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exchequer bill

Exchequer bill. A bill of credit issued in England by the authority of Parliament; an instrument issued at the Exchequer, usu. under the authority of an act of Parliament passed for that specific purpose, containing an engagement on the part of the government to repay, with interest, the principal sums advanced.

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discount

discount, n. 1. A reduction from the full amount or value of something, esp. a price. 2. An advance deduction of interest when a person lends money on a note, bill of exchange, or other commercial paper, resulting in its present value. See PRESENT VALUE. 3. The amount by which a security’s market value is

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