8
THE MERCANTILE LIBRARY.
A Skotch of its Origin in 1821,
and its History Up to
tho Trcsent Time.
Tlie Proposed Removal Into tlie
Franklin Market HiilMlng
The New I,ilrary
as It is le
Ktc Etc., Etc,
Etc.) Etc., Etc.
The removal of the Mercantile Library, from
Ms present location at the corner of Fifth and
library streets, to the new and cominodtouB
Irollding on Tenth street, between Market and
Cheenut, is an epoch in the history of that In
Btttotion; and we therefore call the attention of
fhe public to it at this time by presenting the
following sketch of Its foundation In the year
1821, and Its progress from that time to the
present.
Tba Origin of the llbrwjr.
On the 10th of November, 1821, the first meet
ing with reference to the establishment of tbe
library was held at the Masonic Hall. This
meeting was merely preliminary, and resulted
la the publication of a notice, inviting the mer
chants, clerks, and others who were friendly
to tho formation of a 'MerCiintite Library Aiso-
Diation," to assemble at the Mayor's Court
Room, on the 17th of tho Batue inootb. At this
jnecUng, which waj largely attended, the propo
rtion met with the most encouraging reception.
11 ireulied in tbe appointment ot tue following
gentlemen as a committee to prepurj s consti
tution to be subsequently reported: Robert
Wain, Robert Raiston, Joseph I'. Norris,
Zaccheus Collins, Bernard Dahlgren, John
Roberts, Jo eju II. Dulles, Williwn if. Jones,
and WilhaniE. Bowen.
The tuture success which attended the insti
tution was, in no small degree, owing to the
character of the gentlemen to whom was com
mitted this task, and the time and cuergy which
they devoted to a discharge ot tbe duty im
posed upon them. The originul draft of the
constitution prepared by them, with their "sig
natures attached, is Mill preserved in the
archives ot the Library. In addition to the draft
of a constitution presented, this committee, re
commended the appointment ol a committee if
hJtem, to whom suouid he assigned tue task of
obtaining subscriptions, aud of determining 'he
time and place ot holding an election tor otli
cerB ot the As'ociation, as oon as one hundred
subscriber should be secured. On the 1st of
December, 1821, at an adjourned meeting, the
proposed constitution was adopted, and trie
names of more tbua three hundred members
having been enrolled within a few days, an
ehction lor officers was held on the lOtu ot
January, 1822, at the Mrrchtwts' Cotfee House,
on Second street, near-Walnut, with the follo w
ing result:
Directors Joseph Norris, Ttobe-t Wain, Lnngrton
Ctieve, HemnrU IMhlgren, Tlmmis Kiddie, William
(.'.hnloner. William i,, Hodge, Unlet) Newbold, Jr.,
Wlllium II. Junea. Wlllutn K. liuwoi). J a M.
Atwooil, Nicliolu Ttv uron, ami William AI. Wulma
ley. Tieuxuier Joseph II. Dulles.
Mr. Robert Wain was chosen the first Presi
dent, and bervpd two years, when he was suc
ceeded by Mr. TUomai P. Cope, who re
mained in office from 1824 to 1854. The orsaui
zation of the first B.iard oi Directors win effecte 1
on vbe 14th ot January. 1822, and the gentlemen
composing it proceeded without delay to tuo
Establishment of the Library.
On the 19th of January, the Board engage J, at
an annual rent of $100, the rooms on the second
floor of the house at No. 100 Cbesnut street, aud
appointed D. Culver Librarian, with an annual
salary of $100.
On the 5th of March, 122, the Library was
ready for use, aud was kept open every evening
in the week, except SjmUy. A committee,
eonnsting of Messrs. AtwooJ, Dulles, and
Waluisiey, bad been previously appointed to
select and purchase books) these three gentle
men contiBuing to discharge this important
duty lor a period of sixteen years. Their efforts
ic this line met with such success, that within a
year they were able to publish a very respecta
ble catalogue, to which it was soon found
necessary to issue a supplement.
