For What It's Worth

This from the July 1 edition of Writer's Almanac with additional material from www.librarycompany.org:

It was on this day in 1731 that Ben Franklin founded the first circulating library, a forerunner to the now ubiquitous free public library. He started it as a way to help settle intellectual arguments among his group of Philadelphia friends, the Junto, a group of civic-minded individuals gathered together to discuss the important issues of their day.

Each of the 50 charter members bought an initial share into the company (40 shillings), which helped fund the buying of books, and then paid a smaller yearly fee (10 shillings) that went to buying more books and maintaining the library. In exchange, the members could borrow any of the books. Donations of books were gladly accepted.

They called their charter the Library Company of Philadelphia, and the next year, Franklin hired America's first librarian, Louis Timothee. At first, the books were stored at the librarian's house, but by the end of the decade, they were moved to the Pennsylvania State House, which is now known as Independence Hall.

The collections grew with the nation and reflect the country’s many faces and varied interests. From the Revolutionary War to 1800, when the national government was in Philadelphia, the Library Company also served as the Library of Congress. Until the 1850s it was the largest public library in America. All of the books the Library Company acquired year by year over more than two and a half centuries are still on its shelves, along with many others added since it was transformed into a research library in the 1950s. In the 21st century, the Library Company serves as a resource for a variety of readers, from high school students to senior scholars, from novelists to film producers, and anyone else with an interest in our collections.