Letter of credit

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. [1913 Webster]

When Jonathan and the people heard these words they gave no credit unto them, nor received them. --1 Macc. x. 46. [1913 Webster]

2. Reputation derived from the confidence of others; esteem; honor; good name; estimation. [1913 Webster]

John Gilpin was a citizen Of credit and renown. --Cowper. [1913 Webster]

3. A ground of, or title to, belief or confidence; authority derived from character or reputation. [1913 Webster]

The things which we properly believe, be only such as are received on the credit of divine testimony. --Hooker. [1913 Webster]

4. That which tends to procure, or add to, reputation or esteem; an honor. [1913 Webster]

I published, because I was told I might please such as it was a credit to please. --Pope. [1913 Webster]

5. Influence derived from the good opinion, confidence, or favor of others; interest. [1913 Webster]

Having credit enough with his master to provide for his own interest. --Clarendon. [1913 Webster]

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. [1913 Webster]

Credit is nothing but the expectation of money, within some limited time. --Locke. [1913 Webster]

7. The time given for payment for lands or goods sold on trust; as, a long credit or a short credit. [1913 Webster]

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. [1913 Webster]

{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. [1913 Webster]

He touched the dead corpse of Public Credit, and it sprung upon its feet. --D. Webster. [1913 Webster]