Page:Life of Sir William Petty 1623 – 1687.djvu/83

 he might be able to collect. Eventually, when the whole of the arrangements for the satisfaction of the army had been completed, he commuted this debt into land debentures representing 1,000l. in surplus undistributed 'refuse ends and tayle lots,' which were assigned to him at Act rates by the Council in exchange for his debt, according to the provisions of the Act, which, as already stated, enabled the Council to pay for the work in land in lieu of money. He was also allowed in connection with this arrangement to invest a portion of the debt in mortgages on lands encumbered to the Commonwealth, which under the Act had been kept out of the general distribution, and to redeem these lands. But he undertook in the event of the 'refuse ends and tayle lots' being found to exceed the amount due to him, or if the soldiers brought in their remaining pennies, to cancel debentures to that amount; and he entered into securities of 3,000l. to guarantee these conditions.

In this manner he received for the army debt, and the sum of 1,000l. owing to him, 9,665 a. 1 r. 6 p. of profitable land, with a proportion of unprofitable; and from mortgages of encumbered land he bought 300 acres in Leinster and Munster, and 1,000 in Ulster. By the adventurers Dr. Petty was promised 600l. For his services as Commissioner of Distribution, Dr. Petty, 'observing the Treasury to be low, applied to be paid in debentures, and received lands under Orders from the Council as follows: