the name given to a peculiar species of paper money issued during the first French revolution. The influence of the system, operating along with the other attempts to regulate trade, form a prominent feature in the calamitous history of the epoch. The share borne in it by the assignats is at the same time a memorable instance, for the use of the economist and financier, of the hopelessness of projects for creating or preserving national wealth by an issue of paper money, not the representative of available wealth and real business transactions. The first issue of assignats was made in the security of the forfeited ecclesiastical property, and was adopted as a preferable alternative to throwing the forfeited lands on the market, which it was no doubt judiciously believed that so large an amount of property would glut. The holder of the assignats might use them as money, or claim the land which they represented. As more forfeitures occurred, the issue of assignats was increased. But it soon ceased to be measured by property, and was enlarged according to the exigencies of the revolutionary government. The paper money fell to half, then to a sixth part of the value of the same denomination in silver, and sinking rapidly through successive grades of decrease, silver held at last the value of 150 times its denomination in paper. In August of 1773, 3776 millions of francs were thus put in circulation; and virtually the assignats became worthless. The establishment of the maximum, and the other tyrannical interferences with trade by which revolutionary governments endeavour to support credit, have their proper place, along with the account of the condition of the country during the depreciation of the assignats, under the head of France.