The DICT Development Group
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.
When Jonathan and the people heard these words they
gave no credit unto them, nor received them. --1
Macc. x. 46.
2. Reputation derived from the confidence of others; esteem;
honor; good name; estimation.
John Gilpin was a citizen
Of credit and renown. --Cowper.
3. A ground of, or title to, belief or confidence; authority
derived from character or reputation.
The things which we properly believe, be only such
as are received on the credit of divine testimony.
4. That which tends to procure, or add to, reputation or
esteem; an honor.
I published, because I was told I might please such
as it was a credit to please. --Pope.
5. Influence derived from the good opinion, confidence, or
favor of others; interest.
Having credit enough with his master to provide for
his own interest. --Clarendon.
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.
Credit is nothing but the expectation of money,
within some limited time. --Locke.
7. The time given for payment for lands or goods sold on
trust; as, a long credit or a short credit.
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.
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
(a) The reputation of, or general confidence in, the
ability or readiness of a government to fulfill its
(b) The ability and fidelity of merchants or others who
owe largely in a community.
He touched the dead corpse of Public Credit, and
it sprung upon its feet. --D. Webster.
Questions or comments about this site?