Your Committee observe, upon the first mode, that if it be followed, this Colony may not perhaps be under the same necessity of receiving the emission of any Colony which may appear unable to sink the money issued by it, as in the other instances; that therefore there may not on that account be the same danger of subjecting this Colony to the risk of losing moneys issued by its neighbours, and circulating within this Colony. That, nevertheless, it is highly probable the debts due to this Colony will be eventually paid in the Paper Money so issued by the Colonies of Connecticut and New-Jersey, or that such moneys confined within the bounds of those Colonies will be so depreciated, that the persons in trade who are possessed thereof will be rendered unable to pay their debts in any other way. That your Committee have great reason to believe that emissions of those Colonies will be depreciated in such manner, by reason of the doubts which will arise in men’s minds about the sinking of them, wherefore a very considerable loss will happen to this Colony from receiving such money. That your Committee, nevertheless, are of opinion that in order to answer the purposes of striking such Paper Money in these Colonies, it will be necessary for this Colony and all others to give a general credit to every emission. Your Committee do therefore disapprove of the first mode, because they conceive that moneys issued in that way will not have the necessary general credit aforesaid, but that this Colony in particular will be under the necessity of receiving very considerable sums of money from the Colonies of Connecticut and New-Jersey, which those Colonies may not be able to repay; and if so, that then the circulation of such money in this Colony will prevent the future admission of Gold and Silver, and consequently raise the par of exchange between this Colony and Great Britain, so as greatly to distress the general commerce of this Colony, besides the loss which must be sustained by those individuals who become possessed of such depreciated moneys.

As to the second mode, your Committee observe, that it will give much greater credit and currency to the moneys so issued than the first, and consequently will better answer the ends for which it is designed. That such credit and currency will also, in a great measure, prevent the accumulation of it in this Colony, and dissipate it through those channels of trade in which the Gold and Silver now flow, so as to preserve the commercial equality of money above stated. That, nevertheless, your Committee are of opinion that if any default shall happen in sinking the moneys issued by this mode, such default will be made by the adjacent Colonies of Connecticut and New-Jersey, or one of them, and that, therefore, although there are greater advantages attending this mode than the former, yet it is subject to all the same inconveniences with respect to this Colony.

Your Committee do now observe, upon the last mode, that it will be attended with the advantage of higher and more universal credit than either of the former, and consequently, as to the general cause, will best answer the great end of its institution. That this advantage is attended with a very great disadvantage as to this Colony, because this Colony may by that means be subjected to the payment of her own proportion, and also to a proportion of the part of such Colony as may become bankrupt by her over exertions in this controversy. Your Committee, however, do conceive, that if any Colony or Colonies shall be deficient in this respect, it will most probably be those which are immediately adjacent to this. That the greater part of the moneys designated for them to refund will necessarily circulate in this Colony, and therefore in it the deficiencies which shall so happen will be most sensibly felt. That in such case, if the Colonies are generally pledged for each other, and do severally perform their engagements, then this Colony will be greatly relieved by sinking a part there of in Pennsylvania, Maryland, Virginia, &c. That if such engagements are not performed, this Colony will not be in a worse situation by this than by either of the other modes, but continue precisely in the same predicament.

Before your Committee determine their choice, they pray leave to observe, that there are only two obstacles to an emission of Paper Money:

First. To give it an immediate and ready currency;

Secondly. To provide ways and means for sinking it.

As to the first, your Committee observe, that if the Continental Congress shall strike a Paper Currency, they have no doubts but that it will be very readily received throughout this Continent; yet they have very great doubts whether the same determination ought to be made with respect to moneys issued by a lesser authority.

As to the second point, your Committee observe, that whenever a Paper Currency has been emitted, and obtained a general credit, it will be a new bond of union to the Associated Colonies, and every inhabitant thereof will be bound in interest to endeavour that ways and means be fallen upon for sinking of it.

Now, therefore, since moneys issued in the last of those three modes above mentioned will afford higher security to those who receive them, and of consequence obtain a more ready, general, and confidential circulation, your Committee do approve of that mode. First, because it will most effectually answer the end of its emission; secondly, because most probably this Colony will not be burdened with so great a proportion of it; thirdly, because the other Colonies will be more deeply interested in preventing its depreciation; and, fourthly, because the losses to be apprehended by this Colony will be alleviated by the participation of others.

If this plan should be adopted, then, your Committee are of opinion that it will be necessary the moneys issued should, on one side, have some general device, and the moneys proportioned to any particular Colony have the arms, signature, &c., of such Colony on the other side; and that the proportion now established be stated as a fixed proportion to estimate, in case of deficiency in one Colony, the aids of the others.

All which is most humbly submitted.

The said Report of the Committee being fully debated and considered, and the question put thereon, whether the Congress does agree with their Committee in the said Report?

Resolved, nemine contradicente, That this Congress does agree with the said Committee in their Report.

Ordered, That a copy of the said Report be immediately transmitted to the Delegates representing this Colony in the Continental Congress, and that the Committee of Correspondence prepare and report a draft of a Letter to be sent to the said Delegates with the said Report.

And the Committee of Correspondence having reported a draught of such Letter to the said Delegates, the same was read and approved of, and is in the words following, to wit:

In Provincial Congress at New-York, May 30, 1775.

GENTLEMEN: Enclosed you have a copy of the Report of our Committee upon the expediency of a Paper Currency, and the approbation of that Report by this Congress. Upon a perusal of it you will readily perceive the impropriety of laying it before the Continental Congress. We send it to show you our sense, and the reasons on which it is founded, out of which you will select such for use as you may think proper.

We are gentlemen, your most obedient humble servants. To the Delegates for the Colony of New-York, now sitting in Continental Congress.

Ordered, That a copy of the said Letter be engrossed, and signed by the President, and transmitted with all convenient speed.

The Congress adjourned to five o’clock, P. M.

5 ho. P. M., May 30, 1775.

The Congress met pursuant to adjournment. Present:

For the City and County of New-York.—Peter Van Brugh Livingston, Esq., President; Alexander McDougall, Abraham Walton, John De Lancey, James Beekman, Samuel Verplanck, David Clarkson, Thos. Smith, Esquire, Benjamin Kissam, Esquire, John Morin Scott, Esquire, Jacobus Van Zandt, John Marston.

For the City and County of Albany.—Volkert P. Douw, Esq., Vice-President; Robert Yates, Abraham Yates, Jacob Cuyler, Peter Silvester, Dirck Swart, Walter Livingston, Robert Van Rensselaer, Henry Glenn, Abraham Ten Broeck, and Francis Nicoll.

For Dutchess County.—Anthony Hoffman, Zephaniah