This society was founded, as its name implies, in the year 1770. It was established by a few students who banded together for the purpose of improving themselves in elocution. For some thirty years after its foundation, it was called the Speaking Club of 1770. Unlike most societies which are established for this purpose, its existence was not imperilled by the large number of its rivals, but on the contrary it "swallowed up" numerous societies of smaller growth. In 1773, the Mercurian Club of 1771 was merged into the Speaking Club. At this time the proceedings of the club were strictly secret.

In the year 1825, on the union of the Hermetic Society of 1813 and the "Akribologoumenoi" of 1823 with the Speaking Club, the name of the combined societies became the Institute of 1770. Catalogues have been published at various periods of its existence, from which we learn that its first president was Samuel Phillips of the class of 1771, who afterwards became lieutenant-governor of Massachusetts.

The seal of the Institute bears the motto, "Haec Studia Adolescentiam Alunt." Within the inscription there is an open scroll lying upon a book. In the background, an inkstand. Beneath the whole is the date of its foundation, 1770.

There is an excellent library connected with the Institute. The library room was once in Holworthy Hall, but is now located on the ground floor of the Hasty Pudding building on Holmes field.