In 1913, Franklin Mayor R.M. Cole applied to the Carnegie Corporation of New York for funds to build a new library. The Carnegie Corporation approved plans and granted $7,500.00 to the project. The building was completed in 1914 and served as a library through 1918. School classes and public activities were held in the library through 1984. Currently the library is one of four Carnegie Libraries in Texas still being used for its original purpose as a library. The library was recently restored with grants from the Texas Historical Commission and is a Texas Historic Landmark.