The Directory was guilty of even greater abuses in dealing with the assignats. By 1796 the issues had reached the enormous figure of 45,500,000,000 francs, and even this gigantic total was swollen still more by the numerous counterfeits introduced into France from the neighbouring countries. The assignats had now become totally valueless--the abolition of the "maximum" the previous year (1795) had produced no effect, and, though, by various payments into the treasury, the total number had been reduced to about 24,000,000,000 francs, their face-value was about 30 to 1 of coin. At this value they were converted into 800,000,000 francs of land-warrants, or _mandats territoriaux_, which were to constitute a mortgage on all the lands of the republic. These _mandats_ were no more successful than the assignats, and even on the day of their issue were at a discount of 82%. They had an existence of six months, and were finally received back by the state at about the seventieth part of their face-value in coin.
AUTHORITIES.--L.A. Thiers, _Histoire de la révolution française_, gives a full and graphic account of the assignats, the causes of their depreciation, &c.; J. Garnier, _Traité des Finances_ (1862); J. Bresson, _Histoire financière de la France_ (1829); R. Stourm, _Les Finances de l'ancien régime et de la révolution_ (1885); F.A. Walker, _Money_ (1891); Henry Higgs, in the _Cambridge Modern History_, vol. viii. (1904). (T. A. I.)
ASSIGNMENT, ASSIGNATION, ASSIGNEE (from Lat. _assignare_, to mark out), terms which, as derivatives of the verb "to assign," are of frequent technical use in law. To assign is to make over, and the term is generally used to express a transference by writing, in contradistinction to a transference by actual delivery. In England the usual expression is assignment, in Scotland it is assignation. The person making over is called the _assignor_ or _cedent_; the recipient, the _assign_ or _assignee_. An assignee may be such either _by deed_, as when a lessee assigns his lease to another, or _in law_, as when property devolves upon an executor. The law as to assignment in connexion with each particular subject, as the assignment of a chose in action, assignment in contract, of dower, of errors, of a lease, &c., will be found under the respective headings. In a colloquial sense, "assignation" means a secretly contrived meeting between lovers.