Originally organized in 1849, the Society adopted a new constitution on September 14, 1855. According to that charter, membership was by election and open to persons over the age of twenty "against whom there is no objection." The officers of the Society included a president, vice-president, secretary, treasurer, and critic. The duties of the last-named individual were "to present a criticism at every regular meeting, to examine, read, and deliver to the secretary for preservation the contents of the 'Jeffersonian Oracle'". The group met weekly in regular session and also in public session on February 22 (the anniversary of its original founding). The second meeting in the months of May, August, and November was also public.

At each regular meeting a question was chosen for debate at the next session. The president appointed individuals to open the coming debate, to read an essay, and to present a recitation. The president was also to keep a book in which the constitution, by-laws, membership roll, and a record of questions and appointments were all to be recorded. Four committees served the organization: Propositions (to examine candidates for membership and report on same); Books (to examine the Treasurer's records); Questions (to report at each meeting six questions for future debate); and Absences (to report on the attendance of members). At the meeting of December 29, 1855 the membership voted to change the name of the organization to the Southern Literary Society. Prominent members of the organization included Judges Thomas Wharton Collens and Albert G. Brice.