Scope and Content: HISTORICAL NOTE: The post-Revolutionary Massachusetts legislature endeavored to collect taxes levied to pay war debt and other state expenses, particularly burdening farmers in the western part of the state.  Angered by foreclosures and imprisonment imposed for tax delinquency and not receiving satisfaction for grievance petitions filed with the legislature, the protesting farmers rioted and closed courthouses under the leadership of Revolutionary veteran Daniel Shays.  The state militia was called out to suppress Shays’ Rebellion in Sept. 1786, in Jan. 1787 a state army was formed for the purpose, and by February the insurgents were defeated. –The state treasury did not have sufficient funds for the quartermaster general and commissary general to supply the army formed to fight the rebellion.  In Jan. 1787, the legislature not being in session to authorize loans or to otherwise secure funds, a group of voluntary contributors met on the date the state army was established (Jan. 4) and pledged monies for the cause. (For initial list of subscribers see: Massachusetts. Office of the Secretary of State. Massachusetts archives collection ((M-Ar)45X), v. 189, p. 64-66.)  St 1786, c 50 (Feb. 6, 1787) authorized the borrowing of 40,000 pounds and the issuing of notes to reimburse the contributors at 6% interest.  Notes dated beginning Mar. 1 , 1787 were repaid in three dividends (25% July 1787, 10% Feb. 1788, 20% July 1788), with the total eligible for repayment in Jan. 1789.
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