Ttaa Early Progress of tbe Library.
In 1824, at which time the Association num
bered 380 members, a new catalogue was pub
lished, showing that the Library then contained
1600 volumes.
At the annual meeting hld January 12, 1825,
it was deemed expedient to add a newspaper
reading-room to the Library, for the accommo
dation of the large number of persous who daily
frequented it. Three ol the city dailies, anl
two of those published in New York, consti
tuted the moderate beeinulng in this depirt
ment. The supply of periodicals of all kinds
haa been Increased from time to time, until it
has reached, at the present time, the following
proponious:
Philadelphia Dallies 10
Fblludelphia Tri-weeUlles, Bemt-woeklles
and Weeklies
Dallies from other cities In the FJ. H 4,)
"Weeklies from other cities In the IT. S
American Monthlies 31
" Quarterlies " u
" 1'erlodieahj of o-Qcr classes 7
Foreign pnllles..!...... , 3
" Weeklies """ ' ti
" ForiniKbllleH i
" Monthlies 27
Quarterlies .V.V.Vm.mV."."!.'.".'!! Vi
Total
Several of these are duplicated, aud orders
fcavc likewise been issued tor t, number of otaer
periodicals, which will considerably increase
the number given above.
In January, 1826, the Director proposed to
the members that they should resolve them-
eeives into a joinr-sicc company, wdicu was
nnanimouily tavored. Ihe es.'.matcJ vulue of
the books, debt, and furniture was placed at
$J00O; and 300 shares, at $10 each, were issued,
and bubjected to an annual tax of one d illar
eacb. Such of the members as had subscribed
only three dollars were granted the privilege of
purchasing a share of stock tor seven dollars.
" fohuottjeci aJduloual shares
lBTiury,w..,." -n being thus in
here 'Vdred? la 1831 there was a
creased to live RyV . .h Khare-
further increase in io
holders Wing ttien required to pay a tax mQ
dollar each, Peraiannualiy; w-0 subscribers
wete admitted to the rlVile'cros of the Library
by the seinVaurjual payment of one dollar and a
half.
The Various Locations of the Library.
On the 17th of April, 182G, the Library was
Temoved from the original location to the
second story of the building at the northeast
corner of Fifth and Cbesnut streets. Mr. A.
Reniley had lor a short time previous been act
ing as Librarian; but he was at this time suc
ceeded by Mr. H. Ayres. The latter gentleman
resigned on the 20lh ol July, 1830, when Mr.
Jameb Cox was appoiuted to the position, which
be Oiled with great acceptability until Dacora-
ber, 1849. , , . ...
lliie continued increase of the Library wa
the caufce of auotber removal in October, 1827,
to rooms in the buildintt of the American Suu
day School Union, at No. 144 Chestnut street.
Anew catalogue, published In July, 1828, con
talced tbe titles of 2118 volumes. During the
winter of 1827-28 a course of lectures on mer
cantile law wa delivered under the auspices ot
THE DAILY -EVENING TELEGRAPH PHILADELPHIA, THURSDAY,
the Association, by several prominent members
ol the bar. Thii enterprise met with such suc
cess ilmt it was regularly reppntod evry winter
until the year 1837, when the Association nnltd
with the Athenian Institute in the support of
yearly courses of lectures of a more extended
and miscellaneous character, Since that time
this has been one of the most prominent fea
tures of the institution.
In 1835 It was again fonnd neeessary to re
move the Library, on account of its increase, to
the building at No. 134 Cbesnut street; but in a
few years these quarters were found to be too
restricted, and the number af members had
Increased so considerably that measures were
taken for securing large aud suitaole accommo
dations. Dunnir the year 1828 the Association
had received a charter from the Hopreme Court
of the State, nnder the general law of 1791: and
the first step towards tbe proposed removal wss
an application to the Legislature, at the session
of 1841-42, for a special Act of fncomoration.
with the grant of more extended powers and
ptlvileaes than it had hitherto enjoyed. On tbe
1st of July, 1842, the new charter was approved
by the Goveruor, and soon after a new code of
bylaws was adopted by the members. The
Association has continued to act under the
charter then procured until tho present time.
