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Was founded by commissioners appointed by William Penn in 1681. The site of the present city was originally settled by Swedes. In 1683 Philadelphia was chosen as the capital of the colony, and continued to be such for 117 years. During the earlier part of the Revolution the city was the virtual capital of the colonies. Here the first Continental Congress convened in 1774; on July 4, 1776, the Declaration of Independence was adopted; on July 9, 1778, the Articles of Confederation were signed; and in 1787 the Constitution of the United States prepared. Here also, in 1786, the " Protestant Episcopal Church of North America " was organized. In December, 1790, Congress convened here, and continued to hold its sessions in the city for ten years. The first American bank was established here in 1781, and the first United States Mint in 1792. In 1876 the centennial celebration of the independence of the colonies was held in Philadelphia, and in 1882 the bi-centennial of the landing of William Penn was observed. The University of Pennsylvania was incorporated here in 1779. The city was from the first noted for philanthropic institutions.