Definition of Exchequer Bills
Bills of credit issued in England by authority of parliament.
Instruments issued at the exchequer, under the authority, for the most part, of acts of parliament passed for the purpose, and containing an engagement on the part of the government for repayment of the principal sums advanced with interest.
That's the definition of Exchequer Bills in Black's Law Dictionary 6th Edition. Courtesy of Cekhukum.com.