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1 definition found
 for circular letter of credit
From The Collaborative International Dictionary of English v.0.48 :

  Credit \Cred"it\ (kr[e^]d"[i^]t), n. [F. cr['e]dit (cf. It.
     credito), L. creditum loan, prop. neut. of creditus, p. p. of
     credere to trust, loan, believe. See Creed.]
     1. Reliance on the truth of something said or done; belief;
        faith; trust; confidence.
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              When Jonathan and the people heard these words they
              gave no credit unto them, nor received them. --1
                                                    Macc. x. 46.
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     2. Reputation derived from the confidence of others; esteem;
        honor; good name; estimation.
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              John Gilpin was a citizen
              Of credit and renown.                 --Cowper.
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     3. A ground of, or title to, belief or confidence; authority
        derived from character or reputation.
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              The things which we properly believe, be only such
              as are received on the credit of divine testimony.
                                                    --Hooker.
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     4. That which tends to procure, or add to, reputation or
        esteem; an honor.
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              I published, because I was told I might please such
              as it was a credit to please.         --Pope.
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     5. Influence derived from the good opinion, confidence, or
        favor of others; interest.
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              Having credit enough with his master to provide for
              his own interest.                     --Clarendon.
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     6. (Com.) Trust given or received; expectation of future
        playment for property transferred, or of fulfillment or
        promises given; mercantile reputation entitling one to be
        trusted; -- applied to individuals, corporations,
        communities, or nations; as, to buy goods on credit.
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              Credit is nothing but the expectation of money,
              within some limited time.             --Locke.
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     7. The time given for payment for lands or goods sold on
        trust; as, a long credit or a short credit.
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     8. (Bookkeeping) The side of an account on which are entered
        all items reckoned as values received from the party or
        the category named at the head of the account; also, any
        one, or the sum, of these items; -- the opposite of
        debit; as, this sum is carried to one's credit, and that
        to his debit; A has several credits on the books of B.
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     Bank credit, or Cash credit. See under Cash.
  
     Bill of credit. See under Bill.
  
     Letter of credit, a letter or notification addressed by a
        banker to his correspondent, informing him that the person
        named therein is entitled to draw a certain sum of money;
        when addressed to several different correspondents, or
        when the money can be drawn in fractional sums in several
        different places, it is called a circular letter of
        credit.
  
     Public credit.
        (a) The reputation of, or general confidence in, the
            ability or readiness of a government to fulfill its
            pecuniary engagements.
        (b) The ability and fidelity of merchants or others who
            owe largely in a community.
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                  He touched the dead corpse of Public Credit, and
                  it sprung upon its feet.          --D. Webster.
            [1913 Webster]

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