Arrangements were then made for the erec
tion of and removal into
The Building at the Corner of Fifth and
Library Streets.
In 1814, the lot at the corner, containing
thirty-six feet on Fifth street, and one hundred
feet on Library street, was purchased of the
heirs of Dr. James Gallagher, at an annual
giound-rent of $900, with the stipulation that
it should be redeemed within ten years for tho
sum of $18,000. The lot adjoining the above(
and containing fourteen feet in front, with a
depth ol one hundred feet, was soon after pur
chased of the directors of the Philadelphia
Dispensary, at an annual ground-rent of $180,
redeemable at pleasure on the payment of
53C00.
For the purpose of mceling these payments
and erecting a suitable building, the Associa
tion had accumulated, and put aside as a build
ing fund, th sum of $34110, the proceeds of the
lectures delivered under its auspices up to that
period. Befow anything could tt.' done, it was
necessary greatly to augment this. Trie object
was accomplif-hcd by 1-suing scrip, and allowing
the subscribers thereto to hold it free from
taxatiou nutil ench time ai they might select
for converting it into active stock, which should
entitle the holders to the use 01 tue norary.
The project succeeded so well Hint Ihc Directors
soon lound themselves able to award tho con
tract for the erection ot the building.
The present building was commenced in Octo
ber, 1844, the contractors beiug Messrs. Kiletore
and Hudar.. and the architect Mr. William
Johnston. In less than a year it was com
pleted, at an expeuse of $23,13942, which in
cluded tlie cost of th book-cases, desks, rending
table-, turniture, aud e&s fixtures, as well as
tlie prounrt and water rents, taxes, ana oidt
incidental expenses to the 1st of July, 1845. At
that time the removal of the books to the new
building was eilected, and the institution was
fully prepared lor the active career of useful
ness wuich followed.
On the complition of the building, there was
still a floutimr debt ol $2500 upiu It; bat this
was soon fully paid otf, and the crouud
rent of $180 per annum, payable to the Directors
of the l'hilailelphia Dispensary, was likewise
redeemed. The ground-rent of $900 per
annum, payable to the heirs of Dr. Gallagher,
has also been reduced to $350, the principle
amounting at present to only $7000.
The Heccut History of the Llbrrtry.
Mr. Thomas P. Cope's term or office as Presi
dent of the Association terminated in 1854, when
he was succeeded by Mr. William E. Bowen,
w ho held the position until 1860. In January,
18C1, Mr. T. Morris Perot was elected, and has
been regularly re-elected every year since then.
Repeated attempts have been made by a portion
of the stockholders, during Into years, to secure
the election of an opposition ticket, but the
policy of the present nianaeors at eacb auc?eed
ing election has been ratiQed by largo majori
ties. Tue last election was held on Tho evening
ot tbe l'Jth of Kehruary, when 1587 votes were
polled; the number ol persons entitled to a vote
being between six and seven thousand. Mr.
l'trot, at this election, received 1100 votes, and
his comp"titor 487. The lady members polled
150 votes, of which number Mr. Perot re
ceived 131.
In December, 1849, a new system was inaugu
rated in the management of the ovcry-day alfairs
ot the Institution, by tbe selection of Mr. McEl
roy as Librattan, with a salary of $1200. In re
turn for this, Mr. McKlroy aereed to superin
tend the concerns of the Library and building;
to let the rooms and offices in the building, and
collect the rents of the same; to collect the
annual dues from the stockholders; aud to per
form the duties ot Librarian, employing such
assistauce as he miphtrequire.
