[Extract from the Constitution of the Mercantile Library Association.]

CHAP. I.-ART. 3. Any person engaged in mercantile pursuits as a Clerk, may become a member of this Association, if approved by the Board of Direction, when he shall have subscribed the Constitution, paid an initiation fee of $1,00, and $1,00 for the first six months. His further regular dues shall be, thereafter, 50 cents quarterly, in advance.

CHAP. I.-ART. 4. Any member of this Association, commencing business on his own account, may continue his membership, upon the payment of $1,00 semi-annually, in advance. Merchants, also, may become members by paying $5,00 annually; but no merchant shall be entitled to a vote, or eligible to any office. Persons not engaged in mercantile pursuits may, if approved by the Board of Direction, be admitted to the use of the Library and Reading-Rooms, upon the same terms as merchants.

PREFACE.

THE MERCANTILE LIBRARY ASSOCIATION OF NEW-YORK was formed on the ninth of November, 1820. A few active and zealous young men, perceiving the necessity of a library for the use of merchants' clerks, after a public meeting held for the purpose of taking the matter into consideration, determined upon founding one, and united themselves for that object, under the name still retained by this institution.

A small apartment was hired at No. 49 Cliff-street, and subscriptions, as well as donations in books and money, were solicited. During the first five years this location sufficed for the wants of the library; but at the end of that time, the number of volumes obtained, mainly by donations, having reached 3,300, its removal was re

solved upon.

In 1826 the library was established in more spacious quarters in Cliff-street, near the site of the present Harper's establishment. This removal had a most beneficial effect upon the growth of the institution. Its progress was so rapid, that it soon became evident that still larger and more permanent accommodations were needed This necessity incited the members to make an appeal to the mercantile community for aid. Accordingly, a meeting of merchants and others was held, at which subscriptions were obtained to a large amount.

At the invitation of the officers of the library, their friends, who so generously had come to its assistance, formed themselves into a separate corporation, in order that the Mercantile Library Association should always enjoy the full benefit of the sum contributed for it, and at the same time a proper supervision be exercised by the donors in the appropriation of bounty. The results of this plan were the forma tion of the Clinton Hall Association, and the subjoined articles of agreement between the two bodies.

The site having been at once chosen, the present edifice was commenced. The corner-stone was laid, and the building formally dedicated to science and literature. The magnificent sum of $33,500, collected from the merchants, not being sufficient to defray the cost of the ground and building, a debt had to be incurred, which by the judicious management of the Board of Trustees has been nearly paid off, without, until lately, depriving the library of sufficient room in the building for its books.

When the Association assumed possession of the Hall, in the year 1830, it numbered 1,200 members and 6,000 volumes. Within the twenty years which have since elapsed, 12,000 young men have enrolled themselves among its members, and over 32,000 volumes have been purchased. It has been almost wholly self-sustained,