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Sentences for "assignats "
They imagined that the assignats would come rapidly back to the issuers in exchange for land, and that they should be able to reissue them continually until the lands were all disposed of, without having at any time more than a very moderate quantity in circulation.
The example of the assignats has been said not to be conclusive, because an assignat only represented land in general, but not a definite quantity of land.
To have prevented their depreciation, the proper course, it is affirmed, would have been to have made a valuation of all the confiscated property at its metallic value, and to have issued assignats up to, but not beyond, that limit; giving to the holders a right to demand any piece of land, at its registered valuation, in exchange for assignats to the same amount.
Had this course been followed, the assignats could never have been depreciated to the inordinate degree they were; for-as they would have retained all their purchasing power in relation to land, however much they might have fallen in respect to other things-before they had lost [pg 355] very much of their market value, they would probably have been brought in to be exchanged for land.
249 It has been said that the assignats circulated without legal-tender power.
They were received by the French treasury, and a law was passed condemning a man to six years in irons for exchanging gold or silver for assignats at a greater than the nominal or face value of the latter.
In a very short time mandats were worth 1/1000 of their face value, and assignats very much less.
By 1796, 45,000,000,000 francs of assignats had been issued.
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