Definitions for bill of credit
bill of cred·it

WiktionaryRate this definition:4.0 / 1 vote

1. bill of creditnoun

   A bill issued by a state, on the mere faith and credit of the state, and designed to circulate as money.

WikipediaRate this definition:0.0 / 0 votes

1. bill of credit

   Bills of credit are documents similar to banknotes issued by a government that represent a government's indebtedness to the holder. They are typically designed to circulate as currency or currency substitutes. Bills of credit are mentioned in Article One, Section 10, Clause One (also known as the Contract Clause) of the United States Constitution, where their issuance by state governments is prohibited.

WikidataRate this definition:2.0 / 1 vote

1. Bill of credit

   Bill of credit is a phrase from Article One, Section 10, Clause One of the United States Constitution. It refers to a document similar to a banknote that is issued by a government and designed to circulate as money. Because the framers of the Constitution sought to limit the issuance of currency, it explicitly prohibits the states from issuing bills of credit. The restriction of emitting bills of credit was extended to Congress as well, because the power to "emit bills and borrow money on credit" during the previous Articles of Confederation was struck out and revised in the Constitution to only "borrow money on the credit. British colonies in North America would issue bills of credit in order to deal with financial crises, although doing so repeatedly would result in price inflation and a drop in value relative to the pound sterling. The documents would circulate as if they were currency, and colonial governments would accept them as payment for debts like taxes. They were not always considered legal tender for private debts. Colonial decisions on the issuance of bills of credit were also frequently the subject of disputes between differing factions within the colony, and with royally appointed governors. Between 1690 and 1750 the matter was regularly debated in the Province of Massachusetts Bay, where merchants and lenders stood to lose value when new bills were issued, and borrowers stood to gain, because they could repay their debts with depreciated bills. The Massachusetts bills were finally retired in 1749 when the province received a large payment in coin for its financial contributions to the 1745 Siege of Louisbourg. The Province of New Jersey issued bills of credit beginning in the 1710s, but successfully managed to avoid significant inflationary effects.

How to pronounce bill of credit?

1. Alex

   US English

   David

   US English

   Mark

   US English

   Daniel

   British

   Libby

   British

   Mia

   British

   Karen

   Australian

   Hayley

   Australian

   Natasha

   Australian

   Veena

   Indian

   Priya

   Indian

   Neerja

   Indian

   Zira

   US English

   Oliver

   British

   Wendy

   British

   Fred

   US English

   Tessa

   South African

How to say bill of credit in sign language?

Numerology

1. Chaldean Numerology

   The numerical value of bill of credit in Chaldean Numerology is: 7

2. Pythagorean Numerology

   The numerical value of bill of credit in Pythagorean Numerology is: 7

References

1. ^ Wiktionary
   https://en.wiktionary.org/wiki/Bill_of_Credit
2. ^ Wikipedia
   https://en.wikipedia.org/wiki/Bill_of_Credit
3. ^ Wikidata
   https://www.wikidata.org/w/index.php?search=bill of credit