You can bake one roll and freeze the other, if you prefer. (Wrap the roll securely in plastic wrap or foil for freezing.) The nutmeg in these cookies makes them special.
Cream butter, margarine, and brown sugar until fluffy. Add eggs and beat well. Combine dry ingredients and add to butter mixture. Add water and vanilla, and mix. Divide dough into two rolls, and wrap each in waxed paper. Chill for several hours or overnight.
Slice ¼ inch thick, and place 2 inches apart onto ungreased cookie sheets. Bake at 350 degrees F for 10 to 12 minutes, or until golden brown.