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In a large bowl cream together the butter and sugar until fluffy; stir in the molasses and water.
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In a medium bowl, whisk together the remaining ingredients.
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Slowly add the dry ingredients to the butter mixture, stirring constantly.
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Divide the dough in half and flatten to a round disk. Wrap each disk in plastic wrap and chill overnight. (You can freeze half or all of it if desired for later use.)
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Preheat the oven to 325 degrees and lightly grease your cookie sheets.
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On a lightly floured surface roll out one of the disks, leaving the other chilled. Roll to a 1/4 inch thickness, adding more flour if needed. Cut the cookies into desired shapes and place about an inch apart on the prepared cookie sheets.
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Bake for 6-10 minutes depending on the size of the cookies. Cookies should be firm but not browned.
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Reroll the scraps and continue to cut and bake until the dough is gone.
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Cool the cookies on the cookie sheets for three minutes, then remove to wire racks to finish cooling. Frost if desired with royal icing and let dry for 24 hours.
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Store in airtight containers.
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Number of cookies is entirely dependent on size of the cookie cutters.