Both Uses of
letter of credit
in
The Autobiography of Benjamin Franklin
- I was to take with me letters recommendatory to a number of his friends, besides the letter of credit to furnish me with the necessary money for purchasing the press and types, paper, etc. For these letters I was appointed to call at different times, when they were to be ready, but a future time was still named.†
- He let me into Keith's character; told me there was not the least probability that he had written any letters for me; that no one, who knew him, had the smallest dependence on him; and he laught at the notion of the governor's giving me a letter of credit, having, as he said, no credit to give.†
*
Definition:
-
(letter of credit) a document that substitutes a bank's credit for that of the bank's customer subject only to the terms set forth in the letter and submission of proper documentation