This foot note contained in document AFC06d136
4. Pierce's notes were the final settlement certificates issued to troops of the Continental Army after Congress assumed their claims in 1783. They bear the signature of Paymaster General John Pierce, and earned 6% interest. Soldiers frequently sold them at a discount for cash. See E. James Ferguson, The Power of the Purse, Chapel Hill, 1961, p. 179–180; William G. Anderson, The Price of Liberty, Charlottesville, 1983, p. 96–97.
Cite web page as: Founding Families: Digital Editions of the Papers of the Winthrops and the Adamses, ed.C. James Taylor. Boston: Massachusetts Historical Society, 2007.