To all to whom thefe Prefents fhall come: The Trustees of the New-York Society Library fend Greeting: KNOW YE, That the faid Trustees have elected and chofer, and DO to be a MEMBER of the faid Society, and that is entitled to ezze Share in the Property thereof.- first. and May Samuel Jones Treasurer. Facsimile (reduced) of an early certificate, 1790 SHARES A MEDIUM OF EXCHANGE 247 an equivalent of the price, as likewise where such offers were declined. In March, 1793, "Bankes Geography being offerd for a share in the Library with the addition of 20/, orderd that the same be received," and "Chambers Dictionary being offerd by Mr Rhinelander for Shares, orderd that the same be received at Sterling Price." Again, in May, 1799, when "Mr Alexander Tiebout offered to sell to the Trustees 'Voyage Pictorisque dans le Grec' for which they may think it worth," two shares were voted him for the work, plus "the payment in addition thereto of ten Dollars," a share then selling for $20. But in April, 1797, on "an Application of D. Fraser's to become a member of this Society (in consideration of certain books offered by him)," the board decreed that they "were not of sufficient value. Furthermore, shares were made a medium of exchange for work done, as well as for books received. In February, 1797, it appears that one Thomas Allen had been given shares in return for rebinding books. In concluding the subject, it should be stated that shares had all along been transferable, a resolve of September, 1792, directing that four shillings be paid to the Secretary at each transfer, "the one half of which to go to the Library, the other half to the Treasurer & Secretary." Successive fluctuations in the price of shares will be of interest, as indexing somewhat the varying fortunes of the institution. Originally, and for more than thirtyfive years, the cost of a right was fixed at £5, or $12.50 in New York currency. In October, 1791, it was advanced to $15. Again, in March, 1793,-the zenith of the Library's prosperity for its first century of existence, the figure became $20. The reason for this advance is explained in the following extract from the Daily Gazette, of February 6th: "The present yearly income will admit of an increase of 1000 volumes per annum. From the encouragement the Trustees have received, they have reason to expect to increase their Capital by an elegant and commodious Hall, in Wall-street, and the subscriptions on shares, so as to enrich the Library with near 2000 volumes per annum.' The Journal & Patriotic Register for February 27th, in announcing the impending rise, says: "Its present income increases this accumulating capital stock nearly twenty-five per cent. per annum.' "The capstone was set in a resolution of May 7th, that for the future no share should be sold for less than $20. Alas for expectations and bright prospects, the heavy expenses of building entailed a mortgage, effectually preventing the anticipated "increase of 1000 volumes per annum," and within a few years the membership of nearly 900, in 1793, became much reduced. Foreseeing stringency, the board voted, in January of that year, to petition the legislature for a "donation,' but nothing came of it. Two years later, as a transparent hint for an appropriation, "the use of the Library”—still in the City Hall-was offered to the state legislators, then holding session in the same edifice, before the removal of the capital to Albany, in 1797. No response forthcoming, in March the Trustees applied again fruitlessly, for "the loan or Gift of a Sum of Money," to aid them in finishing the building. Thus the representatives of the interests of the whole state seem to have been as impervious to the cause of letters as the Common Council, and the stand then takenwhether avowedly or not-has been consistently main FINANCIAL EMBARRASSMENT 249 tained by both bodies, so far as the Society Library is concerned. A formal accounting was called for in June, 1795, in the appointment of Messrs. Phoenix and Cozine and Messrs. Denning and Phoenix, respectively, "to collect the accounts of the different Booksellers," and "to collect and arrange the accounts of the Expenditure and Debts of this Corporation in consequence of the new Library." Six months later both reports were rendered, the first stating "the accounts due to the different Booksellers" to amount to £226:2:7, and the other that £244:0:51 was the "Amount of accounts due . . . on acct of the building." The board promptly authorized Messrs. Gaine, Phoenix and Denning "to borrow £500 (if to be procured at 5 per Cent.)," to pay these items. In January, 1796, Daniel Phoenix, lately appointed Treasurer, reported "further Sums due to sundry persons," amounting to £897:17:41/2,1 "the whole that has yet come to Knowledge." Staggered by these figures, "appearing [to] amount to more than was supposed," the Treasurer was empowered to borrow from the Bank of New York $3000 at five per cent., to pay the debts. A bond for this sum "having been prepaired by M: Cozine," it was approved, sealed and delivered to Mr. Phoenix to secure the loan. In March he reported its accomplishment; the loan, originally for a year, was renewed and continued till 1836. Thus began the long lane of indebtedness whose turning was not to be visible for so many years. Desired relief not appearing, in February, 1797, the 1 The various items, as entered in the minutes, do not match the total, which is probably correctly copied. |