In 1830, a three-day convention at City Hall, attended by over 100 delegates, debated plans for a university based on merit rather than social status. On April 18, 1831, with backing from prominent merchants, bankers, and traders, the institution that would become NYU was founded. Albert Gallatin was elected its first president, and on April 21, it was officially chartered as the University of the City of New York by the state legislature.