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Credit (LETTER OF an order given)

LETTER OF, an order given by bankers or others at one place to enable a person to receive money from their agents at another place. vance must not exceed one-half of the mode of raising money on land in France, the peculiarity of which is that the advance must not exceed one-half of the value of the property pledged or hypothetablished by the French Government with is by an annuity terminable at a certain date. Several companies have been established by the French Government with the privilege of making such loans. mulgated in France in 1852, and sancthe name given to a gigantic scheme protioned by the existing government, the objects of which are: 1. To take in hand and originate trading enterprises of all kinds, on the principle of limited liability. 2. To supersede or buy up trading companies; and to substitute script and shares of its own, for the shares and bonds of the company. The Crédit Moa Pennsylvania charter, granted in 1859 a Pennsylvania charter, granted in 1859 nominally to conduct a banking business.

The charter passed into the hands of railroad financiers in 1864, who used it to finance the Union Pacific Railroad and to shield themselves from loss in case the railroad proved a failure. Congress inand two members of the House of Rep- resentatives, Oakes Ames, of Massachuvestigated the enterprise in 1872-1873, resentatives, Oakes Ames, of Massachuwere censured by resolution of the House. setts, and James Brooks, of New York, were censured by resolution of the House.