Assignats

(a ˙ s-ē-nya ˙ ), the name of the national paper currency in the time of the French Revolution. A ignats to the value of 400,000,000 francs were first struck off by the Constituent A embly, with the approbation of the king, 19th April, 1790, to be redeemed with the proceeds of the sale of the confiscated goods of the Church. On the 27th Aug. of the same year Mirabeau urged the i uing of 2,000,000,000 francs of new a ignats, which caused a dispute in the A embly. Verga e and Dupont, who saw that the plan was an invention of Clavière for his own enrichment, particularly distinguished themselves as the opponents of the scheme. Mirabeau's exertions, however, were seconded by Péthion, and 800,000,000 francs more were i ued. They were increased by degrees to 45,578,000,000, and their value rapidly declined. In the winter of 1792-3 they lost 30 per cent, and, in spite of the law to compel their acceptance at their nominal value, they continued to fall, till in the spring of 1796 they had sunk to one three hundred and forty-fourth their nominal value. This depreciation was due partly to the want of confidence in the stability of the Government, partly to the fact that the coarsely-executed and easily-counterfeited a ignats were forged in great numbers. They were withdrawn by the Directory from the currency, and at length redeemed by mandats at one-thirtieth of their nominal value.