Debt paid in full, William Penn founded the Province of Pennsylvania, 1677
Excerpts from "A Brief History of William Penn"
"In 1677, Penn's chance came, as a group of prominent Quakers, among them Penn, received the colonial province of West New Jersey (half of the current state of New Jersey). That same year, two hundred settlers from the towns of Chorleywood and Rickmansworth in Hertfordshire and other towns in nearby Buckinghamshire arrived, and founded the town of Burlington. Penn, who was involved in the project but himself remained in England, drafted a charter of liberties for the settlement. He guaranteed free and fair trial by jury, freedom of religion, freedom from unjust imprisonment and free elections."
"King Charles II of England had a large loan with Penn's father, after whose death, King Charles settled by granting Penn a large area west and south of New Jersey on March 4, 1681."
Link to the full article and source: U.S. History, Brief History of William Penn, < http://www.ushistory.org/penn/bio.htm >
Image source: The John Frederick Lewis Collection, Print and Picture Collection, Free Library