City of Philadelphia Bond dated 1850's to 1860's - Various Denomination - Beautiful VignettesInv# GB5661 Bond
Various denominations 5% Bond printed by Danforth, Wright & Co., Philad. & New York. 8 vignettes.
The city of Philadelphia was founded in 1682 by William Penn in the English Crown Province of Pennsylvania between the Delaware and Schuylkill rivers. Before then, the area was inhabited by the Lenape people. Philadelphia quickly grew into an important colonial city and during the American Revolution was the site of the First and Second Continental Congresses. After the Revolution the city was chosen to be the temporary capital of the United States. At the beginning of the 19th century, the federal and state governments left Philadelphia, but the city remained the cultural and financial center of the country. Philadelphia became one of the first U.S. industrial centers and the city contained a variety of industries, the largest being textiles.
After the American Civil War Philadelphia's government was controlled by a Republican political machine and by the beginning of the 20th century Philadelphia was described as "corrupt and contented." Various reform efforts slowly changed city government with the most significant in 1950 where a new city charter strengthened the position of mayor and weakened the Philadelphia City Council. At the same time Philadelphia moved its supports from the Republican Party to the Democratic Party, which has since created a strong Democratic organization. Read more at https://en.wikipedia.org/wiki/History_of_Philadelphia
A bond is a document of title for a loan. Bonds are issued, not only by businesses, but also by national, state or city governments, or other public bodies, or sometimes by individuals. Bonds are a loan to the company or other body. They are normally repayable within a stated period of time. Bonds earn interest at a fixed rate, which must usually be paid by the undertaking regardless of its financial results. A bondholder is a creditor of the undertaking.