the $25,000 previously authorized, was submitted to a vote of the people. Strenuous exertions had been made to defeat the subscription; and this time there were found to be 16 votes in the negative to 280 in the affirmative. $40,000 of 10 per cent Bonds were issued, and the same amount was subscribed to the Stock of the Road, which during the fall and winter was commenced and vigorously prosecuted.
The certificates of stock thus subscribed for were, by virtue of section 5 of an ordinance passed 12th April, 1852, to remain with the Rock Island Railroad Company in trust, pledged for the payment of the bonds and interest, and convertible into stock at the option of the holder; thus giving him the advantage of any advance of the stock above par, while the City must pocket the loss of any depression below. The interest due on the 1st November was paid by means of a loan authorized by the Council on the 18th October. Interest scrip of an equal amount was issued by the Company, convertible into stock on the completion of the Road.