COTTON MATHER: Magnalia by Cotton Mather

Hereupon there was appointed an able and faithful committee of gentlemen, who printed, from copper-plates, a just number of bills, and flourished, indented, and contrived them in such a manner, as to make it impossible to counterfeit any of them, without a speedy discovery of the counterfeit: besides which, they were all signed by the hands of three belonging to that committee. These bills being of several sums, from two shillings to ten pounds, did confess the Massachuset-colony to be endebted unto the person in whose hands they were, the sums therein expressed; and provision was made, that if any particular bills were irrecoverably lost, or torn, or worn by the owners, they might be recruited without any damage to the whole in general. The publick debts to the sailors and soldiers, now upon the point of mutiny, (for, Arma Tenenti, Omnia dat, qui Justa negat!)[161] were in these bills paid immediately: but that further credit might be given thereunto, it was ordered that they should be accepted by the treasurer, and all officers that were subordinate unto him, in all publick payments, at five per cent, more than the value expressed in them. The people knowing that the tax-act would, in the space of two years at least, fetch into the treasury as much as all the bills of credit thence emitted would amount unto, were willing to be furnished with bills, wherein it was their advantage to pay their taxes, rather than in any other specie; and so the sailors and soldiers put off their bills, instead of money, to those with whom they had any dealings, and they circulated through all the hands in the colony pretty comfortably.

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