China's Modern History, a high school textbook, mentioned on page 8:? After the implementation of the legal tender policy, the four families exchanged legal tender for silver and soon plundered 340 million taels of silver. ? It is easy for readers to think that the purpose of monetary reform is to exploit the people. In fact, there is a complex historical background behind the reform of the national monetary system, and its historical role is far-reaching.
From 65438 to 0934, the United States implemented the silver policy, which caused a large outflow of silver from China, which was the most direct reason for the currency reform. The world economic crisis from 1929 is the most profound and lasting crisis in the history of capitalism. This crisis not only involves the fields of industry, agriculture and international trade, but also extends to the fields of money and credit, resulting in 193 1? The crisis of the whole capitalist credit system from 65438 to 0933. In this context, western countries have abandoned the gold standard and implemented the policy of currency devaluation in order to improve the competitiveness of their products in the international market, so as to achieve the purpose of dumping domestic surplus products and passing on the crisis. As far as the United States is concerned, the implementation of the silver policy is a means to pass on the credit crisis. So-called? Silver policy? Refers to a series of measures taken by the United States on precious metal silver, including specific policies such as raising the price of silver, buying silver, prohibiting the export of silver, issuing silver coupons, and nationalizing silver. Its purpose is to increase the silver reserve, promote the domestic price rebound by raising the silver price, and then carry out production and investment. At the same time, by buying silver, it is convenient to dump products and improve the purchasing power of silver-based countries. In China, as a big country dominated by silver, the change of world silver price will have an impact on China's currency and economy. When the price of silver in the international market is low, silver will flood into China; When the price of silver in the international market rises, a large amount of silver will flow out. Silver is a general commodity in the international market, but it is a currency in China. So once a large amount of silver flows out, it will lead to a series of chain reactions in the economy. And the United States? Silver policy? In China, the implementation of this policy has caused serious consequences, such as extremely tight money supply, plummeting prices, rising interest rates, sluggish sales and bank failures. Therefore, only by stepping up the reform of the monetary system can we cut off the serious impact of the fluctuation of silver prices in the international market on China's economy.
Many disadvantages brought by the disorder of the old monetary system are also one of the basic reasons for the reform of the monetary system. In old China, there were various kinds of money, such as silver coins, silver dollars, copper dollars and other coins with insufficient weight and different colors, as well as various paper money. Moreover, the right to issue money in China is extremely dispersed, not only in the country, but also in private enterprises, Chinese and foreign enterprises, financial industry and non-financial industry. In this way, * * * currency has been circulating in the market. This highly inconsistent monetary system is not conducive to the development of national commodity circulation and foreign trade, the development of industrial and agricultural production and the stability of national finance and finance. Therefore, it is also the general trend to reform the backward and abused old monetary system. In 1933, * * * *? Waste two dollars? To a great extent, the currency was unified, which laid the foundation and foreshadowing for the reform of legal tender.
* * * Another important reason for the monetary reform is the change of political situation in 1930s, and further, it is the strategic need to guard against Japanese invasion of China. ? Nine? Eighteen? After the incident, the whole country shook and Japan's ambition was obvious. It's only a matter of time before a large-scale invasion of China. Although Chiang Kai-shek emphasized? Must it be safe to go out? Concentrate on destroying the Red Army, but be prepared for Japanese aggression. Once the two sides go to war, it is not only military strength, but also economic strength. Whether it can effectively mobilize the country's funds and materials in a short time and whether it can bear the long-term war losses is extremely critical. The reform of legal tender is conducive to improving the financial operation strength of * * *, and to the adjustment and transformation of the national economy to wartime economy.
In addition, Britain, the United States and other major western countries have also supported and promoted the reform of national legal tender for various complicated considerations, so that this reform can be implemented and implemented.
In this context,1October 3, 1935+ 165438, the national * * * officially announced the reform of legal tender. Its main contents are as follows: 1. Unify the right to issue currency, and position the banknotes issued by China, China Central Bank and China Bank of Communications as legal tender. Second, all grain taxes and all public and private payments are made in French currency. Three, cancel the white silver standard, all silver returned to the state, to fill the legal tender reserve. Four, the legal tender is linked to the pound, and the foreign exchange standard is implemented.
Speaking of the historical role of the reform of legal tender, people often think of the indiscriminate issuance of paper money, inflation, soaring prices and so on. However, the reform of legal tender had other positive effects in the history of China.
Judging from the effect at that time, the reform of legal tender promoted economic development. Specifically, first of all, it unified the national currency and effectively promoted the development of commodity economy and the formation of a unified domestic market; Second, because legal tender is decoupled from cash, China's currency is completely unaffected by the fluctuation of the world silver price, and because legal tender is linked to the pound, it can circulate in the world market? This is conducive to China's foreign trade development and international balance of payments; Third, at the beginning of the issue of legal tender, it was stipulated that silver dollars should be exchanged for one yuan, but in actual exchange, 60% of silver can be exchanged for 100% of legal tender. In this way, the circulation of paper money increased, and then legal tender was issued one after another, which eased the situation of insufficient money in the past and prices began to pick up. The rebound in prices has made commerce and production profitable, which in turn has led to the prosperity of commerce and industry. Many phenomena show that after the reform of legal tender, the situation has been developing in favor of China's economy and the interests of other countries in China.
In the long run, the reform of legal tender provides a new monetary system, which is progressive and an indispensable link in the process of China's economic development towards modernization. Compared with the old monetary system and monetary system, it can play a deeper, broader and more important role in regulating the economy-this is also one of the characteristics of modern economy.
Also based on the long-term consideration, the contribution of the legal tender reform to China and War of Resistance against Japanese Aggression is indelible. First, after the currency reform, the state redeemed silver and silver dollars held by the people and all walks of life in legal tender, which is a powerful and effective means of fund concentration, which is convenient for the state to master the cash dispatch after the outbreak of all-out war and concentrate precious metals such as silver as much as possible as funds for purchasing arms and materials in the international market. Second, at the beginning of the issuance of legal tender, it is stipulated that foreign exchange can be bought and sold in designated financial institutions without restrictions. After the outbreak of War of Resistance against Japanese Aggression, the Japanese invaders collected a large amount of legal tender in the occupied area and transported it to Shanghai and Hong Kong to collect foreign exchange funds, which were then used to buy military materials needed for the war of aggression against China in the international market. Faced with this situation, the state * * * cancelled legal tender at 1940? Unlimited foreign exchange trading? As a result, Japan's plot to use French currency to arbitrage foreign exchange was hit, causing its financial difficulties. This policy adjustment is impossible when coins such as silver dollars are in circulation. Third, after the beginning of the Anti-Japanese War, funds began to flow to the rear of the mainland, and the inflow of funds increased the deposits of the rear banks, enriched their financial resources, and made it possible for them to expand investment and lending. This enables enterprises that move in quickly to resume production, enterprises that resume production to expand production, and newly-built enterprises to put into production smoothly. Therefore, various civil industries and transportation industries developed, which laid a certain material foundation for the final victory of the Anti-Japanese War. If there is no monetary reform, it is impossible for funds to flow to the mainland in large quantities and smoothly, and it is difficult for the economy in the rear area to withstand the test of long-term war.
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Looking back on the difficult eight-year history of the Anti-Japanese War, people often take? The people of China are invincible? In a word. Of course, the resilience of this nation is the most essential and potential factor for the victory of the Anti-Japanese War, but stick to it? Judgment? We will ignore many factors such as economy, politics, culture, science and technology, which is not conducive to our gaining experience from history. Only by comprehensively and objectively evaluating historical events can we get useful enlightenment from them.