The Presidency and Twelve met for Prayer. We then spent an hour in president Youngs office Conversing with him upon various subjets among which was the Priesthood and the decision was as follows:
The first Presidency Preside over the whole Church in all the world. The Twelve Apostles hold the same keys and authority to preside over the whole Church in all the world in the Absens of the first Presidency. The seventies are special Messengers to preach the Gospel & build up the kingdom of God in all the world under the direction of the Twelve & to preside in the Abscens of the first Presidency & Twelve. A Patriarch may also be ordained to be A Patriarch to the whole Church. A Presiding Bishop may also be ordained to preside over the lesser Priesthood & Bishopprick in all the world. But all other Presidencies are Local and belong to the several Stakes of Zion. A Presiding High Priest Presides over the High Priests of that stake of Zion in which He resides. An Elder Presides over 96 Elders, A Priest over 48 Priests A Teacher over 24 Teachers, A Deacon over 12 Deacons and all are local officers.
[Source: Wilford Woodruff's Journal: 1833-1898 Typescript, Volumes 1-9, Edited by Scott G. Kenney, Signature Books 1993, http://amzn.to/newmormonstudies]