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In August, 1786, a convention, formed of delegates from thirty towns, demanded that the legislature should emit bills of credit, in conformity with a plan which gave no basis of value to the ...
- Edward Stanwood
A bill of credit is a promissory note issued by a government on its own credit and intended to circulate as money. Under Article I, section 10, of the Constitution the states are prohibited from emitting bills 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.
Within the sense of the Constitution, bills of credit signify a paper medium of exchange, intended to circulate between individuals, and between the government and individuals, for the ordinary purposes of society.
October 16, 1786 An emission of £50,000 in bills of credit to be loaned on real estate mortgage security according to the act of August 14, 1786. The legal tender status of this issue was revoked as of August 14, 1790.
The Currency Act of 1764. To protect British merchants and creditors from depreciated colonial currency, this act regulated currency, abolishing the colonies' paper currency in favor of a system based on the pound sterling.
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