A legal permission to defer for a stated time the payment of a
bond, debt, cheque, or other obligation. This is done to enable the
creditor to pull himself round by borrowing money, selling effects, or
otherwise raising funds to satisfy obligations. The device was adopted
in 1891 in the Argentine Republics during the money panic caused by the
Baring Brothers' “difficulty,” a default of some twenty millions
Source: Dictionary of Phrase and Fable, E. Cobham Brewer, 1894
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