Mr. McElroy remained Librarian until 1855,
when he was succeeded by Mr. S. C. Brace. In
1866 the present incumbent. Mr. Jas. Elmands,
was selected. He is assisted by Mr. G. Corliss
and Mr. F." D'Ossone, and by six young ladies
aud an errand boy ail of whom are emoloyed
at the discretion ol the Directors, and upon a
fixed salary.
Finances of the Library.
In addition to tbe dues from members, the
rent of such portions of the building as were
not appropriated to the use of the Library has
been the source of a considerable income. In
18C0 it amounted to $3100, and in 18G0 to $3529.
Several substantial legacies and donations have
also lLcreased the funds of the Institution. In
1851 Mr. Thomas P. Cope made a donation of
$1000, the income from which was ordered by
the stockholders to bo devoted to the purchase
ot works on History and (Jommcrce. Just pre
vious to this, a certificate of loan for $100, bear
ing interest at 5i per cent., was b"queathed by
Mr. Paul Beck, Jr. In 1865 a donation ot a
$1000 United States 7'30 bond was made by Mr.
bamuel C. Morton; while Mr. S. Morris Wain
recently presented the Library witn $1000 in 7
per cent, bond of tho Huntingdon and Broad
Top Railroad Company. The only assistance
other than tho ahoye that has ever been
received br the Library is a yearly
bequest of $200, lor five years, from Mr. Alger
non 8. Roberts, the first payment of which was
made in 18G6. The books that are purchased
wit n tlie income oerived from the $1100 th"
received are hound in a peculiar fashion, .v".
tinguisn tbeni troin the otners. "
The tines imposed lor the dete- ' t , ,
beyond the time allowed ' .r-11011, of V00k9
within a few years pa y the rules, have,
of a conslderabl- 1 - ProvVd ' b,e la9 80lJi:c.a1
the amoi"" .-income. Up to the year 16t0
-it ranged below $100 per annum,
that time it baa Increatcd as bhown In
the followlna table, which also gives the
amounts received from the loan of extra
books:
f'mcjor Loan of
IVrtf, A tx'iftun. Eclra liojkt.
lhliO SIS.V4H
lgei..... . 3V8U
1HB2 H7-75 . V7tl
1H63 8-T ' 48'J
115870 liiS lO
IHtiS 170501 427 75
i8,8;.':;i. 2twa85 eoioi
The receipts into the Library from all sources,
for several years, ate Bhown in the following
statement: '
I
.3
!
-o
1HM
1K0
IMjI
1M
MI
Hl'.'l
!
mis
3!XS
tao
8wi6
4310
4H7I1
IH'JUU,
1071
lf7
SA7
T2I7
YihO
im
17&
120
8.104
HO
S79
6774
7 SO
I0
817
1(14
Vt
S94
749
7VS
277S
U74
47t)7
M7
u;i
. SUM
IM3
15'l.ifl
llf.'i
i7H.Il
THE "HEW QERCAQTILE- LIBRARY BU1LDK9B.
p iEsiflii: i ii mmM m fell
imm wumlmMff mil iX opI .ess
Kxpenaes of the Library. j
The number of volumes in the library has j
been steadily and rapidly increased. In addi- i
tionto the catalogues above named, a supple,
ment was Issued in 1832, at which time there
weie 3118 volumes. In 1840, an entirely new
and classified catalogue was published, contain
ing the titles of about 6000 volumes; and in 1849
another and more complete edition was pre
pared. Several supplements to this have been
issued from time to time; bnt these will soon be
superseded by the publication of the catalogue
which is now In the course of preparation, and
the want of which Is experienced by all tho
patrens of the library. In the followins; table,
the state of the library at different times, espe
pially during the last ten years, is shown:
1
Llbrat-y JExperuei.
