Picture the Old Library. Imagine its walls whispering tales of Benjamin Franklin. This isn’t just any library. It’s the Library Company of Philadelphia. Founded in 1731 by Franklin himself it’s America’s first successful lending library. Think about that. Before the Library Company books were scarce. They were expensive. They were slow to arrive from Europe. The average person couldn’t afford them.
But Franklin had a vision. He and his friends in a group called the Junto pooled their resources. They created a library for everyone. Each member contributed 40 shillings initially. They then pledged ten shillings annually. This pragmatic approach built a collection no single person could have amassed. The Library Company was born.
The early collection focused on religion and education. Remarkably it was mostly in English. At that time most academic and private libraries held books only in Latin. The Library Company was different. It was unique.
Their first librarian Louis Timothee didn’t stay long. Franklin himself stepped in for a while. William Parsons followed then Robert Greenway. The library’s 1741 catalog reveals something interesting. It shows that even non-members could borrow books. They just had to leave a deposit to cover the cost. Their money was returned upon the book’s safe return. Membership however meant free borrowing.
The initial meeting of the Library Company was at Nicholas Scull’s Bear Tavern. Ten founding members paid their 40 shillings. Among them was Franklin of course. The turnout was somewhat disappointing. Many initial members were already officers or closely connected to Franklin.
The Library Company’s collections grew. They became a repository of curiosities. Antique coins fossils even a mummified Egyptian hand. The library’s first home was in Independence Hall. This was before the building became famous. Franklin performed electrical experiments there.
In 1789 the Library Company bought land on Fifth Street. The new building designed by Dr. William Thornton was opened in 1791. It showcased a marble statue of Franklin a gift from William Bingham. The building itself was revolutionary. The construction materials used were paid partially by members extending shares to carpenters and bricklayers. It was a remarkable initiative.
Throughout its history the Library Company thrived. It absorbed smaller libraries. It outgrew its spaces multiple times. For a period it even served as the Library of Congress. Its collection reflects centuries of American history. Its shelves hold books from the revolutionary war era. They hold first editions of literary masterpieces. The Library Company truly is a treasure. It is a testament to Franklin’s vision.