王茂荫纸币思想新论

WANG Mao-yin's Theory of Paper Money:A Modern Perspective

作为咸丰货币改革中的重要一员,王茂荫的货币思想一直为国内外学界所关注。中国学界长期认为他是一位反对"名目论"传统的理论金属论者,但实际却不然。王茂荫货币思想的核心理念是"以实运虚",主要体现在两个方面:实际运作中政府需要一定比率的商品货币储备支持纸币;根据预定的货币法则,纸币和商品货币在一定比率下同时流通。他提倡保持商品储备以坚定纸币持有者对纸币的信心,主张权力机构制定纸币的价值,并需要持币者的信任去支持。而"货币信用理论"认为虽然货币的价值由货币发行机构(通常是政府)所制定,但需要获得持币者的信任才能成功。"实用金属论"认为在某一历史情况下,纸币的发行需要商品储备的支持。这些恰恰表明了王茂荫是持"货币信用理论"的实用金属论者。在未受到西方影响的中国货币思想传统中,王茂荫是最富于创见的一位思想者。他提倡的将公共货币和私票相结合的规则如被采纳和认真执行,将会使咸丰货币改革在更大程度上获得成功,很可能会改写历史进程。

WANG Mao-yin's principle of 'Moving the fictitiousness by the substantiveness',which has two aspects:the practical requirement of commodity reserve to support the issuance of paper money;and the concurrent circulation of paper money and commodity money at a certain ratio according to the pre-determined monetary rule. This will rectify the common misinterpretation of WANG Mao-yin as a 'theoretical metallist'. WANG Mao-yin was a 'practical metallist' who held a 'credit theory of money' in the tradition of 'cartalism'. 'Credit theory of money' holds that the value of money is decreed by the monetary authority (usually the government). Its success requires a high level of trust by the money bearers. 'Practical metallism' claims that in certain historical circumstance,the issuance of paper money requires a reserve of commodity and convertibility. WANG advocated for having commodity reserve to solidify the trust between the bearers and the issuers of paper money. The level of trust between issuer and bearers of money,rather than the amount of reserve,is the most important determinant of the value of money. In short,the monetary authority decrees a nominal value to paper money,which also requires the trust of the bearers. WANG Mao-yin is the most innovative monetary thinker in the Chinese monetary tradition without any Western influence.