5
Si
s
1K24
1K-.8
lh.12
1MO
lK.10
1x65
lN.7
1H68
1511
2118
(1118
CWK)
tMHKI
127UU
KM U
Hl.ilK)
2iiWi
27WIO
H2(M)
4JeeO
41UU0
4I:HI
MI7I)
H7500
7151K)
6G7
MM II
177U03
7-Jl
11711
ISM
Bil
2H5
Kil
lt;:i4
SIIM
mm
6:n
ar,:i7
iiff
217
2 0
S'rl
7iiS
if
873
1071
:u4
116.18
Hill
2:110
4407
41KS
374
2-,H
61.16
lir2H7
12778
111(W
4411
4VS
78
Vil)
7td
luxO
aoi
1M9
IKbO
1KH1
1KA3
IKG4
1HH5
I Mil)
During the past nine years It is estimated that
the Library has lost by theft as many as 4738
volumes, equal to one lull year's increase by
purchase.
Tbe details ot the total expenditures during
the past few years were as follows:
(Xmt of Hook a.
II 1 A 1111 JlJOTMC
i
1HM
Ihlill
lMil
lh.12
Ihfli
H4
b'A
1H66
ll.fi.lS
4.1H5
8,749
2.IK14
6.4.M)
10.-f.l7
12,773
11 100
2.17
2-0
Ml
HI
S4'lt
4V4
4K
S'0
17ft7
f47
440
721
t.tifl
INK
loiu
f Iftll
IM
103
2 8
303
4.4
X(4
i.l:S
4.71S
4.4M
4,472
6.WS
I Hl'l
10,061
SOS
41 I
4HHI
4118
M76
222S
mi
2iU7
4"79
8.4
too
I 71
suo
During the past ten years thero has been a
marked Increase in the number ot members, as
Is shown in the following table:
Year. Jfemfwr. i Yenr, Memltn i.
18S7 ; .1771 IHU'J , '227(1
IK., ..1H.'H ik;i
mo 1N0 INi MOII
18U0 m ..f7li
IHU1 .........-..i2l0 IHti - (17 0(1
'la addition V the present jnembershlp, there
FLAN OF THE GROUND FLOO E.
NEWSPAPER 1
Q ROOM R
1 READING t. JrEADINgD
ROOM J fcROOIfl Lj
0 LRDIES I ISnNTLEMENn
F'"i r'1
L I i.
Ucgnuimn I H ALII cravEMnioxg
fTfTWt'l ' "
are also 401 subscribers who enjoy the privileges
of the library, on the annual payment of five
dollars. This makes the total number of per
sons using the library 7167.
The principal library associations in 4he
United States presented the following compari
son in 18G3:
library.
Volume.
Nlutret.
Annual
Dot I
RoBluo AllilJie"'u
Philadelphia Library;.....
N. Y. Mercantile Lio jr..,
l lilla. MeicaulileLlb y.,
Haltimora
SU I'Uis do.
Bun iranclco no
70.0' H)
64,U0i)
67.700
40,000
27.IKH)
14.0X1
13 500
0.10O
$ 1000
tO'OO
1-0(1
1'1-ou
"20K)
2iyM
5 00
4'00
800
600
2 00
' 8-0
800
80f.
JUNE 6, 18G7.
FLAN OF THE SECOND FLOOR.
DIMENSIONS OF TBE GROUND FLOOR.
Roomt.
VesUDule .
Hall ....
Conversation Rooms
Grand Stair . .
Toilet Boom (Rluht)
Toilet Boom (Left) .
Librarian's Room .
Fire Proof . . .
Library . . .
Ladies' Reading Room
Gents' Readinc Room
Newspaper Room
Dltnmtiowi.
10 by 19 feet
28 by 19J
28 by 39 "
27 by 43
16 by 10 "
13 by 16
13 by 16 "
9 by 12 "
77bvl09 "
30 by 64 "
0 by C4 "
47 by 77 "
dimensions of the second floor.
Room. Dtintrulont.
Main lla 11 27 by 43 feet
Four Committee Room, each . 13 by 16 "
Directors' Room ... 26 by 39 "
Chess Room , . . . 39 by 474 "
Tha New Library as It Is to be.
