Four Philly Events that Changed the World (Dec. 10 to Dec. 16)
For the last installment of World History on All Things Philly, finance/politics and music take center stage:
December 12
Bank of North America Resumes Business in Carpenter’s Hall (1791)
When the Bank of North America (BNA) opened in Philadelphia in 1781 by the Continental Congress, the United States received the first national and commercial enterprise. Under the Articles of Confederation, Robert Morris established the Bank of North America as a source of revenue for Congress and a fallback for the government.
Although many opposed the usage of the BNA, such as Alexander Hamilton, the country utilized its resources for small funds during the War of 1812 and the Civil War.
On this day in 1791, the BNA was housed in Carpenter’s Hall for two years.
In 2017, the Bank of North America is now known as Wells Fargo.
December 13
Opening of the First Music Store (1759)
In a city full of different ethnicities and cultures, Philadelphia is home to a wide array of music. The traditions began in the American colonies during the 1700s. Folk music, public concerts and music lessons were accustomed to the era.
In 1759, first Treasurer of the United States Michael Hillegas opened the first music store in America. Despite immense support from majority of people, religious groups such as the Calvinists and Quakers opposed the idea. The enjoyment of music and dance were frowned upon due to their values.
Hillegas was a pioneer in the colonies by making a radical shift in culture. The selection sold in the store included secular music: a sign that times were changing
December 14
American Academy of Political & Social Science Founded (1889)
The American Academy of Political & Social Science has a mission to integrate intellectual thought and current social issues plaguing the country. The purpose of this group is to shed light on these issues through an academic journal titled The Annals.
Edmund J. James, professor of public finance and administration at the University of Pennsylvania and eventual President of the University of Illinois, collaborated with 22 other scholars to create this organization. These members wanted to establish a precedent of diverse research to find solution to policial issues that divide the nation. In order to do so, the founders incorporated works from prominent female author Jane Addams and African-American writer W.E.B DuBois.
December 15
First Life Insurance Policy Issued (1792)
The Insurance Company of North America was created in 1792 in Philadelphia. The company became the oldest stock insurance company in the United States.
Although the idea and founding occurred before this date, the first policy was given to Director John Maxwell Nesbitt and his shipping enterprise to fund a trip from Philadelphia to Derry, Ireland.
Although the company and it’s success started in Philadelphia, the Insurance Company of North America has become a global figure in the world of finance and still are a prominent name.
