Earliest arbitration records of the Chamber of Commerce of the State of New York, founded in 1768. Committee minutes, 1779-1792, printed from original manuscript in the New York Public Library, with biographical and other notes.

28th Oct 1779

Thomas Galbreath & White Pugsley & Co. came before the Committee for their opinion on a matter in dispute Viz.

Thomas Galbreath purchased a Bill of Exchange from White Pugsley & Co of one hundred pounds Sterling at 5pCt discount. Said Bill was returned with protest. Thomas Galbreath demanded a Sterling Bill of £120 of that amount in cash. White Pugsley & Co refuse to give a Bill for £120 but will pay £114 in cash, alledging they ought to have 5pCt discount on £120.

The Committee gave it as their opinion what had been always customary in New York to pay Sterling for Sterling as wrote upon the face of the Bill with 20pCt damages, without any regard to the current exchange at different times. That White Pugsley & Co ought to pay Thomas Galbreath £120 Sterling in cash, or a Bill same value satisfactory to Thomas Galbreath in lieu of Bill and damages.