<P> In 1778, Alexander Hamilton visited the falls and was impressed by its potential for industry . Later when Hamilton was the nation's Secretary of Treasury, he selected the site of the nation's first planned industrial city, which he called a "national manufactory ." In 1791, Hamilton helped found the Society for the Establishment of Useful Manufactures (S.U.M.), state - chartered private corporation to fulfill this vision . The town of Paterson was founded by the society and named after New Jersey Governor William Paterson in appreciation of his efforts to promote the society . </P> <P> Hamilton commissioned civil engineer Pierre Charles L'Enfant, responsible for the layout of the new capital at Washington, D.C., to design the system of canals known as raceways supplying the power for the watermills in the new town . As a result, Paterson became the nucleus for a burgeoning mill industry . In 1792, David Godwin was commissioned to build the first water - powered cotton spinning mill in New Jersey . He subsequently built the first Dam on the falls, it was a structure made of wood . In 1812, it was the site of the state's first continuous roll paper mill . Other products whose construction used the falls as a power source include the Rogers Locomotive Works (1832), the Colt revolver (1837), and the USS Holland (SS - 1) (1898). The oldest extant structure in the historic district is the Phoenix Mill, built in 1813 . The industrial area also became the site of labor unrest, as it was a center for the 1913 Paterson silk strike . Immigrant workers, facing harsh conditions in factories staged numerous strikes, giving the United States its first organized labor movement . </P> <P> The society continued operation until 1945 when its charter and property were sold to the city of Paterson . The area fell into disuse with the steep decline of industry in the region during the 20th century . In 1971, the Great Falls Preservation and Development Corporation was established to restore and redevelop the historic mill buildings and raceways . </P> <P> The State of New Jersey has announced plans for a new urban state park in Paterson surrounding the Great Falls, called Great Falls State Park . The master plan for the park calls for utilizing surrounding industrial areas for parklands that include a trail network and recreation areas, and creating new areas to view the falls . </P>

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