Before the new building purchased by the
Liorary company will be adapted to the pur
pores required of it, considerable alterations
will be neceseary. Plans for these have been
prepare by the architects, llussrs. John Frazer,
Frank Furness, and George W. Hewitt, and
approved by "the Board of Directors. When the
improvements proposed by them are completes,
the Mercantile Library of Philadelphia, In ex
terior as well as interior, will be without a rival
on this continent, Tbe large cut of the front
ele vaticn which accompanies this artlclo gives
an excellent Idea cf the external appearauce,
B COMMITTEE lil U I COMMITTEE 1
I room "Ttl room m
H ,,, , , I MAIN HALL 11 ; B
cOKMITTEE C0MM1ITEe
L -j. IP -p JL- J
I DIFlECTORS j . chess I
I ROOM I ROOM I
and needs no comment
to render it perfectly
clear to th reader.
An outline of the ground floor and f the
second story front Is alsa given, showing the
interior arrangements of the building. The en
tire structure has a front of 80 feet and a depth
of 301 feet, thus giving a surface of 24.0B0 square
ft et. The second floor Is 65 by 80 feet in dimen
sions, and has a surface of 6200 square leet,
wlloh makes the total siipeiflcles of tbe new
building 29,230 square feet, or nearly three times
as great as tbat of the building at the corner of
Fifth and Libtary HrecK
An shown in the accompanying cuts, the main
library room Is 77 by 109 feet, with an area of
8393 square leet. There are two larce reading-
room one tor ihe ue of ladles and the othor
for gentlemen just in the rear ot the library,
each of tbem being 30 by 64 feet.
Back: of these, and easily accessible by
means of the central hall, is tho newsDaper
room, 47 by 77 feet In dimenslors, and 3619 feet
in area. The flrbt floor Is also provided with
two toilet rooms, one of which is 18 feet square,
and the other 13 by 16 feet; and two cmversa
tion rooms, each 28 by 39 feet. Thee last wit
prove a ereat convenience to the Ireqnentcrs of
the library. In addition to four committee
rooms, and a larpe apartment for the meeting
of the Directors, the second floor will contain a
sphndid chess-room, 39 leet in width and 47
feet 6 inches in length.
Tlie New Building Movement.
The present accommodations of the Library
have lor several yeais been Inadequate to its
continually increasing necessities. A move
ment looking to a removal into more commo
dious quarters was therelore started by the
stockholders over elpht years ago; and at an
adjourned meeting held ou tho 25'.h of January,
1809, tho Directors were requested toiuqiire
nto the expediency of moving to some more
central location, and also to ascertain tho pro
buble expenso which would atteud suoa re
moval. At tho annua! nuking iu 1800 the Directors
reported that a suitable location could be ob
tained for $30,000, on which a building large
enough to accommodate the Library fur thirty
years to come could be erected at a cost of
$100,000. Tho value of the old building was
reported at about $00,000, so that thero would
remuin about $05,000 to be raised by subscrip
tion and donation. But in January, 18G1, the
Diiectoia reported that they hud consulted
several leading citizens ot wealth and public
spirit, who united in .aaiui that tue community
wa- not in a condition to contribute the am juut
r. quired.
lu 1HC3, however, the Directors a'liiln took
the Bubjeet into consideration, and or.leie l that
all tue inuueys accruiun ironi tho sule ot'biojlc
autr January 1, 18(13, &n.uM be set apun aud
invested as a Building Kuiid. This plan has
beeu pursued, aud the following amounts have
been transteired to the tuml ouring thepaet
four years:
1803...
lMi-t..,
lbt)5...
