The Collaborative International Dictionary of English v.0.48:

Meritorious \Mer`i*to"ri*ous\, a. [L. meritorius that brings in
   money.]
   Possessing merit; deserving of reward or honor; worthy of
   recompense; valuable.
   [1913 Webster]

         And meritorious shall that hand be called,
         Canonized, and worshiped as a saint.     --Shak.
   [1913 Webster] -- Mer`i*to"ri*ous*ly, adv. --
   Mer`i*to"ri*ous*ness, n.
   [1913 Webster]

WordNet (r) 3.0 (2006):

meritoriousness
    n 1: the quality of being deserving (e.g., deserving
         assistance); "there were many children whose deservingness
         he recognized and rewarded" [syn: deservingness, merit,
         meritoriousness]