Discount; reducing the Interest of money in consideration of prompt payment. Also a deduction from a stlpulat-ed premium on a policy of insurance, in pursuance of an antecedent contract. Also a deduction or drawback from a stipulated payment, charge, or rate, (as, a rate for the transportation of freight by a railroad,) not taken ont in advance of payment, but hand-ed back to the payer after he has paid tbe fnll stipulated sum
Source: Black's Law Dictionary 2nd Ed (1910)
