In the Fall of 1895, Dr. McChesney made an appeal to the congregations of the Reformed Presbyterian Church for contributions to a library. In answer to this appeal, over 1200 volumes and a number of periodicals were donated. The collection and reading tables were located in the chemistry recitation room in College Hall, now Founder's Hall, and managed jointly by faculty and students.

This arrangement only partially met the needs of the students. Therefore, in December 1905, through the efforts of Dr. McKinney, first president of the College, and Whitelaw Reid, a prominent resident of Cedarville, Andrew Carnegie offered a gift equal to the sum the College could raise to erect a library building. McKinney and Reid were able to collect $12,000, and the building, one of hundreds of "Carnegie Libraries" built across the country, was completed and opened on September 5, 1908. The building, located at 160 N. Main Street, served as the College library until 1967. It was extensively remodeled in 2012 in order to house the university’s studio art programs.