I translated the poem that the magistrate is reading as follows:
The Magistrate of the old Hanseatic City of Lemgo today orders:
"Notgeld will now be now be given out."
To obey authority is
The first duty of Jew and Christian
Trust your magistrate,
Who piously and wisely protects the city
Through graciously noble administration,
It would behoove you all
To always keep your mouths shut!