The first meeting to consider it was held at the Tontine Coffee-House, in Wall Street, on November 9 of that year; and at an adjourned meeting on the 27th of the same month a constitution was formed and officers elected.  The young men contributed a little money for the purchase of books, the merchants more, many books were begged or purchased by Mr. Wood, and on the 12th of February, 1821, the library was formally opened, with seven hundred volumes, in an upper room at No. 49 Fulton Street.  The first librarian was Mr. John Thompson, who received, it is remembered, one hundred and fifty dollars a year as salary.  It was not long before the library, like its fellows, began its migrations up town, Harpers’ Building, on Cliff Street, being its second abode.  This removal occurred in 1826, and the association had then become so strong that it was able to open a reading-room in connection with its library.  Old readers remember that there were four weekly newspapers and seven magazines in this first reading-room.  Its membership at that time numbered twelve hundred, there were four thousand four hundred volumes on its shelves, and its annual income amounted to seventeen hundred and fifty dollars.

In 1828 the library was desirous of building:  many of the merchants and substantial men of the city were willing to aid it, but doubted the wisdom of trusting such large property interests to the management of young men.  They formed, therefore, the Clinton Hall Association, to hold and control real estate for the benefit of the library, with fund shares of one hundred dollars each.  The first year thirty-three thousand five hundred dollars had been subscribed, and the corporation began erecting the first Clinton Hall, at the corner of Nassau and Beekman Streets.  Here the library remained for nearly a score of years, or until 1853, when a brisk agitation was begun for its removal up-town.  A small but determined party favored its removal.  The more conservative objected.  At length, in January, 1853, the question was put to the vote, and lost by a large majority.  But while the excitement was still at its height it was learned that the association had sold Clinton Hall and had purchased the old Italian Opera-House in Astor Place.  Here, in May, 1855, the library opened, and here it has since remained, although for several years past the question of a farther removal up-town has been agitated.  The constitution of this excellent institution provides that it shall be composed of three classes of members,—­active, subscribing, and honorary.  Any person engaged on a salary as clerk may become an active member, if approved by the board of directors, on subscribing to the constitution and paying an initiation-fee of one dollar, and two dollars for the first six months, his regular dues thereafter being two dollars semi-annually, in advance.  Active members only may vote or hold office.  Subscribing members may become such by a payment of five dollars annually or three dollars semi-annually.