$.i,.rjO0 1SG0
H,6-'3j
a.ioi I Total.,
$5,613
l,87
At the annual meeting in January, 1865, a
committee ot twenty-five prominent citizens
was appointed to luku Into consideration the
new builuiug project, and to solicit subscrip
tions lor the same. Ou the 12th ot December
following, the subject wa9 by them brought
bcore ihe stockholders, at a special meeting, at
which resolutions were adopted io tbe edect
ti nt a now aud more commodious ouilding wat
expeiiicbt, desirable, and necessary; and tbat its
location should be central, so as to adord easy
access to it from all pari oi the city A reo
lui ion u also adopted, authorizing the raising
ot 200,000 oy donations and tbe sale ot block
ana ecr.p. But the cntiimntce of tcuty-uve
took no FtepB towards cinryhiK out its recom
mendations, and scon cened altogether to act. .
At ihe IruiuuinB of l6t year, however.
the Beard ot Directors made ajother elfort
to increase tbe bull liner fund, by sendinsr circu
lars to an the stockholders, urgmg tuem to take
an active part In ibe alcs of stock and scrip.
and in soliciting ub-criptioui, wh le mecial
cnculars weie at the same time tor warded to
such wealthy citizens as it was thought would
feel disposed to aid tho undertaking. The re
f pontes to all these petit ions wcro tow and far
between, ana peoplp Had gradually come to the
conclusion that a new and commodious build
ing lor the ue oi the Mercantile Library was one
ot inose indefinite and intangible aaaiis which
belong hltouether to the next ceuturv. The
subject rested in this unsatisfactory condition,
until we were suaacniy startiea Dy tne an
nouncement of
Tbe Purchase of tb Franklin Markst
Building,
which Is located on the west side of Tenth
street, between Cheenut and Market, certainly
one ol the most desirable positions in the entire ,
city for a public library. This building was
erected about six years ago, and was for a time
ured as a market house; but it was subse
quently purchased by the Pennsylvania Rail
road Company, with the object of converting it
into a passenger depot. This project was aban
doned, and during the last years of the war the
building was leased to tbe United States Gov--eminent,
and used as a commissary storehouse.
When tbe firm of French, Richards A Co. were
lorced to seek temparary quarters by the -fire
which destroyed their establishment
at the corner of Tenth and Market streets,
they obtained a lease of the building, and have
since been the occupants of if. Their lease does
not expire until the first of next October, with
the optiou of a renewal until the first of Janu
ary iollowlng, but it is quite probablo tbat the
new and handbome warehouse which they are
now creating on the site of their old stand will'
be completed before tbat time, in which case the
Mercantile Library Company will be enabled
the sooner to commence their Improvement of
the pioperty. . - .
The purchase was effectel during the month
of March last, the amount to be paid being
fixed at $126,000.- Of this sum, the Railroad
Company requires a payment ot $76,000 within
a thort t me, to raise which requires tne utmost
earnestness aod promptness on the part of the
friends of the 1 brary.
To complete the purchase and make the neces
sary alterations, will require the raising ot from
$100,000 to $150,000, iu addition to all the pre
sent available means and resources of the
Library Company. The managers have taken,
tbe matter earnestly in hand, and, although the
enterprise Is certainly a formidable one, there
is no doubt but that it will prove to be a grand
success. Four diderent methods of procuring
money are proposed Tbe first is by donations
from everybody and anybody that may feel
disposed to assist tbe Company in their
praiseworthy undertaking, ihe second is by
the sale of stock at $10 per share. The third u
by tbe sale ot scrip certificates at. $10 each,
w bich are Intended as receipts lor such persons
as have no present use for the ordinary stock,
and are consequen ly unwilling to be burdened
with tbe payment ol the annual dues upon the
same. But this scrip may at any time be con
verted into active stck, when it will become
subject to the annual taxation, and entitle the
holder to all tbe privileges of tbe library. The
fourth method proposed Is by the sale of lite
memberships, at $40 each, which entitle the
holder to tbe nse ot tbe library during life, and
may at any time be converted mte lour share
ol active stock. - l- -
The Directors are about Issuing a circular
selling forth the present state of the movement!
and tbe nereity tor prompt and earnest action
on the part of all the Iriends of the library. It
U to be aoped tbstthe measure will receive that
liberal attention at the bands of our citizens
which Its magnitude and Importance demand,