The Congress, when sitting in New York, had been accommodated in the old City Hall, on the northeast corner of Wall and Nassau streets.
This building had fallen into decay when the first national Congress was about to meet there.
Desirous of permanently retaining the seat of the national government at New York, and to provide the national legislature with suitable accommodations, several wealthy citizens advanced to the city treasury (then empty) $32,500, with which the old building was remodelled and extensively repaired.
The name “Federal Hall” was given to it, and the city councils placed it at the disposal of the Congress
New York retained the national capitol only a short time, as it was removed to Philadelphia
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