Bill of credit

“ Then, again, as to the consideration, it can make no difference in law, whether the debt for which the bill is taken is a pre-existing debt, or money then paid for the bill. In each case there is a substantial credit given by the party to the drawer, upon the bill, and the party parts with his present rights at the instance of the promissee; whose promise is substantially a new and independent one, and not a mere guarantee of the existing promise of the drawer. ”

“ A revolving loan fund should be provided for the necessary financing until these agencies shall have developed means of financing their operations through regularly constituted credit institutions. Such a bill should carry authority for raising the money, by loans or otherwise, necessary to meet the expense, as the Treasury has no surplus. ”

“ In the twelfth article of the charter of 1816, there is this proviso, 'that said corporation shall not make any bill obligatory, or of credit, or other obligation under its seal, for the payment of a less sum than five thousand dollars.' In the 17th section, we find the paper issued by the bank placed in contradistinction, no less than five times, by the denomination of bills, notes or obligations, and the same distinction is made throughout the acts of 1791 and 1816. ”

“ This section of the bill contains also another clause, suggested by that spirit of harmony and conciliation which I pray may preside over the councils of the union at this trying moment. It provides (what those persons who are engaged in manufactures have so long anxiously required for their security) that duties shall be paid in ready money; and we shall thus get rid of the whole of that credit system, into which an inroad was made, in regard to woollens, by the act of the last session. ”

“ Then comes the term bills of credit, without any reference of explanatory words; but as it necessarily relates to the payment of money, the word bill must be taken as a paper, containing some evidence that a certain sum is due, to the person to whom it was emitted or issued, or by whom it was held. It is a word of legal import, as well defined as any in the English language, according to the subject-matter to which it is applied. 'A bill is a common engagement for money given by one man to another ”

“ The bill made no objection to the original debt or decree, but simply set up a claim, by way of set-off or discount, of a totally distinct nature, and unconnected with the original debt, as due by the testator to her, and for which she alleged in her bill that she ought to receive a credit, to which in equity and strict justice she was entitled. ”

“ I encourage all Americans—particularly business people, educators, public officials, consumer advocates, community organizations, and members of the media—to observe this week with appropriate programs and activities to educate and inform consumers about their credit rights and responsibilities and about the benefits of the wise use of credit. ”

“ The theme of this year's observance, "Good Credit--Unlimited Opportunities," recognizes that consumers, with careful budgeting and planning, can benefit from increased choices and opportunities in today's marketplace. Credit education is crucial to helping the public use credit wisely and responsibly. A good credit record can help a consumer obtain a job, finance a child's education, and obtain a mortgage to buy a home. ”

“ If it had been proposed, before the war, that the United States should use its credit, and issue bonds to build a railroad two thousand miles long across a vast, barren plain, only known to the red man, uninhabited, without one dollar of business to sustain it, the proposition alone would have virtually bankrupted the nation. ”

“ The precise meaning and interpretation of the terms, bills of credit, has no where been settled; or if it has, it has not fallen within my knowledge. As used in the constitution, it certainly cannot be applied to all obligations, or vouchers, given by, or under the authority of a state for the payment of money. The right of a state to borrow money cannot be questioned ”

“ We propose to give small business access to all the new technologies of our time. And we propose to attack this credit crunch which has denied small business the credit they need to flourish and prosper. ”

“ I call upon government officials, industry leaders, consumer advocates, and the American people to participate in programs that foster credit literacy and raise public awareness about the dangers of credit fraud and other deceptive and fraudulent practices. ”

“ At all events, as a measure of justice to the holders of the nation's certificates of indebtedness, I would recommend that no more legislation be had on this subject, unless it be to correct errors of omission or commission in the present laws, until sufficient time has elapsed to prove that it can be done and still leave sufficient revenue to meet current expenses of Government, pay interest on the public debt, and provide for the sinking fund established by law. The preservation of our national credit is of the highest importance ”

“ Tests of adults and high school students across the Nation show that consumers in the United States are not prepared adequately to deal with complex consumer credit choices. Even though the rights of consumers in credit transactions are guaranteed in Federal and State laws, most consumers have little understanding of their rights or of the agencies responsible for protecting these rights. Consumers clearly can benefit a great deal from expanded consumer credit education efforts. ”

“ We have worked hard to help parents support their families financially by creating new jobs, raising the minimum wage, expanding the Earned Income Tax Credit, preserving the national guarantee of health care for poor children, and increasing child support collections to record heights. We have helped parents balance work and family by enacting the Family and Medical Leave Act and releasing funds for after-school grants so that parents do not have to choose between keeping their jobs and ensuring that their children receive quality care and supervision. ”

“ One of the most damaging fraudulent practices is credit fraud. Credit fraud-stealing credit cards or credit identities and cheating consumers through deceptive or abusive lending practices-can be difficult to recognize. Fraudulent credit transactions are often complicated and can occur when perpetrators hide or fail to disclose essential information to consumers. By stealing consumers' credit identities, criminals can run up huge debts and ruin their victims' credit records. And credit fraud costs all of us in higher interest rates and fees. ”

“ Consumer credit is an integral part of the free enterprise economy of the United States. The vast array of credit products has expanded opportunities for consumers. At the same time, this trend has increased consumers' need for simple, understandable information about their options. Informed consumers who know their choices, rights, and responsibilities are better able to choose and use credit wisely. The prudent use of credit increases economic stability and enhances market competition. ”

“ In addition to fully funding the Work Incentives Improvement Act, my Administration's proposed budget includes a $1,000 tax credit to help people with disabilities offset the cost of special transportation and other work-related expenses. ”

“ Last September, thousands of women from around the globe met to discuss these issues at the United Nations Fourth World Conference on Women in Beijing, China, and to develop a Platform for Action. The resulting document represents a powerful consensus on the need to advance women's status by improving access to education, health care, jobs, and credit. It describes the fundamental desire of all women to enjoy basic legal and human rights and to take part in political life. ”

“ The neglect in funding the public debt, has introduced a practice of issuing Loan Office certificates, for the interest due on other Loan Office certificates. This I have absolutely forbidden, nor will I ever consent to it. Such accumulation of debt, while it distresses the public, and destroys its credit, by no means relieves the unfortunate individual, who is a public creditor; for if revenue is not provided, increasing the certificates would only lessen their value. ”