The American, VII

166. IMG:content-1581.png:[blocks in formation] Bill of credit. See def. 9, and bill3. - General credit of a witne , his credibility, or general character for veracity, irrespective of any particular bias in the case in which he is called.- Letter of credit, an order given by bankers or others at one place to enable a person, at his option, to receive money at another place. In legal effect, it is a request that credit to an amount stated be given the person mentioned, coupled with the engagement that, if credit is given, the writer will be responsible for any default on the part of the holder. Letters of credit are of two kinds: general when addre ed to any and all persons, and special when addre ed to some particular individual or company. Open credit, in finance, a credit given to a client, against which he is at liberty to draw, although he has furnished neither personal guaranties nor a de posit of securities. - Public credit, the confidence which men entertain in the ability and disposition of a nation or community to make good its engagements with its creditors; or, the estimation in which individuals hold the public promises of payment, as affecting the security of loans, or the rate of premium or interest on them. The phrase is also used of the general financial reputation of a community or country. To open a credit. See open.