The region was inhabited by about 5,000 Lenape Native Americans at the time of its European discovery in 1524 by Giovanni da Verrazzano, an Italian explorer in the service of the French crown, who called it "Nouvelle Angoulême" (New Angoulême). European settlement began with the founding of a Dutch fur trading settlement, later called "Nieuw Amsterdam" (New Amsterdam), on the southern tip of Manhattan in 1614. Dutch colonial Director-General Peter Minuit purchased the island of Manhattan from the Lenape in 1626 for a value of 60 guilders (legend, now disproved, says that Manhattan was purchased for $24 worth of glass beads). In 1664, the English conquered the city and renamed it "New York" after the English Duke of York and Albany.[16] At the end of the Second Anglo-Dutch War the Dutch gained control of Run (a much more valuable asset at the time) in exchange for the English controlling New Amsterdam (New York) in North America. By 1700, the Lenape population was diminished to 200.
New York City grew in importance as a trading port while under British rule. The city hosted the seminal John Peter Zenger trial in 1735, helping to establish the freedom of the press in North America. In 1754, Columbia University was founded under charter by George II of Great Britain as King's College in Lower Manhattan.The Stamp Act Congress met in New York in October of 1765.
The city emerged as the theater for a series of major battles known as the New York Campaign during the American Revolutionary War. After the Battle of Fort Washington in upper Manhattan in 1776 the city became the British military and political base of operations in North America until military occupation ended in 1783. The assembly of the Congress of the Confederation made New York City the national capital shortly thereafter; the Constitution of the United States was ratified and in 1789 the first President of the United States, George Washington, was inaugurated there; the first United States Congress assembled for the first time in 1789, and the United States Bill of Rights drafted; all at Federal Hall on Wall Street. By 1790, New York City had surpassed Philadelphia as the largest city in the United States.
