Bill of credit


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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."
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.
- U. S. Const.
See under Bill.

See also: Bill, Bill, Credit

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References in periodicals archive ?
Due to the Government's 98.2bln AMD bill of credit in early 2012 the CB increased its capital
(173) A paper-money bill of credit was analogous to its private counterpart in that the issuing government gave the instrument to one of its creditors to assure the creditor that if he extended credit to his fellow citizens (potential debtors), then he (the creditor) would be held harmless.
How a colony labeled its currency did not necessarily control whether that currency was actually a bill of credit. The "treasury notes" issued by Connecticut and Massachusetts after mid-century (176) were not legal tender, but they were bills of credit in all but name.