I also came across same issues as I was not able to see any library folder under my account. That was really strange. It did not helped a lot. But later came into my concern that they hide it under Lion. And that you will be able to see in time machine where it would be located, if your backup is of snow leopard os. So if you are with lion the folder would be present there, but as it is hidden, you are not able to see that. So you will require to show hidden files before moving it.but there are some users who find it difficult to locate hidden files as that seems to be tricky in apple and not so easy as we normally do in windows. So , you need to open terminal and code this:
and then open Time Machine , you would definitely find that one.
defaults write com.apple.finder AppleShowAllFiles TRUE