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Updated: May 6, 2025
William Bollan, English by birth and a son-in-law of Shirley, was sent out to urge the just claim of the province, and after long and vigorous solicitation, he succeeded. A pound sterling was worth eleven pounds of the old-tenor currency of Massachusetts, and thirty shillings of the new-tenor.
Those beneficent trucks carried enough to buy in at a stroke nine tenths of the old-tenor notes of the province, nominally worth above two millions. A stringent tax, laid on by the Assembly, paid the remaining tenth, and Massachusetts was restored to financial health. Bollan to Secretary Willard, in Coll. Mass. Hist. Soc., I. 53; Hutchinson, Hist. Mass., II. 391-395.
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