| Part of Speech | Definition | |
| Expression | 1. (a) Within the constitution of the United States, a paper issued by a State, on the mere faith and credit of the State, and designed to circulate as money. No State shall ``emit bills of credit.'' --U. S. Const. --Peters. --Wharton. --Bouvier (b) Among merchants, a letter sent by an agent or other person to a merchant, desiring him to give credit to the bearer for goods or money.[Websters]. | |
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Common Expressions: BILL OF CREDIT
| Expressions | Definition | ||
| Bill of credit | (a) Within the constitution of the United States, a paper issued by a State, on the mere faith and credit of the State, and designed to circulate as money. No State shall ``emit bills of credit.'' --U. S. Const. --Peters. --Wharton. --Bouvier (b) Among merchants, a letter sent by an agent or other person to a merchant, desiring him to give credit to the bearer for goods or money. Source: Webster's Revised Unabridged Dictionary. | ||
Source: compiled by the editor from various references; see credits. | Top | ||
Specialty Expressions: BILL OF CREDIT
| Expressions | Domain | Definition | |
| Bill of credit | Economics | A written authority from one person to another, empowering the recipient of the document to receive money from the correspondents of the issuer abroad. (The usual issuer is a bank). (references) | |
| Bill of credit | Finance | The written request of an individual to his or her depository institution asking it to deliver money to the bearer of the request, with the money drawn from the individual's deposit account, or advanced on the individual's credit. (references) | |
| Bill of credit | Law | BILL OF CREDIT. 1. It is provided by the Constitution of the United States, art. 1, s. 10, that no state shall " emit bills of credit, or make anything but gold and silver coin a tender in payment or debts." Such bills of credit are declared to mean promissory notes or bills issued exclusively on the credit of the state, and for the payment of which the faith of the state only is pledged. The prohibition, therefore, does not apply to the notes of a state bank, drawn on the credit of a particular fund set apart for the purpose. 2 M'Cord's R. 12; 2 Pet. R. 818; 11 Pet. R. 257. Bills of credit may be defined to be paper issued and intended to circulate through the community for its ordinary purposes, as money redeemable at a future day. 4 Pet. U.S. R. 410; 1 Kent, Com. 407 4 Dall. R. xxiii.; Story, Const. ยงยง 1362 to 1364 1 Scam. R. 87, 526. 2. This phrase is used in another sense among merchants it is a letter sent by an agent or other person to a merchant, desiring him to give credit to the bearer for goods or money. Com. Dig. Merchant, F 3; 5 Sm. & Marsh. 491; R. M. Charlt. 151; 4 Pike, R. 44; 3 Burr. Rep. 1667. (references) | |
Source: compiled by the editor from various references; see credits. | Top | ||
