. 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, 2015.