AID OF LEGISLATURE SOUGHT

309

When it was found that Mr. Winter would "sell his right in the ground or rent charge on the Library lot for $2250,"-though declining to make any agreement concerning the above covenant or "exchanging the ground in the rear,”—the board voted to accept his terms, provided the required sum could be borrowed from the bank at six per cent. All progressing satisfactorily, the papers were signed with despatch on June 18th. By these transactions the Library was a gainer in two respects: an interest charge of $135 was substituted for the former ground rent of $175; and still more profitably, in the long run, it thus became owner of a piece of real estate destined to eventual rise in value.

But the standing indebtedness of the institution was considerably augmented, of course. Six months afterward it amounted to $6643.75, and by April, 1814, it had risen to $8208.33, the chief items being the old bond of $3000 at five per cent., the $2250-bond and mortgage at six per cent.,-both to the Bank of New York,$2185.25 due to "Book sellers, &c.," and $773.08 due to the Librarian-poor man! Partly alive to the pressing need of retrenchment, the board voted to buy no books: nor disburse a cent beyond necessary expenses, until these last two sums should be paid off.

Darker and more depressing grew the outlook, until, in February, 1818, in sheer despair the distracted board authorized John J. Morgan, David S. Jones and Anthony Bleecker "to prepare and present to the Legislature a petition for a grant of money for the benefit of the Library." The last heard of this effort was that the petition had been referred to a committee of the assembly. Pigeonholed! The Society Library has never since been a suppliant for public aid.

Again several years pass with no direct allusion to matters of finance. Finally, in February, 1821, comes a Library Committee report on "the property, funds and debts of the Society," by which it appears that the debt had by strict economy-together with the increased income from raising the yearly dues-been reduced to the amount of the bonds and mortgage. The books, commendably increased to 13,917 volumes, were valued at $24,595; but it is astonishing to find the building and lot together estimated at only $15,000,-"a proper valuation," when the building, with only furnishings included, was deemed worth $18,000 in 1810. The number of shares had fallen to 616, which, at the advanced rate of $4-a-year dues, yielded $2464, "the only fund for the support and increase of the Library." Nevertheless, the committee submitted the report "with pleasure,” for "compared with former times it presents a very gratifying view," the "favorable change" being attributed to the increase in the annual payment charge.

Subsequent reports show successive ups and downs, until February, 1828, when the most dismal statement of all was rendered. To begin with, the widely heralded imported books-for whose purchase $1000 had been borrowed in 1825-had ultimately cost even more, leaving the Library "much straitened in its means." Then a tax of $321-happily reduced from the original assessment of $670, "by the earnest and able exertions" of David S. Jones, John Ferguson and Evert A. Bancker --had been levied on the extension of Nassau street (at which time the numbering of the houses was rearranged, the Library being changed from no. 16 to no. 33). Furthermore, of the shares-now fallen to 482 in numberonly about 450 would probably pay their dues. In short,

"PROSPEROUS STATE OF AFFAIRS”

311

but $64 could be counted on "for the purchase of books, binding of books, insurance, fuel, repairs and contingent expenses," for the ensuing year. The report, signed by John J. Morgan alone, concludes with recommending the adoption of a plan already broached, to devote the $450 derived from office rents to a sinking fund toward extinguishing the debt to the bank.

This measure was again urged in the extended Library Committee report of February, 1829, whereupon the board at once voted to appropriate that part of the income, together with a sum equal to the annual interest on the bank debt, as a sinking fund toward its discharge. This report's bright auguries, then, based on figures, will fittingly serve as a valedictory to this chapter, marking the conclusion of the seventy-fifth year in the history of the Society Library.

In this report the institution was "pronounced free from debt,"-"with the exception of the old debt to the Bank of New York,"-"with a considerable balance in the hands of the Treasurer." This "prosperous state of affairs"—"so different from that of former years". was attributable not to the purchase of fewer books ("within the last two years more books, & costly books too," had been acquired than in the five years before), but to the efficient measures for collecting dues, to a rigid economy, and to the reduced salary of the Librarian, "which salary the Committee think still a very handsome one."1

After touching upon other matters of moment, elsewhere discussed, the address closes with this peroration, undoubtedly the production of Mr. Morgan:

1 See p. 278.

The Committee will not refrain from indulging for a moment the feelings of an honest pride. This Library was founded and has been sustained by the equal contributions of its members; it has received no State or City aid; it has solicited no rich man's donation; and it has successfully resisted the assaults of speculators upon its literary existence. The Institution has gone on silently and steadily to the acquisition of a large and excellent building and to the collection of nearly 25,000 Volumes of books, thus forming a Library which perhaps is not surpassed in the United States, and which certainly has nothing at all equal to it in the State where it is established.

T

VII

THE NEW YORK ATHENÆUM, 1824-1839

HE subject now claiming attention is already somewhat familiar, in name at least. In this

chapter it is purposed to recount the origin and something of the management of the Athenæum, as well as the terms of the agreement under which it was finally merged into the Society Library. Such a treatment is justifiable on the double ground of pertinency to the main theme and of bringing to light an important but well-nigh forgotten interest, once dear to the hearts of New York's leading citizens, and which, for a few years, was manifestly the chief literary asset of the community.

Although the Athenæum was formally established in 1824, its real genesis may be traced to an earlier date. Its model was the Liverpool Athenæum, founded in 1798 and conducted with such immediate and signal success. The plan was first adopted in this country in January, 1807, in the opening of the Boston Athenæum, Philadelphia following suit in March, 1814. The general scheme of these institutions embraced, in addition to a library (chiefly for general reference), a reading room to contain newspapers and magazines; a cabinet or museum; a laboratory for scientific experiments; and a lecture department.