I feel that this subject of the asset value of the special library is one that is bound to be constantly growing in interest, because, of course, the tendency of business is to scrutinize carefully the things which it pays money for, and unless it can be shown that the library has some asset value, naturally, the library will come in for the first cuts in the budgets, and, later on, a complete cutting off. When the subject was assigned me by Mr. Marion he put the subject as "The library as a business asset." I have therefore discussed the subject from that standpoint, and inasmuch as it seemed to me that the whole thing resolved itself into a few very general and broad principles I have not made any attempt to consider details at all, but have assumed one or two things that it seemed to me must lie at the bottom of the whole proposition and must decide for us whether the library is to find a place among commercial assets and is to receive from business the support to which as an asset it is entitled.
[16] Abstract. The full paper will appear in "Special Libraries."
An asset, in business, is a debt-satisfying possession. In determining business solvency assets are set over against liabilities, and if the former exceed the latter, the business is said to be solvent. The term assets is applied technically to material possessions. But there are possessions other, and even more essential than material: these are the moral, out of which assets grow. At the foundation of every business lie courage, competency, integrity, perseverance. These cannot be computed or averaged, but their commercial value is everywhere recognized.
Wherefore, let us at the outset agree that when we speak of the library as a business-asset, we speak not of its value as so many books and pamphlets, but of its value as a contributing agency to those more fundamental possessions to which material assets owe their existence.
What, then, has the library contributed and what may it in the future hope to contribute that will add to business courage, integrity, competency, perseverance In a word, to business efficiency?
The answer is found in a measure in our conception of a library and its function. Shall we then describe what we have in mind when we speak of the library that may become a business asset?
It certainly is not any collection of books and pamphlets under any custodian and handled probably more often by the janitor than the manager. That is not the kind of library that we have in mind. Our library is a collection organized and planned for a definite end....
The measure of its value is to be sought in increasing efficiency of personnel; wider outlook, clearer vision, firmer grasp, greater fortitude.
It would be pleasant to think of the precise manner in which a library might entrench itself in business favor, until it became admittedly indispensable. Such an experience is not uncommon. Libraries there are today—adjuncts of successful business houses—which stand on a plane of equality with every other department; whose directors are in every sense advisers; whose position in importance and dignity yields precedence to none. They add efficiency to the entire staff, and by breadth and merit bring distinction to the business they serve.
The asset value of a library is dependent upon a variety of conditions.