In a quote by President Hoover referring to a veto, he stated:

With the utmost seriousness I urge the Congress to enact a relief measure, but I can not approve the measure before me, fraught as it is with possibilities of misfeasance and special privileges, so impracticable of administration, so dangerous to public credit, and so damaging to our whole conception of governmental relations to the people as to bring far more distress than it will cure.

What does he mean by public credit here?

  • public money/funds ? – Max Feb 26 '18 at 21:07
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    Full text: presidency.ucsb.edu/ws/index.php?pid=23157 – chirlu Feb 26 '18 at 21:26
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    I’m voting to close this question as off-topic because it is about language, not politics. – chirlu Feb 26 '18 at 21:29
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    Meaning of a term in a political context. I feel it is on topic. – James K Feb 26 '18 at 22:41

In this context it means it adds to the national debt unwisely. "Public" means "governmental" here and "credit" means "debt" in this context.

It also, more obliquely, refers to the idea that recklessly borrowing money undermines the credit rating of the country and hence the interest rate that the government must pay on money that it borrows.

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